Question 1

What is the name for the individuals who create bitcoins?

Accepted Answer

A) Miners. 
B) Great Creators. 
C) Hackers. 
D) Bitcoin Army. A

Question 2

How can bitcoins be stored?

Accepted Answer

A) In a paper wallet. 
B) In an offline hard drive. 
C) In a digital wallet. 
D) All of the above. D

Question 3

What is the name of the unit for 1,000,000 bitcoins?

Accepted Answer

A) A megabitcoin. 
B) A Nakamoto. 
C) A millabit. 
D) None of the above. A

Question 4

What is the name of the public transaction log that shows all past Bitcoin transactions?

Accepted Answer

A) The Ledger. 
B) The Bitcoin PTL. 
C) The Blockchain. 
D) The Bitcoin Protocol.

Question 5

Bitcoin is most commonly used for which of the following?

Accepted Answer

A) International money transfers. 
B) Money laundering. 
C) Purchasing illegal drugs. 
D) Retail purchases.

Question 6

Which of the following is Bitcoin considered to be?

Accepted Answer

A) A peer-to-peer currency. 
B) Fiat money. 
C) Dollar-backed currency. 
D) Gold-backed currency.

Question 7

How do individuals create new bitcoins?

Accepted Answer

A) By finding bugs on the Bitcoin website. 
B) By solving complex math problems. 
C) By finding bugs in the Bitcoin blockchain. 
D) By lending their computing power to Bitcoin.

Question 8

Who regulates Bitcoin?

Accepted Answer

A) The Chinese government. 
B) The United States government. 
C) Its creator. 
D) Nobody.

Question 9

What is the name for .00000001BTC?

Accepted Answer

A) A nakamoto. 
B) A satoshi. 
C) A bit penny. 
D) A bit dime.

Question 10

Bitcoins can be sent to which of the following?

Accepted Answer

A) An email address. 
B) A postal address. 
C) A Bitcoin address. 
D) Both A & C.

Exam 1: What Is Bitcoin