How Well Do You Know Blockchain? Test Your Knowledge with This Quiz!

Anonymous User

Created 6/11/2024

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Think you know everything about blockchain? Test your knowledge with our exciting quiz and see how many correct answers you can score out of 20!

1. What is the main purpose of Bitcoin as described in the abstract?

To provide a centralized online payment system

To allow direct online payments without a financial institution

To develop a new form of physical currency

To replace all existing banking systems

2. What mechanism does Bitcoin use to prevent double-spending?

Digital signatures

Public ledgers

Proof-of-work

Trusted third parties

3. What incentive does Bitcoin offer to nodes to support the network?

Transaction fees only

Newly created coins

Central authority rewards

Access to premium features

4. What is analogous to gold mining in the Bitcoin network?

Data mining

CPU time and electricity

Collecting transaction fees

Running full nodes

5. How can older transactions be discarded without breaking the block's hash?

By using digital signatures

By using a Merkle Tree

By redoing the proof-of-work

By creating a new blockchain

6. What component of a block is used to link transactions in Bitcoin?

Block header

Block hash

Merkle root

Nonce

7. What must a user obtain to verify payments without running a full node?

Full copy of blockchain

Block headers of the longest chain

Transactions details from trusted nodes

Proof-of-stake tokens

8. What ensures a Bitcoin transaction is included in a block even if dropped by some nodes?

Immediate re-broadcast

Inclusion in mempool

Best effort message broadcast

Manual confirmation by miners

9. What is stored in the block header?

Transaction details

Prev Hash and Nonce

Full list of transactions

Digital signatures

10. Who is the author of the Bitcoin whitepaper?

Vitalik Buterin

Charlie Lee

Hal Finney

Satoshi Nakamoto

11. What must be publicly announced in Bitcoin's system for it to work?

Newly created coins

All transactions

Network's hash rate

Block rewards

12. Which component of a Merkle Tree does NOT need to be stored?

Root

Leaves

Branches

Interior hashes

13. What is the primary security assumption in Bitcoin's network?

The network nodes are all honest

Majority of CPU power is controlled by honest nodes

There are no more than 100 nodes

Transactions are reversible

14. What breaks a tie if two different versions of the next block are broadcast simultaneously?

The earliest timestamped block

A random node's decision

Proof-of-work on the next block

Manual intervention by miners

15. How are transaction fees determined in Bitcoin?

By the network nodes

By the sender

By the receiver

By the block reward system

16. What is the role of timestamps in Bitcoin's transactions?

To identify transaction delays

To prevent double-spending

To calculate transaction fees

To identify the sender

17. What is required for a transaction to be confirmed in Bitcoin?

Majority agreement of nodes

Signatures from both parties

A manual verification process

Central authority approval

18. What does the notion of 'longest chain' represent in the Bitcoin network?

Sequence of events witnessed by nodes

Number of transactions verified

Amount of data stored

Network's computational power

19. What primary issue does the Bitcoin whitepaper address?

Transaction fees

Double-spending

Mining difficulty

Network scalability

20. What is used in a Merkle Tree to verify a transaction?

Root hash

Branch hash

Merkle proof

Transaction hash

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