Are you a blockchain expert or a beginner? Take our Blockchain Quiz and find out! Challenge yourself to answer as many questions as you can correctly out of 5.
1. What is the primary purpose of the Bitcoin system as described by Satoshi Nakamoto?
To create a new form of digital gold
To allow indirect payments through financial institutions
To facilitate direct online payments between two parties without a financial institution
To replace physical currency entirely
2. How does Bitcoin propose to solve the double-spending problem?
By using a centralized database to track all transactions
By trusting third parties to verify transactions
By employing a peer-to-peer network to timestamp transactions and form an immutable chain
By limiting the number of transactions a user can make within a specific timeframe
3. What incentivizes nodes to support the Bitcoin network according to the text?
By granting them voting rights on the network
By offering monetary rewards in the form of new coins and transaction fees
By providing them with special services and priority access
By making them immune to network rules
4. In the Bitcoin network, what role does the longest chain of proof-of-work serve?
It acts as a central authority for transaction verification
It serves as proof of the sequence of events and the largest pool of CPU power
It allows nodes to compete for mining rewards
It determines the value of each coin
5. What structure is used to facilitate the efficient verification of transactions without running a full network node?
