How Well Do You Know Blockchain? Take This 20-Question Quiz!
NO DIDDY
Created 6/11/2024
Test your knowledge of blockchain technology with this fun and informative quiz! See how many correct answers you can get out of 20!
1. What is the primary purpose of Bitcoin's peer-to-peer network?
Allowing nodes to communicate directly with each other
Facilitating the creation of new coins
Solving the double-spending problem
Implementing escrow mechanisms for buyers
2. What is used to timestamp transactions in Bitcoin?
Digital signatures
Proof-of-work
Trusted third parties
Public-private key pairs
3. What incentivizes nodes to support the Bitcoin network?
Receiving transaction fees
Generating new coins
Both generating new coins and receiving transaction fees
Reducing their CPU power consumption
4. How can Bitcoin reduce the risk of double-spending?
By using trusted third parties
Through digital signatures
Via cryptographic proof and a distributed timestamp server
By implementing physical security measures
5. What does Satoshi Nakamoto's paper propose as a solution to the problem of transaction reversal?
Escrow mechanisms
Fraud detection algorithms
Computational proof of the chronological order of transactions
Third-party arbitration
6. In Bitcoin, what is analogous to gold miners expending resources to add gold to circulation?
Miners expending CPU time and electricity
Users paying transaction fees
Nodes maintaining the blockchain
Trading cryptocurrencies on exchanges
7. Which part of the transaction process is used to reclaim disk space in Bitcoin?
Compacting blocks
Pruning the blockchain
Stubbing off branches of the Merkle tree
Removing spent transactions
8. What does the 'longest chain' in Bitcoin represent?
The chain with the most transactions
The chain with the oldest blocks
The chain with the largest pool of CPU power
The chain verified by a majority of nodes
9. What allows nodes to verify payments without running a full network node?
Using lightweight wallets
Keeping a copy of the block headers and Merkle branches
Storing all transaction data locally
Trusting third-party services
10. What is the purpose of a Merkle tree in Bitcoin?
Facilitating fast transaction verification
Reducing the size of the blockchain
Organizing transactions within a block
Encrypting transactions for privacy
11. What happens if two nodes broadcast different versions of the next block simultaneously?
The network crashes
Nodes continue working on the first block they receive
One version is accepted and the other is discarded
All nodes vote on which version to keep
12. What could cause a node to switch to a different blockchain branch?
More blocks being added to the other branch
Incentives by other nodes
Election by majority vote
Increased transaction fees
13. What ensures that the Bitcoin network remains secure?
Encrypted transaction data
Majority control of CPU power by honest nodes
Regular updates to the protocol
Trust in third-party services
14. What ultimately confirms that a transaction has been accepted by the Bitcoin network?
Verification by a single node
Inclusion in the longest chain
Digital signature matching
User confirmation
15. When did Satoshi Nakamoto publish the Bitcoin whitepaper?
16. What happens to old blocks in Bitcoin to save disk space?
They are deleted permanently
They are encrypted and archived
They are compacted by stubbing off branches of the Merkle tree
They are moved to slower storage
17. How does Bitcoin handle new transaction broadcasts?
Broadcasts are sent to a central server
They reach all nodes instantly
They only need to reach many nodes and will eventually be included in a block
Nodes filter out irrelevant transactions
18. What is a transaction fee in Bitcoin?
A fee charged by banks for processing transactions
The difference between the input and output value of a transaction
An additional charge for using the Bitcoin network
A percentage of the total transaction value
19. What does the term 'incentive' refer to in Bitcoin?
Rewards for finding new blocks
Reduced transaction fees
Priority in transaction processing
Lower energy consumption
20. What email address is associated with Satoshi Nakamoto in the Bitcoin whitepaper?
satoshi@bitcoin.org
satoshi@gmail.com
satoshin@gmx.com
nakamoto@bitcoin.org
