Cryptocurrency MCQs Quiz Multiple Choice Questions & Answers

1. All blocks contain a link to the previous block, except for

1. The third block.
2. The first block.
3. Block number 24601.
4. The second block.

2. How many servers are on a decentralized network?

1. All of the Above
2. 1
3. 2
4. None

3. In the future, Blockchain applications will include

1. Only transactions within the borders of 1 country.
2. Only transactions involving cryptocurrencies.
3. Only transactions between companies or government agencies.
4. Cryptocurrency transactions, transactions between governments, companies and consumers, voting, healthcare and many other applications.

4. The problem with traditional (non-digitized) ledgers is

1. All of the above are correct.
2. Transparency as most people involved in a transaction dont have access to the ledger.
3. In most cases, there are no backups (or not enough backups) of the ledger.
4. Fees are usually much higher when using old school / non-digitized ledgers as banks often charge very high fees.

5. What best describes a blockchain?

1. A type of Cryptocurrency
2. A distributed ledger on a peer to peer network
3. A Centralized Database
4. An Exchange

6. What does P2P stand for?

1. Penguin to Penguin
2. Peer to Peer
3. Product to Product
4. Password to Password

7. What is a node?

1. An Exchange
2. A computer connected to a blockchain network
3. A blockchain server
4. A type of cryptocurrency

8. What is the maximum amount of bitcoins that will ever be created?

1. Bitcoin isnt real, so none will ever exist
2. Infinity, because there is no limit
3. 21 million
4. Nobody knows, because its created randomly

9. What makes cryptocurrency secure?

1. Insurance Companies
2. Servers
3. Cryptographic Math
4. Government Banks

10. What was FIRST known bitcoin purchase, finally giving it a value?

1. More Bitcoins
2. Tacos
3. Airfare
4. Pizza

11. Where can you buy cryptocurrency?

1. All of the Above
2. Bitcoin ATM
3. An Exchange
4. Peer to Peer transaction

12. Where do you store your cryptocurrency?

1. In your pocket
2. Bank Account
3. Floppy Disk
4. Hardware/Software Wallet

13. Who started Bitcoin?

1. The G8
2. The International Monetary Fund
3. The Federal Reserve
4. Satoshi Nakamoto