Discover fascinating and lesser-known facts about cryptocurrencies and blockchain technology. This quiz presents easy yet intriguing questions on the world of digital money.
The mysterious individual or group that created the first widely-known cryptocurrency, Bitcoin, is known by which pseudonym?
Explanation: Satoshi Nakamoto is the pseudonymous creator of Bitcoin, whose true identity remains unknown. Vitalik Buterin is associated with Ethereum, Charlie Lee with Litecoin, and Hal Finney was an early Bitcoin developer, but none created Bitcoin.
One well-known feature of blockchain technology is its immutability, meaning that once a record is written, it cannot be easily:
Explanation: Immutability means that data, once recorded on a blockchain, cannot be altered or erased. Sending, purchasing, or discussing records are unrelated to the core property of blockchain immutability.
A defining feature of Bitcoin is its maximum supply; the total number that can ever exist is capped at:
Explanation: Bitcoin's protocol limits its total supply to 21 million coins, which helps to control inflation. 1 billion and 75 million are much too high, and 100 thousand is far below the actual limit.
The first recorded purchase using Bitcoin in the real world was famously for which item?
Explanation: Someone famously bought two pizzas with Bitcoin, marking the first real-world transaction. Laptops, tickets, and T-shirts were not involved in this historic purchase.
When holding cryptocurrency, access is controlled through a 'private key,' which is best described as:
Explanation: A private key is like a secret password that allows ownership and access to cryptocurrency funds. It is not a website, a physical object like a coin, or a traditional bank account.
Crypto mining is the process by which new cryptocurrency coins are created and transactions are verified using:
Explanation: Mining involves computers solving complex mathematical puzzles. Printing presses, solar panels, and credit cards do not play a direct role in this cryptographic process.
NFTs, often discussed in digital art, stand for 'Non-Fungible Token,' meaning each token is:
Explanation: NFTs are digital tokens with unique properties, unlike fungible tokens or items which are identical and interchangeable. They are not physical items nor always free to own.