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Quiz: Intro to Bitcoin

Bitcoin was the first ever cryptocurrency in existence and is the largest cryptocurrency by market capitalization. It has paved the way for a whole industry of blockchain projects. Test your Bitcoin knowledge with this end of course quiz.

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Question 1

You can’t buy a fraction of a Bitcoin.

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Bitcoin is divisible up to 8 decimal points meaning you can buy as little as 0.00000001 BTC, just as long as the exchange or broker allows it.

Question 2

Bitcoin was created by an anonymous developer or group of developer's named...

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The name Satoshi Nakamoto first came about on the Bitcoin whitepaper which was published in 2008.  

Question 3

Bitcoin has a maximum supply of 25 million coins.

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Bitcoin has a maximum supply of 21 million coins, with the final coins expected to be minted around 2140.

Question 4

Why is Bitcoin considered to have value?

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Bitcoin derives its value from a number of things like scarcity, utility and decentralization. Similar to commodities like gold and silver, Bitcoin’s supply is limited which a lot of investors see value in. Additionally, Bitcoin can also be sent around the world quickly, giving it utility. Lastly, Bitcoin’s decentralization means transactions can be sent around the world without reliance on financial institutions or central banks.

Question 5

Bitcoin relies on blockchain technology to operate.

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The Bitcoin blockchain is a public ledger that record Bitcoin transaction data.

Question 6

How is the price of Bitcoin determined?

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Similar to the fiat currencies and shares in a company, Bitcoin’s price is dependent on its supply and demand.

Question 7

Bitcoin Is stored in bank accounts.

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All units of Bitcoin are stored in digital wallets, which is software designed to send and receive Bitcoin transactions and store your private keys.

Question 8

What is the purpose of Bitcoin mining?

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Mining is the backbone of the Bitcoin network as its primary role is to secure the network and process and confirm Bitcoin transactions. Mining is also used to generate new Bitcoins.

Question 9

A Bitcoin halving is...

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Bitcoin miners receive a block reward for every block they add to the chain as well as transaction fees for the transactions they process. Every 210,000 blocks that are added to the blockchain, this reward is halved. The Bitcoin halving roughly occurs every 4 years.

Question 10

Historically, what has happened to the Bitcoin price following a halving?

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Historical price data reveals significant surges in Bitcoin prices following a halving event. 

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