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Quiz: What is Bitcoin?

Bitcoin is the most popular of cryptocurrencies, but how much do you know about it?

1. Conceptually, what is Bitcoin?

A currency that is decentralised and digital

A currency that is centralised and digital

A currency that is decentralised and non-digital

A currency that is centralised and non-digital

2. What encryption technology is used for mining Bitcoin?

SHA-256 (Rivest-Shamir-Adleman)

Elliptic curve point multiplication

Matrix encryption

Diffie-Hellman key exchange

3. What encryption technology is used for creating public keys saved on the Bitcoin blockchain?

SHA-256 (Rivest-Shamir-Adleman)

Elliptic curve point multiplication

Matrix encryption

Diffie-Hellman key exchange

4. Conceptually, excluding data to maintain the blockchain, what is on the Bitcoin blockchain?

A list of transactions including name of sender and recipient

A list of transactions including name of sender

A list of transactions

There is nothing on the blockchain

5. How can the Bitcoin balance of a Bitcoin holder be computed?

There is not enough data on the blockchain to compute such a balance

By adding all the transactions involving that Bitcoin holder

Simply look at the content of the last block where the Bitcoin holder was involved in a transaction

A Private Key is needed

6. What is the system on the Bitcoin blockchain that ensures safety of the transactions?

Private and Public Token

A Private Token and Public Key

A Private and Public Key

A Public Token and Public Key

7. If a Private Key is “20”, what is the corresponding Public Key?

03 3fe119c96e2fa357200b559b2f7dd5a5f02d5290aff74b03f3e471b273211c97 12ba26dcb10ec1625da61fa10a844c676162948271d96967450288ee9233dc3a

04 4ce119c96e2fa357200b559b2f7dd5a5f02d5290aff74b03f3e471b273211c97 12ba26dcb10ec1625da61fa10a844c676162948271d96967450288ee9233dc3a

05 53e119c96e2fa357200b559b2f7dd5a5f02d5290aff74b03f3e471b273211c97 12ba26dcb10ec1625da61fa10a844c676162948271d96967450288ee9233dc3a

06 64e119c96e2fa357200b559b2f7dd5a5f02d5290aff74b03f3e471b273211c97 12ba26dcb10ec1625da61fa10a844c676162948271d96967450288ee9233dc3a

8. What are the two parts needed to sign a transaction?

The transaction and sender’s Private Token

The transaction details and sender’s Private Key

The transaction details and recipient’s Private Token

The transaction details and recipient’s Private Key

9. What are the three parts needed to verify a transaction?

The transaction, the transaction signature and sender’s Public Token

The transaction, the transaction signature and sender’s Public Key

The transaction, the transaction signature and recipient’s Public Token

The transaction, the transaction signature and recipient’s Public Key

10. Which of the following is false?

The Bitcoin is a secure blockchain with trusted (verifiable) transactions

All transactions on the Bitcoin blockchain include a public signature

A hacker can only create a “fake” transaction from Tom’s account having Tom’s Private Key. Without it, the transaction can be signed and hence can not be added to the Bitcoin blockchain

There is a limited supply of Bitcoin, about 18 billion has been mined and only another 3 billion Bitcoins can be mined

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Question 1 of 10

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