How Bitcoin Works - Time-Stamped Multiple Choice Test

What is Bitcoin primarily known as?

• A. A central bank currency

• B. A type of virtual currency

• C. A form of precious metal

• D. A paper-based currency

What is a key benefit of Bitcoin transactions?

• High transaction fees

• Always requires a bank

• Maintains high anonymity

• Uses checks

Who created Bitcoin?

• Elon Musk

• Jeff Bezos

• Satoshi Nakamoto

• Vitalik Buterin

What do you need to store bitcoins?

• Piggy bank

• Bank account

• Bitcoin wallet

• Gold vault

What is Bitcoin mining?

• Mining gold with machines

• Harvesting data for ads

• Generating new bitcoins via computing power

• A term for selling Bitcoin

How is Bitcoin different from traditional currency?

• It's issued by the government

• It's paper-based

• It's decentralized

• It's printed by banks

What network does Bitcoin use?

• Centralized bank network

• P2P network

What happens when your wallet is lost and not backed up?

• Call Bitcoin hotline

• Bitcoins are refunded

• Bitcoins are lost forever

• Send a dispute form

What is the blockchain?

• A. A type of cryptocurrency

• B. A public ledger of transactions

• C. A security system

• D. A coin printer

How many total bitcoins will ever exist?

• 10 million

• 50 million

• Unlimited

• 21 million