Satoshi Intermediate Quiz - Satoshi's Journal

Satoshi's Intermediate Quiz

Test your Bitcoin knowledge with the Satoshi Intermediate Quiz

1 / 16

Why was Bitcoin created?

To make early investors rich

To make transactions faster

To enable transactions to be more secure

To end central banking

2 / 16

What is the most secure way to store your Bitcoin?

On a reputable Exchange

Offline in cold storage

On a wallet on your phone secured by 2FA

In a trusted bank that integrates Bitcoin

3 / 16

What property of Bitcoin makes it far superior money to Fiat?

Portability

Recognizability

Scarcity

Fungibility

4 / 16

What property of Bitcoin makes it far superior money to Gold?

Portability

Recognizability

Scarcity

Fungibility

5 / 16

How are miners incentivized to secure the Bitcoin network?

Block reward and transaction fees

Annual fees from users

Donations from Bitcoin developers

Crowdfunding from users

6 / 16

Which is not something that Satoshi did to strengthen Bitcoin?

Satoshi left his Bitcoin project to others

Satoshi donated most of his Bitcoin to those in need

Satoshi made Bitcoin's code open source

Satoshi never sold any of his Bitcoin

7 / 16

What does the Difficulty Adjustment ensure?

That nodes can view all transactions even when the network gets overwhelmed

That miners can still create new Bitcoin as technology gets better

That the block time remains 10 minutes long

That blocks don't get too big or too small

8 / 16

What is not a role or function of a Bitcoin node?

To store the entire Blockchain

To increase decentralization

To enforce the rules of the code

To prevent a 51% attack

9 / 16

What is not true about Proof-of-Work?

It wastes a lot of Energy

It solves the Byzantine General's Problem

It leads to easily verifiable consensus

It leads to an irrefutable history of transactions

10 / 16

What is the supply cap of Bitcoin and when will the last satoshi be mined?

21 Million, Year 2140

81 Million, Year 2180

No Limit, 2180

No Limit, Unknown Year

11 / 16

Which is the revolutionary innovation that was discovered with Bitcoin?

Digital Scarcity

Non-fungible Tokens (NFTs)

Web3 Applications

Blockchain Technology

12 / 16

What was the first country to make Bitcoin legal tender?

Central African Republic

Palestine

El Salvador

Nigeria

13 / 16

What is the main reason why Bitcoin is a great store of value?

Countries are making Bitcoin legal tender

Can be used anytime and anywhere in the world

Lightning transactions are very fast

Limited supply

14 / 16

Bitcoin's Lightning Network primarily improves what two aspects?

Security and Recognizability

Scalability and Privacy

Divisibility and Fungibility

Immutability and Portability

15 / 16

How many times has Bitcoin's monetary policy changed?

Once

Twice

Unknown

It has never changed

16 / 16

What tends to be the primary function of alternative (alt) coins?

To improve upon Bitcoin

To make Bitcoin easier to use

To enrich the founders of the alt coin

To give people another useful monetary option

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The average score is 80%