Bitcoin Sapiens

Welcome to the Bitcoin Sapiens Quiz!

Are you ready to test your basic knowledge? This quiz will help you evaluate your understanding of fundamental Bitcoin concepts. Get ready to answer questions ranging from the history of Bitcoin to its operating principles. Good luck!

1 / 20

When is Bitcoin active?

07:00 - 19:00 from Monday to Saturday.

Always.

07:00 - 19:00 every day.

07:00 - 19:00 from Monday to Friday.

2 / 20

What is the main advantage of Bitcoin transactions over traditional banking transactions?

They are not censorable.

They generally require less time.

They don't require intermediaries.

All answers are correct.

3 / 20

What is a "Stablecoin"?

A cryptocurrency anchored to a less volatile underlying asset.

An abbreviation of "Standard Blockchain Coin," a digital currency used as a reference in blockchain transactions.

A mining technology that reduces cryptocurrency price volatility.

A cryptocurrency based on a more secure consensus algorithm.

4 / 20

What is the maximum supply of Bitcoin?

21 Million.

100,000.

Unlimited.

8 billion.

5 / 20

What is the term to describe the wallet used to keep one's private keys offline?

Off wallet.

Hot wallet.

Cold wallet.

Fresh wallet.

6 / 20

What does the word "HODL" mean in the context of Bitcoin?

"Highly Observed Digital Ledger".

The case of a user's misspelling of the word "HOLD" that became popular.

The name of the main company promoting Bitcoin.

"Halt Of Digital Lending".

7 / 20

What is a "Full Node"?

A type of network node that validates and stores the entire Bitcoin blockchain.

A Bitcoin network node physically located near the main server.

A simplified version of a Bitcoin network node.

A type of network node that only communicates with other Bitcoin network nodes.

8 / 20

Why is Bitcoin defined as "Digital Gold"?

For its ease of transportation.

Because of its scarcity.

For its shine.

None of the above.

9 / 20

What does the acronym "KYC" mean?

Know Your Customer.

Keep Your Coins.

Know Your Coins.

Keep Your Crypto.

10 / 20

In which year was the Bitcoin white paper first made public?

2006.

2004.

2010.

2008.

11 / 20

What is the maximum limit of Bitcoin that can be included in a transaction?

10 Bitcoin.

21 million Bitcoins.

1 Bitcoin.

1,000 Bitcoin.

12 / 20

What is a "Seed Phrase"?

A list of words, one of which is the actual password to confuse potential wrongdoers.

A phrase chosen during wallet opening by the user to remember the password during input.

A list of words that allow access to a wallet and conduct transactions from it.

An emergency password to recover funds in case of theft or loss.

13 / 20

How long does it take Bitcoin on average to generate a new block?

1 minute.

60 minutes.

30 minutes.

10 minutes.

14 / 20

Bitcoin is a protocol:

Censorable only in cases of fraud exceeding one million dollars.

Censorable.

Uncensorable.

Censorable only in the case of an official petition with at least 51% of favorable votes.

15 / 20

What procedures can be applied if one's private keys are lost?

Conducting a transfer transaction to move funds to a new wallet.

Performing the wallet recovery procedure.

None.

Calling the toll-free support number to set up a new seed phrase.

16 / 20

What does a Bitcoin address represent?

The identifier of an account on an exchange.

The identifier of a block in the blockchain.

The unique address used to send or receive Bitcoin.

A user's private key.

17 / 20

What is meant by "Hash Rate"?

Measure per second of the current used during mining.

The measure per second of computing power used during mining.

Ranking position in the mining world.

The procedure for allocating new bitcoins to a miner.

18 / 20

What is the name of the creator of Bitcoin?

Adam Back.

Nick Szabo.

Satoshi Nakamoto.

Elon Musk.

19 / 20

What is the currency used as a reference for the value of Bitcoin?

British Pound (GBP).

Japanese Yen (JPY).

United States Dollar (USD).

Euro (EUR).

20 / 20

What is meant by "Fractional Reserve" in the context of traditional banks?

The practice of keeping only a small portion of customer deposits in liquid reserves.

The practice of investing all customer deposits in stocks and bonds.

The practice of keeping 100% of customer deposits in cash.

The practice of freezing customer deposits for a specific period of time.

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