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Duplicate of Bitcoin (Crypto) Flashcards | StudBud
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Duplicate of Bitcoin (Crypto)
Duplicate of Bitcoin (Crypto)
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StudBud Administration
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A quiz to help with learning about the basics of #bitcoin and the related #economics
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
How is bitcoin discovered/acquired?
Solving complex mathematical problems
Paying someone else to mine it for you
Mining it yourself
Buying it using traditional currencies
2
Why does bitcoin have value?
People believe it to have value
There is a limited supply
It is usable to purchase things
The paper it is printed on has intrinsic value
3
Approximate the circulating supply of bitcoin in the world economy?
17 million
21 million
1 billion
Unlimited supply
4
How can you store bitcoin?
In a bank
In your pocket
Using dedicated software or hardware
In a paper wallet
5
What are the risks of bitcoin?
Chances for steep value decline
Losing it
Hacking
There are none
6
How is bitcoin secured and verified?
Trade Exchanges
Cryptography
Banks
Advanced Mathematics
7
What is the approximate current value of bitcoin?
$50000
$100000
$10000
$20000
8
Is buying bitcoin an investment?
No
Yes
9
What is the history of all bitcoin transactions (within a certain range) called?
Block
Blockchain
Record Chain
Cryptochain
10
What is the market cap of bitcoin?
1.10 trillion
200.5 million
21.29 billion
An unlimited amount
11
Which cryptocurrency is currently valued the highest?
Bitcoin
Bitcoin cash
Ethereum
XRP
12
What is Bitcoin?
A coin used for vending machines
A cryptocurrency
It is a made-up concept
A traditional currency
