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Bitcoin 101 Cognitive Class Answers

Enroll Here: Bitcoin 101 Cognitive Class Certification

Module 1 – Bitcoin Basics

Question 1: Which of the following statements is NOT true?

  • The total number of bitcoin in circulation is automatically increased without miners.
  • Miners are rewarded in a predetermined amount of bitcoin for verifying new blocks of transactions.
  • Miners run a full-node which propogates new blocks to the bitcoin network.
  • Miners are a collection of transactions waiting to be verified and confirmed.

Question 2: The transaction process is controlled by asymmetric cryptography, where a public key identifies the wallet and a corresponding private key allows sending balances to another wallet.

  • False
  • True 

Question 3: Which of the following statements are true?

  • Your private key is your representation on the bitcoin network.
  • Whoever owns the private key owns the bitcoin.
  • Web Wallet stores your private key on an internet server.
  • Cold storage are devices connected to the internet.

Module 2 – Blockchain Networks

Question 1: What is the Byzantine Generals Problem?

  • Two commanders must coordinate messages between 3 or more lieutenants in a timely and trustworthy manner.
  • One commander must coordinate messages between 3 or more lieutenants in a timely and trustworthy manner.
  • Two commanders must coordinate messages between 2 or more lieutenants in a timely and trustworthy manner.
  • One commander must coordinate messages between 2 or more lieutenants in a timely and trustworthy manner. 

Question 2: Bitcoin network is a first of its kind decentralized autonomous corporations.

  • False
  • True 

Question 3: Which of the following statements are true?

  • Blockchain allows users to create “smart property” by representing real world assets with bitcoin.
  • The Open Assets Protocol is built on top of Bitcoin Blockchain.
  • The Open Assets Protocol allows issuance and transfer of user-created assets.
  • ADEPT stands for the Autonomous, Decentralized, Peer-to-Peer Telemetry.

Module 3 – Cybereconomics

Question 1: Which of the following statements is NOT true?

  • Blockchain allows us to verify all information.
  • Bitcoin does not allow us to send money anonymously.
  • Bitcoin allows us to send as much or as little as we like.
  • Bitcoin allows us to send money anywhere, anytime, to anyone.

Question 2: Bitcoin’s money supply becomes less inflationary over time.

  • False
  • True 

Question 3: Bitcoin reflects many investment characteristics similar to gold, such as:

  • Scarce
  • Quasi-indestructable
  • Portable
  • Divisible

Module 4 – Political Implications

Question 1: Which of the following statements about Bitcoin is NOT true?

  • Bitcoin transaction fee can be represented as taxation.
  • The higher the transaction fee, the sooner it gets verified by miners.
  • There is no tax on Bitcoin transactions.
  • The transaction fee is voluntary.

Question 2: New blocks of bitcoin will be mined every 5 minutes on average based on a regulatory algorithm.

  • False
  • True

Question 3: Which of the following statements is true?

  • Taxation of cryptocurrencies will come from nation states.
  • Bitcoin transactions are all anonymous.
  • The blockchain cannot be used to identify criminal activity.
  • Bitcoin blockchain can be used to store any digital information. 

Bitcoin 101 – Final Exam Answers

Question 1: How might bitcoin disrupt traditional forms of government?

  • Form of money which recognizes no geopolitical boundaries or taxation methods
  • Enables near-instant, global transactions
  • Limited in the supply of money
  • Cannot ‘print’ new bitcoin
  • Is used on the black market

Question 2: In what year did the bitcoin network first come online?

  • 2007
  • 2008
  • 2009
  • 2010
  • 2011

Question 3: In which year can we expect all bitcoin to have been mined?

  • 2040
  • 2080
  • 2114
  • 2140
  • 2041

Question 4: What are the computers which verify new blocks of bitcoin transactions known as?

  • Printers
  • Miners
  • Hashcash
  • Verifyers
  • Partial Nodes

Question 5: What do bitcoin sidechains mainly promise to introduce?

  • Applications which can integrate with the main bitcoin system and absorb network security
  • A form of currency which can be redeemed for real money
  • Standalone blockchain networks
  • Lower transaction verification times
  • Bitcoin automated tipping

Question 6: What do you need to share in order to receive bitcoin payments?

  • Private Key
  • Public Key
  • IP Address
  • Block Identification
  • Both Public and Private Key

Question 7: What does bitcoin introduce on an economic level?

  • Digital scarcity
  • Unlimited purchasing power
  • Decrease in the velocity of money
  • Duplicatable money supply
  • Something way too complicated for our grandma’s to understand

Question 8: What is the cryptographic ledger which verifies transactions known as?

  • Bitledger
  • Blockstream
  • Blocknet
  • Blockchain
  • SkyNet

Question 9: What is the limit on the number of bitcoin which can ever be in circulation?

  • 2.1 Million
  • 2.1 Billion
  • 210 Thousand
  • 21 Million
  • 42 Million

Question 10: Which 3 characteristics resemble bitcoin most closely?

  • digital, decentralized, antifragile
  • virtual, exchangeable, duplicatable
  • divisible, virtual, commoditized
  • distributed, autonomous, infinite
  • divisible, tangible, valuable

Question 11: Which cryptographic function does bitcoin use to create a chain of verified transactions?

  • Proof-of-stake
  • Proof-of-reserve
  • Proof-of-work
  • Proof-of-existance
  • Proof-of-power

Question 12: Which cryptographic hash function does bitcoin utilize?

  • SHA-384
  • SHA-1
  • SHA-3
  • SHA-512
  • SHA-256 

Question 13: Which most closely represents the tax structure of bitcoin?

  • Untaxable money supply
  • Pay capital gains/losses when exchanging into another cryptocurreny
  • Voluntary, pay-for-performance transaction fees
  • Progressive taxation (pay more for moving larger quantities)
  • Fixed taxation rate (pay an identical fee on every transaction)

Question 14: Which of the following best describe the technology of bitcoin?

  • A digital economy
  • An internet protocol for the transfer of money
  • Digital gold
  • An electronic cash system
  • All of the above 

Question 15: Which of the following best describes the nature of bitcoin’s money supply?

  • Inflationary
  • Deflationary
  • Disinflationary
  • All of the above
  • None of the above

Question 16: Which of the following computational problems is bitcoin thought to have solved? (2  answers)

  • Numerical Folding Problem
  • Byzantine Generals Problem
  • Double-Spending Problem
  • Double-Entry Accounting Problem
  • Fermi Paradox

Question 17: Which of the following is the best method to get your bitcoin hacked?

  • Paper Wallet
  • Hardware Wallet
  • Cold Storage
  • Hot Storage
  • Multi-signature account

Question 18: Which of the following represents your ability to sign bitcoin transactions?

  • Public Key
  • Blockstream
  • Block Identification
  • Private Key
  • Block Key

Question 19: Who invented bitcoin?

  • NSA among other intelligence agencies
  • Team of scientists working at CERN
  • Satoshi Nakamoto
  • Team of scientists working at DARPA
  • World Wide Web Consortium (W3)

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