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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)
