Find out how much you know about cryptocurrency by taking our cryptocurrency quiz below. You will be tested on your knowledge of everything cryptocurrency – its technology, the various cryptocurrencies, their histories, and peculiarities, as well as a few more advanced topics on the subject.
Whether you’re a beginner or an expert in cryptocurrency, this quiz will challenge and educate you. You can find the answers to the questions by scrolling further down the page.
Cryptocurrency Quiz: Trivia Questions
1. Cryptocurrencies rely on a technology called _____
2. Which of the following makes cryptocurrency unique?
A. It is a legal tender
B. Its transactions are done electronically
C. Its transactions can be completed within a few minutes
D. It does not rely on a central authority
E. It does not exist in any physical form
3. Bitcoin was created in what year?
4. Which country was the first to officially declare its acceptance of Bitcoin as a legal tender?
E. El Salvador
5. The idea of cryptocurrency was first conceived by _____ in _____
A. Satoshi Nakamoto in 2005
B. David Chaum in 1983
C. Wei Dai in 2000
D. Nick Szabo in 2009
E. Jan Lansky in 1996
6. According to Jan Lansky, a cryptocurrency must meet these conditions except _____
A. It does not require a central authority
B. Its value should increase and decrease over time
C. Its ownership can be proved exclusively cryptographically
D. Its state is maintained through distributed consensus
E. The ownership of cryptographic units changes after each transaction
7. According to cryptocurrency enthusiasts, the following are some problems of fiat currency that cryptocurrency would solve except _____
A. Traditional payment systems such as credit cards and wire transfers are fast becoming outdated
B. Banks and brokers take a cut in virtually all transactions
C. Financial equality is growing around the globe
D. Billions of unbanked and underbanked people worldwide can’t access financial services
E. Transactions through traditional systems can be expensive and slow
8. New units of cryptocurrency are produced through a process called _____
9. Which of the following is true about Bitcoin?
A. It was developed by Satoshi Nakamoto in 2010
B. It was the first established cryptocurrency
C. It remained the only cryptocurrency until 2013
D. It is the only cryptocurrency without flaws
E. It is the first altcoin
10. The following are key benefits of cryptocurrency except _____
A. Eliminates extreme money printing
B. Reduces corruption
C. Cuts out middlemen in transactions
D. Serves the unbanked
E. Gives people partial control of their own money
11. The following are myths about cryptocurrency except _____
A. Bitcoin has its flaws
B. Cryptocurrencies are good only for criminals
C. All blockchain activity is private
D. You can make anonymous transactions using any cryptocurrency
E. Bitcoin and alt coins are the only applications of blockchain technology
12. The following are risks of cryptocurrency except _____
B. Lack of regulation
C. Nonexistence in physical form
D. No legal protections
E. Transactions are typically irreversible
13. A computer that connects to a cryptocurrency network is called a _____
14. Creating new units of cryptocurrency involves ____
A. Using computers to analyze and compare stock markets worldwide
B. Using computers to analyze encryption and cryptography
C. Using computers to study cryptocurrency demand and supply
D. Using powerful computers to solve complicated problems
E. Using computers to analyze the global foreign exchange market
15. Which of the following is a cryptocurrency-backed stablecoin?
16. The first cryptocurrency to use both PoW and PoS functions was _____
17. Litecoin was founded in 2011 by _____
A. Charlie Lee
B. Vincent Durham
C. Satoshi Nakamoto
D. Rob Halford
E. Sunny King
18. Ethereum was founded in _____ by _____
A. 2014, Jed McCaleb
B. 2015, Jed McCaleb
C. 2014, Vitalik Buterin
D. 2015, Vitalik Buterin
E. 2014, Chris Larsen
19. Which cryptocurrency doubles as a social media platform similar to Twitter?
B. Shiba Inu
20. Which of the following is an algorithmic stablecoin?
21. Which of the following is a fiat-backed stablecoin?
B. USD Coin
22. Which Hash algorithm does Bitcoin use?
23. Which Hash Algorithm does Litecoin use?
24. Which of the following cryptocurrencies is designed for peer-to-peer debt transfer?
25. The first Bitcoin ATM was launched in the US by the founder of which cryptocurrency?
C. USD Coin
26. When did the Chinese government declare all forms of cryptocurrency illegal in the country?
27. The model protocol for the design of altcoins was based on which cryptocurrency?
28. Which are the two parties involved in a Proof of Work (PoW)?
A. The coders and the testers
B. The analysts and the editors
C. The miners and the earners
D. The prover and the verifiers
E. The modulators and the demodulators
29. Aside from Proof of Work, which is the other widely known Sybil deterrence mechanism adopted in cryptocurrency development?
A. Proof of Earnings
B. Proof of Stake
C. Proof of Validation
D. Proof of Sequence
E. Proof of Encryption
30. Which of the following is not true about a cryptocurrency wallet?
A. It cannot exist as a physical medium
B. It stores public and/or private keys for cryptocurrency transactions
C. It could be a physical medium
D. It can also play the role of encrypting and/or signing information
E. The address generated by a wallet is readable only by the blockchain
Cryptocurrency Quiz: Answers