General Crypto Q & A 80 Questions
General Knowledge On Cryptocurrency Q and A
1. What is Cryptocurrency?
Answer: Cryptocurrency is a Digital Asset or Digital Currency that does not exist in physical forms like Coins or Paper Money. Cryptocurrency uses Cryptography Technology to secure its transaction between two Individuals. It is not issued by any Central Authority or a Government.2. What are the Top 5 Cryptocurrencies?
5) Litecoin3. What is Bitcoin?
Answer: A Decentralized Digital Currency without a Bank or Administrator. Bitcoins can be sent from user to user without the need for intermediaries. They can be exchanged for Products, Services, other Currencies, and stored in a Cryptocurrency Wallet.4. What are the Symbols of Bitcoin?
Answer: ฿, ₿, BTC5. What is 1⁄1000 Bitcoins called?
Answer: Millibitcoin6. What are 1⁄100,000,000 Bitcoins called?
Answer: Satoshi7. What does XRP stand for?
Answer: Ripple Coin8. When was the Domain Name “BITCOIN.ORG” registered?
Answer: 18 August 20089. What is Satoshi Nakamoto’s Mining the Genesis Block of Bitcoin called?
Answer: Block Number 010. What was the Reward for the First Bitcoin Mining?
Answer: 50 Bitcoins
Related: 100 Facts About Elon Musk You Never Heard On The Internet11. When did the World’s First Bitcoin Transaction take place?
Answer: 12 January 200912. How many Bitcoins transactions took place for the First Time?
Answer: 10 Bitcoins13. Who was the Receiver of the First Bitcoin Transaction?
Answer: Hal Finney (Programmer)14. When was the Major Vulnerability in the Bitcoin Protocol spotted?
Answer: 6 August 201015. Who hosted the First Open-Source Bitcoin client that was released on 9 January 2009?
Answer: SourceForge16. When was the World’s First Bitcoin ATM launched?
Answer: 29 October 201317. Where was the World’s First Bitcoin ATM launched?
Answer: Vancouver (Canada)18. When was Bitcoin Valued for 1$ for the First Time?
Answer: Feb 2011 – April 201119. Name of the First Bitcoin Exchange?
Answer: BitcoinMarket.com20. What was purchased by the First Bitcoin Transaction?
Answer: Two pizzas (Delivered by Papa John’s)
Related: List Of All macOS Version History (1997 to 2022)21. When did the First Real-World Bitcoin Transaction take place by buying two pizzas?
Answer: 22 May 201022. Who bought the Two Pizzas with Bitcoin?
Answer: Laszlo Hanyecz23. Where were the Two Pizzas bought with Bitcoin?
Answer: Jacksonville (Florida)24. When did the value of Bitcoin cross $1000?
Answer: 29 November 2013 ($1,242)25. When did the Bitcoin Price break the $5,000 level for the First Time?
Answer: 1 September 201726. Who Developed Reusable Proof Of Work (RPOW) using Hashcash?
Answer: Hal Finney27. Who designed the Bitcoin Symbol ₿?
Answer: Satoshi Nakamoto28. What was created as an attempt at forming a Decentralized DNS?
Answer: Namecoin29. First Successful Cryptocurrency to use scrypt as its Hash function instead of SHA-256?
Answer: Litecoin30. First Cryptocurrency to use a Proof-Of-Work/Proof-Of-Stake Hybrid?
Related: List Of Top 1000 Cryptocurrencies In The World (2022)31. What was the name of the First Time Stamping Scheme?
Answer: Proof-Of-Work Scheme32. When was the first Bitcoin ATM launched in the United States?
Answer: 20 February 201433. Who launched the First Bitcoin ATM in the United States?
Answer: Jordan Kelley (Founder of Robocoin)34. What are Altcoins?
Answer: Alternative Digital Currencies or Alternative Versions of Bitcoin35. Who provides the validity of each Cryptocurrency’s Coins?
Answer: BlockChain36. Who is the CEO of “Bitcoin.com”?
Answer: Mate Tokay37. Is Cryptocurrency Banned in India?
Answer: Reserve Bank of India (RBI) had virtually banned Cryptocurrency Trading in India. A circular was issued on April 6, 2018.38. Which towns have allowed paying Taxes with Bitcoins?
Answer: Innisfil and Ontario39. The First State in the USA to accept Tax payments via Cryptocurrency?
Answer: Ohio40. What is Cryptography?
Answer: It is the Science of Protecting Digital Information by transforming it into a Secure Format.
For Example: Let’s say Bob sent a Message to Eve, the message sent by Bob is encrypted in such a way that letters are replaced with other letters or characters. The message can only be opened by a Key which is known only to Bob and Eve.41. What is the meaning of the word “CRYPTOGRAPHY”?
Answer: Crypt: Hidden and Graphy: Writing42. Which Countries have banned Cryptocurrency?
6) Vietnam43. What are the Advantages of Cryptocurrency?
1) Cryptocurrency cannot be manipulated by any Government or Other Authorities of any Country.
2) Crypto Transactions are completely Anonymous. This offers Security against Fraud and Identity Theft.
3) No Restrictions on Payment.
4) Cryptocurrency provides International Transactions without Intermediate Exchange.
5) Transaction fees are lower with Bitcoin as compared to Credit Cards.44. What are the Disadvantages of Cryptocurrency?
1) Highly Volatile in Nature.
2) Cryptocurrencies are banned in some countries.
3) Crypto Transactions are Irreversible in Nature.
4) Cybersecurity Issues.
5) Cryptocurrencies are not Accepted Everywhere.45. What are the Various Cryptocurrencies?
1) Bitcoin (BTC)
2) Bitcoin Cash
3) Litecoin (LTC)
4) Ethereum (ETH)
5) Ripple (XRP)
6) Ethereum Classic
7) Zcash (ZEC)
8) Stellar Lumen (XLM)
Related: List Of Top 21 Computer Companies And Their Founders46. What is Bitcoin Mining?
Answer: Bitcoin Mining is comparable to Gold Mining but the mining is Digital and requires the help of the Internet. Let’s say if Gold Miners are paid out with Money for mining then Bitcoin Miners are paid out with Bitcoins.
Bitcoin Mining uses special computers with good Hardware like Top-notch GPUs and at least 1000W output.47. How can you Buy Bitcoin?
Answer: Bitcoins can be bought from various sources like an Exchange or Brokerage Service. Some services also offer to Buy Opportunities using Paypal and Credit Card.48. How can you Sell Bitcoin?
Answer: Bitcoin can be sold online to exchange at the current market price or Live in-person locally. Some Franchise also allows products to be bought with Bitcoins.49. Who is in Charge Of Bitcoin?
Answer: Nobody is in charge of Bitcoin50. How many Bitcoins can ever exist?
Answer: 21 Million51. Who Owns the most Bitcoins?
Answer: Satoshi Nakamoto (Creator)52. How long does it take to Mine 1 Bitcoin?
Answer: 10 minutes53. What was the Highest Price for 1 Bitcoin? (All Time High)
Answer: $19,783.06 (17 December 2017)54. What was the Lowest Price for 1 Bitcoin? (All Time Low)
Answer: $0.003 (17 March 2010)55. What are some Facts about Cryptocurrency?
1) If you lose the private key of your Crypto Wallet, the chances of getting it back are close to never.
2) Bitcoin Inventor is Unknown (No one knows who is Mr. Satoshi Nakamoto)
3) Cryptocurrency Value is Extremely Volatile (No one knows when the price can go high or low)
4) Cryptocurrency provides International Transactions Without Exchange.
5) Cryptocurrency Can’t be Physically Banned.
6) There are more than 6,000 Cryptocurrencies but Bitcoin is King.
Related: List of Programming Languages and Their Developers
56. What Price did Bitcoin start?
Answer: Basically Nothing
57. How many Bitcoins are left?
Answer: Over 18 Million are already mined and are in circulation out of 21 Million. So you can be the Judge.
58. What is a Bitcoin Wallet?
Answer: It is a Software where you can store your Bitcoins. Bitcoin Wallet can receive and send Bitcoin transactions and also store your private keys.
59. What is a Private Key in Cryptocurrency?
Answer: Private Key in Cryptocurrency is a Password or Key that is needed for spending bitcoins stored on particular addresses generated by the wallet.
60. How is the Price of Bitcoin determined?
Answer: Price is determined through Supply and Demand across multiple Bitcoin Exchanges.
61. When is a Bitcoin Transaction confirmed Successfully?
Answer: After it is included in the BlockChain
62. What is Proof-of-Work?
Answer: POW is a piece of data confirmation that energy was spent mining a block. This algorithm is used for confirming transactions and producing new blocks to the chain.https://fc8fcb72efc12cdf141827b61a108501.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
63. What is Testnet?
Answer: An alternative Bitcoin BlockChain created for testing purposes
64. How many Addresses does a Wallet have?
Answer: Multiple Addresses
65. What is a Crypto Exchange?
Answer: It is a Digital Currency Exchange that allows customers to trade cryptocurrencies. It allows us to buy and sell Bitcoins and other Cryptocurrencies.
66. How many Confirmations does a Bitcoin Transaction need?
Answer: 6 (Six)
67. What is BlockChain?
Answer: It is a list of records that are constantly growing as new sets of recordings or blocks are added to it.
68. What does BlockChain consist of?
1) A Hash Pointer to the Previous Block
3) List of transactions
69. What are some of the Top Cryptocurrency Exchanges?
1) Binance- MLT
70. How does a Bitcoin Transaction id look like?
71. Where are Cryptocurrencies stored?
Answer: Digital Wallet
72. What is Ethereum?
Answer: The Second-Largest Cryptocurrency after Bitcoin
73. What is the Block Time of Ethereum?
Answer: 10 to 19 Seconds
74. Who is the Founder of Bitcoin Magazine?
Answer: Vitalik Buterin and Mihai Alisie
75. What is the Principle on which Blockchain Technology works?
76. What are Block Identifiers?
Answer: Cryptographic Hash and Block Height
77. What does PoS stand in Cryptocurrency?
Answer: Proof of stake
78. What is Zebpay?
Answer: Cryptocurrency Exchange and Wallet Provider
79. Which Cryptocurrency First Distributed BlockChain Implementation?
80. What is the Nature of the BlockChain of Bitcoin?