General Knowledge On Cryptocurrency: Bitcoin, BlockChain (QnA)

General Knowledge On Cryptocurrency: Bitcoin, Block Chain, Ethereum

Last Updated: 23 March 2021

Do You know who created the first Bitcoin?

Well, It was Mr. Satoshi Nakamoto who Created the First Bitcoin.

On 3rd January 2009 Bitcoin was first released as an Open-Source Software which was the First Decentralized Cryptocurrency.

There are many Interesting Facts and Figures about Bitcoin and other similar Cryptocurrencies. In this Article, you will learn about the Cryptocurrency Types, Chains, Mining, Examples, and many more.

Read all the General Knowledge On Cryptocurrency, Questions and Answers on Bitcoins, Mining, and learn about it in a click.

General Knowledge On Cryptocurrency


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?

Answer:
1) Bitcoin
2) Ethereum
3) XRP
4) Tether
5) Litecoin

3. 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: ฿, ₿, BTC

​5. What is 11000 Bitcoins called?

Answer: Millibitcoin

6. What is 1100,000,000 Bitcoins called?

Answer: Satoshi

7. What does XRP stand for?

Answer: Ripple Coin

8. When was the Domain Name “BITCOIN.ORG” registered?

Answer: 18 August 2008

9. What is Satoshi Nakamoto’s Mining the Genesis Block of Bitcoin called?

Answer: Block Number 0

10. What was the Reward for the First Bitcoin Mining?

Answer: 50 Bitcoins

11. When did the World’s First Bitcoin Transaction take place?

Answer: 12 January 2009

12. How many Bitcoins Transaction took place for the First Time?

Answer: 10 Bitcoins

13. 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 2010

15. Who hosted the First Open-Source Bitcoin client that was released on 9 January 2009?

Answer: SourceForge

16. When was the World’s First Bitcoin ATM launched?

Answer: 29 October 2013

17. 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 2011

19. Name of the First Bitcoin Exchange?

Answer: BitcoinMarket.com

20. What was purchased by the First Bitcoin Transaction?

Answer: Two pizzas (Delivered by Papa John’s)

21. When did the First Real-World Bitcoin Transaction take place by buying two pizzas?

Answer: 22 May 2010

22. Who bought the Two Pizzas with Bitcoin?

Answer: Laszlo Hanyecz

23. 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 $5,000 level for the First Time?

Answer: 1 September 2017

26. Who Developed Reusable Proof Of Work (RPOW) using Hashcash?

Answer: Hal Finney

27. Who designed the Bitcoin Symbol ₿?

Answer: Satoshi Nakamoto

28. What was created as an attempt at forming a Decentralized DNS?

Answer: Namecoin

29. First Successful Cryptocurrency to use scrypt as its Hash function instead of SHA-256?

Answer: Litecoin

30. First Cryptocurrency to use a Proof-Of-Work/Proof-Of-Stake Hybrid?

Answer: Peercoin 

31. What was the name of the First Time Stamping Scheme?

Answer: Proof-Of-Work Scheme

32. When was the First Bitcoin ATM launched in the United States?

Answer: 20 February 2014

33. 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 Bitcoin

35. Who provides the validity of each Cryptocurrency’s Coins?

Answer: BlockChain

36. Who is the CEO of “Bitcoin.com”?

Answer: Mate Tokay

37. 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 Ontario

39. The First State in the USA to accept Tax payments via Cryptocurrency?

Answer: Ohio

40. 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: Writing

42. Which Countries have banned Cryptocurrency?

Answer:
1) Algeria
2) Bolivia
3) Morocco
4) Nepal
5) Pakistan
6) Vietnam

43. What are the Advantages of Cryptocurrency?

Answer:
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 compare to Credit Cards.

44. What are the Disadvantages of Cryptocurrency?

Answer:
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?

Answer:
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)
9) NEO
10) Dogecoin

46. 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 GPU’s 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 an 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 Bitcoin

50. How many Bitcoins can ever exist?

Answer: 21 Million

51. Who Owns the most Bitcoins?

Answer: Satoshi Nakamoto (Creator)

52. How long does it take to Mine 1 Bitcoin?

Answer: 10 minutes

53. 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?

Answer:
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.

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?
Answer:
1) A Hash Pointer to the Previous Block
2) Timestamp
3) List of transactions

69. What are some of the Top Cryptocurrency Exchanges?
Answer:
1) Binance- MLT
2) Upbit-ROK
3) Huobi-SIN
4) Bittrex-USA
5) Bithumb-KOR
6) OKEx-MLT
7) Bitfinex-HK
8) Coinbase-USA
9) Bitstamp-GBR
10) Kraken-USA

70. How does a Bitcoin Transaction id look like?
Answer: aa6c1b754d3ce126b9754f3089ba449

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?
Answer:
1) Decentralization
2) Integrity
3) Privacy
4) Inclusive
5) Security
6) Cryptography

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?
Answer: Bitcoin

80. What is the Nature of the BlockChain of Bitcoin?
Answer: Public

81. What is the name of the Algorithm of Bitcoin?
Answer: Cryptographic Hash Function SHA256

82. What does SHA256 stand for?
Answer: Secure Hash Algorithm 256-bit

83. Which Algorithm is used by Ethereum?
Answer: ECDSA (Elliptic Curve Digital Signature Algorithm)

84. What are the three types of BlockChain?
Answer: Public, Private, and Consortium

85. What is the result when a BlockChain Forks?
Answer: Multiple Children Blocks are created

Cryptocurrency Terminologies


No.TermFull Form
1AltcoinAlternative To Bitcoin
2ATHAll Time High
3DAPPDecentralised Applications
4DYORDo Your Own Research
5FOMO Fear of Missing Out
6FUDFear, Uncertainty, and Doubt
7HODLHold On For Dear Life
8ICOInitial Coin Offering
9POWProof Of Work
10SatsSatoshis
Read More

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