Last Updated: 29 January 2023
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 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
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 transactions between two Individuals. It is not issued by any Central Authority or Government.
Answer:
1) Bitcoin
2) Ethereum
3) XRP
4) Tether
5) Litecoin
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.
Answer: ฿, ₿, BTC
Answer: Millibitcoin
Answer: Satoshi
Answer: Ripple Coin
Answer: 18 August 2008
Answer: Block Number 0
Answer: 50 Bitcoins
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Answer: 12 January 2009
Answer: 10 Bitcoins
Answer: Hal Finney (Programmer)
Answer: 6 August 2010
Answer: SourceForge
Answer: 29 October 2013
Answer: Vancouver (Canada)
Answer: Feb 2011 – April 2011
Answer: BitcoinMarket.com
Answer: Two pizzas (Delivered by Papa John’s)
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Answer: 22 May 2010
Answer: Laszlo Hanyecz
Answer: Jacksonville (Florida)
Answer: 29 November 2013 ($1,242)
Answer: 1 September 2017
Answer: Hal Finney
Answer: Satoshi Nakamoto
Answer: Namecoin
Answer: Litecoin
Answer: Peercoin
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Answer: Proof-Of-Work Scheme
Answer: 20 February 2014
Answer: Jordan Kelley (Founder of Robocoin)
Answer: Alternative Digital Currencies or Alternative Versions of Bitcoin
Answer: BlockChain
Answer: Mate Tokay
Answer: Reserve Bank of India (RBI) had virtually banned Cryptocurrency Trading in India. A circular was issued on April 6, 2018.
Answer: Innisfil and Ontario
Answer: Ohio
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.
Answer: Crypt: Hidden and Graphy: Writing
Answer:
1) Algeria
2) Bolivia
3) Morocco
4) Nepal
5) Pakistan
6) Vietnam
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 compared to Credit Cards.
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.
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
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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.
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.
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.
Answer: Nobody is in charge of Bitcoin
Answer: 21 Million
Answer: Satoshi Nakamoto (Creator)
Answer: 10 minutes
Answer: $19,783.06 (17 December 2017)
Answer: $0.003 (17 March 2010)
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.
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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
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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
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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 Related Abbreviations
| No. | Term | Full-Form |
|---|---|---|
| 1 | Altcoin | Alternative To Bitcoin |
| 2 | ATH | All Time High |
| 3 | BCH | Bitcoin Cash |
| 4 | BIP | Bitcoin Improvement Proposal |
| 5 | BTM | Bytom |
| 6 | DAO | Decentralized Autonomous Organization |
| 7 | DAPP | Decentralized Applications |
| 8 | DPoS | Delegated Proof of Stake |
| 9 | DYOR | Do Your Own Research |
| 10 | EEA | Enterprise Ethereum Alliance |
| 11 | EIP | Ethereum Improvement Proposal |
| 12 | EVM | Ethereum Virtual Machine |
| 13 | FOMO | Fear of Missing Out |
| 14 | FUD | Fear, Uncertainty, and Doubt |
| 15 | HODL | Hold On For Dear Life |
| 16 | ICO | Initial Coin Offering |
| 17 | ITO | Initial Token Offering |
| 18 | LN | Lightning Network |
| 19 | PoA | Proof of Authority |
| 20 | PoB | Proof of Burn |
| 21 | PoD | Proof of Developer |
| 22 | PoS | Proof of Stake |
| 23 | PoW | Proof of Work |
| 24 | Sats | Satoshis |
| 25 | SegWit | Segregated Witness |
| 26 | SoV | Store of Value |
| 27 | UoA | Unit of Account |
| 28 | UTC | Coordinated Universal Time |
| 29 | WP | Whitepaper |
| 30 | YTD | Year to Date |
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