Q1. What is the underlying technology behind most cryptocurrencies?
Correct: Blockchain
Blockchain is a decentralized ledger that records transactions across many computers.
Q2. Who is the pseudonymous creator of Bitcoin?
Correct: Satoshi Nakamoto
Satoshi Nakamoto published the Bitcoin whitepaper in 2008.
Q3. What is the process of verifying cryptocurrency transactions called?
Correct: Mining
Mining involves solving complex mathematical problems to add blocks to the blockchain.
Q4. Which cryptocurrency is known for its smart contract functionality?
Correct: Ethereum
Ethereum introduced smart contracts, enabling decentralized applications.
Q5. What does 'HODL' mean in cryptocurrency slang?
Correct: Hold On for Dear Life
HODL is a misspelling of 'hold' encouraging investors to keep their assets.
Q6. What is a 'wallet' in the context of cryptocurrency?
Correct: A digital tool to store and manage crypto
Wallets store private keys allowing users to send and receive cryptocurrencies.
Q7. Which consensus mechanism does Bitcoin use?
Correct: Proof of Work
Proof of Work requires miners to solve puzzles to validate transactions.
Q8. What is the maximum supply of Bitcoin?
Correct: 21 million
Bitcoin's protocol caps the total supply at 21 million coins.
Q9. What does DeFi stand for?
Correct: Decentralized Finance
DeFi refers to financial services built on blockchain without intermediaries.
Q10. Which cryptocurrency is often called 'digital silver'?
Correct: Litecoin
Litecoin is seen as a complement to Bitcoin, which is 'digital gold'.
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