The Bitcoin Quiz

questions about bitcoin


You can always scroll back to read an answer or answer a question later.

Is Bitcoin used by criminals?

Choose the right answer:

Transcript will follow. Link to source at the end.

Bitcoin is indeed used by criminals.

To put things in perspective: the dollar, euro, cars and supermarkets are also used by criminals.

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The euro and dollar are examples of:

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Wikipedia: “Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value.”

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About properties and functions of money:

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Excerpt From “The Bitcoin Standard” by Saifedean Ammous:

“Carl Menger, the father of the Austrian school of economics and founder of marginal analysis in economics, came up with an understanding of the key property that leads to a good being adopted freely as money on the market, and that is salability—the ease with which a good can be sold on the market whenever its holder desires, with the least loss in its price.”

“A good's salability across time refers to its ability to hold value into the future, allowing the holder to store wealth in it, which is the second function of money: store of value. For a good to be salable across time it has to be immune to rot, corrosion, and other types of deterioration. It is safe to say anyone who thought he could store his wealth for the long term in fish, apples, or oranges learned the lesson the hard way, and likely had very little reason to worry about storing wealth for a while.”

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Has Bitcoin ever been hacked?

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Bitcoin has never been hacked but exchanges have.

Compare it to for example the Euro: banks are sometimes robbed but this doesn't say anything about the Euro.

Mind you, centralized service parties around bitcoin have been hacked on a regular basis, but not the bitcoin protocol itself nor its blockchain.

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Which description of Bitcoin is the best?

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“Bitcoin and cryptocurrencies are a form of money invented recently and introduced on the internet This is a form of money that only exists in a digital form. It can be send and received just like an e-mail.”

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Where is Bitcoin headquarters?

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Bitcoin is a decentralized form of money. There is no CEO and no country that is in charge.

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Mainstream economists on Bitcoin.

Mainstream economists ususally have strong opinions about Bitcoin.

What is one of the most common opinions?

Pick the best answer:

Intrinsic Value. Bitcoin skeptics love to talk about it. Their argument is typically as follows: “Bitcoin cannot be used as a money because it does not have any intrinsic value as a commodity. For something to be a viable money, it must first be accepted and used for some other commodity purpose intrinsic to the item then slowly become a money over time. For example: because gold can be used in jewelry and electronics, people naturally stockpile it to store value.”

Previously, Bitcoiners have made several compelling arguments against this on the grounds that 1) intrinsic value is subjective and 2) Bitcoin does have intrinsic value as a good for censorship resistant payments. Here I will argue that Bitcoin skeptics are right. Bitcoin has no “intrinsic value” as a commodity, but that’s a great thing for Bitcoin (and the rest of the world).

Conner Brown

Link to source at the end of the quiz.

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Energy use compared.

“Bitcoin is going to boil the oceans” is what you can read in the papers. What's the point with Bitcoin and Energy?

Let's compare Bitcoin's energy consumption with the electricity used by:

  • A: all data centres in the world.
  • B: transport worldwide.

Diagram: Electricity Use per Year (TWh).

Bar A: data centre worldwide (2018).
Bar B: transport worldwide (2018).
Drag right bar to what you think is the correct value of Bitcoin energy use per year in 2019:

Your choice

Drag this bar up or down.

= chosen answer = correct answer

  • Bitcoin, estimated: 73 TWh per year (Source: Digiconomist)
  • Data centre Worldwide: 200 TWh per year (Source: Nature)
  • Transport Worldwide: 400 TWh per year (Source: Nature)

Links to sources at the end of the quiz.

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What does Bitcoin solve?

What is the biggest problem that Bitcoin solves?

Bitcoin solves…

“Bitcoin offerts an alternative to centrally controlled digital money with a system that gives us back the person to person nature of cash, but in digital form.” Inventing Bitcoin by Yan Pritzker (link at the end of quiz).

“Bitcoin was born the day in 2008 […] that made something remarkable possible: It could generate a string of zeros and ones that was unique, ensuring that, before it could be transferred from one computer or device to another, a minimum number of other users had to trace its transfer and verify that it left the device of the seller (of some good or service) before moving to the device of the buyer.”

Source: Yanis Varoufakis (link at the end of quiz).

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What if you lose your bitcoins?

If you lose your wallet with bitcoins, what can you do?

Owning bitcoins is like owning cash in a way. Or a bar of gold with no insurance. You are the only one who has responsibility. This comes with positive and negative sides.

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End of questions

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