True or False: Check Your Knowledge of Bitcoin and Cryptocurrencies

It’s always fun to take a quick break and relax while learning something new. For you do that, we are ready with a new fun quiz. Take this quiz to check your knowledge of bitcoin and cryptocurrencies — their history and news around them.

1 / 6

Bitcoin is illegal in most countries, including the US

Quiz

Incorrect answer!

This one should have been easy. While it’s true that Bitcoin is illegal in some countries, those are mostly autocratic outliers. In most countries of the world, including, of course, the United States, Bitcoin is perfectly legal.

2 / 6

Bitcoin is totally anonymous and untraceable

Quiz

Incorrect answer!

Bitcoin is relatively non-anonymous. While your real identity is not revealed when you make a transaction, all transactions are public, and often it’s relatively easy (at least for law enforcement) to trace who made the transaction. However, there exist some cryptocurrencies which provide far greater anonymity than Bitcoin.

3 / 6

Bitcoin’s supply is finite, and there will be no more than 21 million Bitcoins

Quiz

Incorrect answer!

That’s actually true. Once the number of Bitcoins reaches 21 million, it will be no longer possible to mine this currency.

4 / 6

There are more than 500,000 cryptocurrencies out there

Quiz

Incorrect answer!

It’s hard to determine how many cryptocurrencies actually exist because there is hardly a clear line on what is a cryptocurrency. However, all estimated numbers (from 2,500 to 6,000) are certainly much smaller than 500 thousand:)

5 / 6

No one really knows the founder of Bitcoin

Quiz

Incorrect answer!

This statement is really true. The founder of Bitcoin is Satoshi Nakamoto, but no one really knows who this person is, what is their real name, and whether it’s actually one person at all.

6 / 6

Your cryptocurrency profits can be legally taxed

Quiz

Incorrect answer!

They can (at least in quite a few countries). There are some countries which outright ban cryptocurrencies and some which have not yet come up with a way to tax cryptocurrencies. Yet, a lot of developed nations have already created regulations for crypto taxation.

Your result

6 questions

3 correct answers