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Cryptocurrency Essentials

Cryptocurrency

A fundamental overview of cryptocurrency concepts, history, and mechanics.

finance technology blockchain

12 Questions Medium Ages 5+ Oct 7, 2026

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About this Study Set

This study set covers Cryptocurrency through 12 practice questions. A fundamental overview of cryptocurrency concepts, history, and mechanics. Every question includes the correct answer so you can learn as you go — pick any format above to get started.

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Browse all 12 questions from the Cryptocurrency Essentials study set below. Each question shows the correct answer — select a study format above to practice interactively.

1 Which individual or group is credited with the creation of Bitcoin in 2009?

A Vitalik Buterin
B Satoshi Nakamoto
C Charlie Lee
D Hal Finney

2 What is the primary function of a blockchain in the context of cryptocurrency?

A A private bank database
B A public distributed ledger
C A hardware wallet manufacturer
D A central government regulator

3 What process is used to validate transactions and secure the Bitcoin network?

A Proof of Work
B Proof of Authority
C Proof of Capacity
D Proof of History

4 Which cryptocurrency is widely known for introducing smart contracts?

A Litecoin
B Ripple
C Ethereum
D Dogecoin

5 What is the term for the digital file used to store public and private keys for cryptocurrency?

A Vault
B Digital wallet
C Ledger cache
D Security partition

6 What event reduces the mining reward for Bitcoin by half roughly every four years?

A The Reset
B The Halving
C The Splitting
D The Forking

7 Which term describes a cryptocurrency that is pegged to the value of a stable asset like the US dollar?

A Altcoin
B Stablecoin
C Tokenized asset
D Equity coin

8 What is the total maximum supply of Bitcoin that will ever exist?

A 10 million
B 21 million
C 50 million
D 100 million

9 What is the name of the first transaction of a new block in the Bitcoin blockchain?

A Genesis block
B Coinbase transaction
C Mempool entry
D Hash transaction

10 Which mechanism is used by Ethereum to achieve consensus as of 'The Merge' in 2022?

A Proof of Stake
B Proof of Work
C Proof of Importance
D Proof of Burn

11 What happens to a cryptocurrency transaction once it has been confirmed and added to the blockchain?

A It can be reversed
B It can be deleted
C It becomes immutable
D It can be edited

12 Which of these is a digital asset primarily used for decentralized finance (DeFi) rather than as a currency?

A Bitcoin
B Litecoin
C Monero
D ERC-20 tokens

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