Bitcoin Basics
True or False: Bitcoin's supply is unlimited
False
What is Ethereum’s native cryptocurrency?
Ether (ETH)
Decentralization is the distribution of _____ across multiple participants
Power/control
True or False: A wallet is where your cryptocurrency is stored.
False - The wallet stores your keys, not the crypto itself.
A blockchain is a sequence of _____ linked together.
blocks
What process verifies transactions and adds them to the Bitcoin blockchain?
Mining
What L2 on Ethereum is the WAA Membership on.
Base Chain
What makes a blockchain decentralized?
No single entity controlling the ledger
Your public key is like your ____ and your private key is like your ____.
house address and house key
True or False: Transactions on a public blockchain are unchangeable.
True
What is the maximum supply of Bitcoin?
21 million
Ethereum introduced this concept to allow automatic execution of agreements.
Smart contracts
True or False: Decentralized systems rely on a central authority.
False
What is a cold wallet?
Offline wallet used for maximum security
What is a block hash used for?
to link each block to the previous one and ensure the data doesn't change
How does mining protect the Bitcoin network?
by rewarding miners for verifying transactions
Which consensus mechanism is Ethereum?
Proof of Stake (PoS)
This technology allows users to access services without intermediaries.
blockchain
True or False: You can recover a wallet with a recovery phrase if your device is lost.
True
Data on a blockchain is grouped into what?
blocks
True or False: Bitcoin transactions are anonymous.
False - They are pseudonymous.
What Chain are the Bankless Academy badges on?
Polygon
What is the main advantage of decentralization?
Increased security and reduced reliance on a single point of failure
Which type of wallet is considered the most secure?
Cold wallet
How does a blockchain ensure security and prevent tampering?
by decentralization and cryptographic hashing