This week’s theme – Crypto 101 – will test your crypto knowledge, from the most basic trivia to the more cloak-and-dagger facts!
Find out where you are in the hierarchy. Are you a novice, a genius, or somewhere in between?
1. The Bitcoin blockchain is the foundation for the majority of decentralized finance.
a. True
b. False
2. Staking rewards are usually paid out in:
a. USDT
b. BTC
c. The cryptocurrency you are staking
d. All of the above
3. The main advantage of decentralized exchanges is:
a. Users own their private keys
b. Increased privacy due to the lack of know your customer (KYC) controls
c. Large range of low cap alt coins
d. All of the above
4. What is the difference between a cryptocurrency coin and token?
a. You can have an unlimited number of coins, but you can only have one token.
b. Coins are native to their own blockchain, and tokens are built upon another blockchain.
c. Coins can only be used to pay for goods and services, whereas tokens can only be used in video game arcades.
d. None of the above
5. What are the features of a stablecoin?
a. Non-volatile
b. Accessible globally
c. Pegged to fiat currencies or real-world assets
d. All of the above
6. What is the safest way to store cryptocurrency?
a. In a cold storage hardware wallet
b. On an exchange
c. On a web-based wallet like MetaMask
d. By sending it to someone to store it for you
7. What do you call a cryptocurrency that’s always in a hurry?
a. Dash
b. Ripple
c. Slow Coin
d. Bitcoin Sprint
8. How can an investor mitigate risk in his/her crypto investing approach?
a. Build a well-balanced, diversified portfolio
b. Adopt a dollar cost average (DCA) investing strategy
c. Conduct research on a cryptocurrency before purchasing it
d. All of the above
9. What did ETH say to Bitcoin?
a. “You’re my only real asset.”
b. “Let’s have a smart contract.”
c. “I’m Satoshi’s favorite.”
d. “Don’t try to replace me.”
10. What are stablecoins?
a. Cryptocurrencies that power smart contract platforms
b. Digital assets that have private ledgers to maximize the anonymity of the user
c. Unique digital collectibles
d. Digital assets pegged to real-world assets like fiat currencies and commodities
11. To transfer crypto from one wallet to another, you’ll need:
a. A seed phrase
b. A public wallet address
c. An email address
d. A street address
12. What is Proof of Work?
a. A timesheet that you file with your employer once a fortnight
b. A system that uses computational power from computers around the world to secure a blockchain network and generate new coins
c. A system that developers use to log how many hours they have spent working on a blockchain so they can receive fair payment when it is released
d. A cryptocurrency that verifies how much work employees are doing per day
e. None of the above
Below 3
You’re a puppy entering the big bad crypto world. You should start learning more about blockchain if you want to be able to survive out there.
Between 3 and 5
You’re a young wolf, you have learned the basics but still need to learn a lot to be able to make your way to the top of the blockchain.
Between 5 and 8
You’re a good boy/girl. You know most of your stuff and are able to navigate the streets of Crypto City with ease.
8 and above
You’re an old crypto mutt. You know it all (or almost all) and have successfully proven it. Congrats on your crypto knowledge, but does that make you rich? 😉
Share your score with the community using the hashtag #ShibCryptoQuiz, and don’t forget to tag other community members to see who has the highest scores! WOOF! 🏆🚀
