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Economic Quizzes, Quizzes / May 2013

Bitcoins Quiz

Question 1

Who is credited with creating bitcoin?

a pseudonymous computer programmer by the name of Satoshi Nakamoto
Google’s finance division
Reuben Grinberg
a Japanese tech startup called Satoshi Nakamoto

Question 2

Which of the following is true of bitcoins?

The value of bitcoins has seen slow but stable growth.
Bitcoins are not controlled by any government or financial institution.
Bitcoins are not a currency, but a Ponzi scheme.
Because they are encrypted, bitcoins cannot be stolen.

Question 3

Where do people who own bitcoins keep them?

in a bitcoin.com e-mail account
in a virtual mine
in a virtual wallet
on a secure server known as a blockchain

Question 4

What is Mt. Gox?

a mountain where bitcoins are mined
a bitcoin exchange
a distributed decentralized currency system
headquarters of Bitcoin Inc.

Question 5

How is an investment different from a currency?

An investment changes in value from day to day, but a currency’s value remains constant.
An investment has intrinsic value (value in itself), but a currency does not.
Investments are regulated by government agencies, but currencies are not.
A currency is meant to be spent, but investments are held for their value.

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