Truth or lie? Test your Bitcoin knowledge

Charlie Taylor

On this April 1st, instead of a well-crafted lie, we prepared a quiz to test your knowledge of Bitcoin, the world's first functional cryptocurrency. See if you are ready to debunk some of the main myths of this theme.The Brazilian government can automatically confiscate any bitcoin Correct! Despite the fact that bitcoins in brokers are susceptible to pledge court orders, cryptocurrencies can be withdrawn for personal wallets, where only the owner of the private key has any permission to spend the BTCs. Mining is a waste of energy Correct! Bitcoin has a consensus mechanism called the Proof of Work, which rewards those who direct computational power to ensure the functioning and security of the network. Although there are other consensus models in blockchain, Bitcoin's high hashrate ensures that there is a high cost to attack the network and avoids the nothing-at-stake problem.Bitcoin is not for Correct payments! Even though microtransactions become unviable with network congestion and rising fees, Bitcoin is still cheaper than traditional alternatives for large payments. In addition, there are second-tier solutions like the Lightning Network to move bitcoin fractions instantly and at very low rates. The creator of bitcoin thought of putting an interface for online poker in the cryptocurrency Correct! The first version of the bitcoin code contained the sketch of an online poker room, a messaging channel and even the idea of ​​an online marketplace. Bitcoin is a Correct financial pyramid! Bitcoin is a digital currency that does not promise profits, its price just varies over time and can cause gains or losses for those who want to trade. There is no way for developers to make money from your involvement or take their coins from you. However, it is noteworthy that many scammers structure pyramids using the name of Bitcoin only as bait for victims. You must remain skeptical and be wary of any investment proposals you receive, especially if they offer "guaranteed profits". Satoshi started working on bitcoin in 2007 Correct! Bitcoin was launched in early 2009, had its white paper revealed on 10/31/08, but the creator of Bitcoin has worked on it since 2007, according to publications by Satoshi Nakamoto himself. to invest Correct! Each bitcoin unit is divisible up to 100 million satoshis, the smallest fraction of a bitcoin. Knowing this, no matter what price Bitcoin is at, you can buy only fractions of it, either with R $ 1,000, R $ 500 or even 25 reais. When the 21M coin limit is reached, there will be no reason to mine Bitcoin? Correct! Wrong! Miners' income will continue to be the sum of transaction fees plus the reward per block, that is, from the last reward block (scheduled for the year 2140), gains will be restricted to transaction fees. buy Bitcoin with credit card Correct! Wrong! For a long time, it was impossible to find a place that would accept a credit card to buy bitcoin, since brokers usually only accept bank transfers. But that changed with the arrival of the Coingoback Loop, which is a subscription to recurring bitcoin purchases. With it, it is possible to purchase 100, 250 or 500 reais of BTC monthly, without worrying about market fluctuations.Bitcoin is the perfect currency for Correct criminals! The Bitcoin network is actually completely transparent, despite being pseudo-anonymous. This means that all transactions are visible and traceable, but do not necessarily have a name attached to each address. But several blockchain analytics companies, like Chainalysis, are already working closely with state authorities to curb illicit bitcoin activity. Truth or lie? Test your knowledge of Bitcoin What is this, are you Satoshi?Wow, you got everything right about bitcoin. Are you by any chance Satoshi Nakamoto? You are already a bitcoin master, but you have to get more knowledgeash pokemonOkay, you have a lot of bitcoin and that's undeniable. But now you need to get more bitcoins and knowledge to become a cryptocurrency champion.bitcoin noobYou could fall into several April Fool's Day pranks on bitcoin, you need to dig deeper into it. Start by adding cointimes to your favorites. Share your Results: Facebook Twitter

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