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Bitcoins rose to $5,000 two days ago. Today one is $4,250. Bitcoins Tales (Quiz: No. 2)

The Bitcoin is highly volatile. In July 2017, it rose to US$2,600. In mid-August it rose again to a new high of $3,200. Then on September 2, it achieved another historic high of over $5,000. Two days later bitcoin’s price plummeted to below $4,400. Today, 5th Sept 2017, it opened at $4,250; which is -1.5 down on the previous day.

Due to it’s high volatility; it is clearly important that people learn much more about Bitcoins before they invest, or trade in it. Have fun playing my quiz below; and if you wish, please up-vote the quiz; and leave your score and comments, afterwards. To read my earlier quiz about bitcoins – Bitcoin: Quiz: 1 – click here Thanks.

  • Question of

    In which year was the Bitcoin first released by its founder, Satoshi Nakamoto, as a cryptocurrency, a digital payment system and software?

    • 2011
    • 2009
    • 2006
    • 2004
  • Question of

    What is the name of the huge general ledger which records and stores details of every single bitcoin transaction?

    • The World Bank Ledger
    • The Cloud Ledger
    • The Blockchain Ledger
    • The Big Data Ledger
  • Question of

    Which of the following accounts can be set up in seconds, with no bureaucracy, no questions asked, and in most cases, no fees payable?

    • A stock trading account
    • A PayPal digital account
    • A bank account
    • A bitcoin address
  • Question of

    In the bitcoin currency world, what is the name of the place where you store your bitcoins?

    • A Bitcoin Account
    • An Exchange
    • A Wallet
    • A Bank Account
  • Question of

    The bitcoin network is not controlled by any central authority; and is made up of many machines that work together mining bitcoins and processing transactions. This means that:

    • No one can mess around with monetary policy and cause a meltdown of the value of bitcoins.
    • If some parts of the bitcoin network goes offline for some reason, the Bitcoin money stops flowing.
    • National governments can simply decide at any time to take people’s bitcoins away from them.
  • Question of

    In 2011, when one bitcoin was priced at US$0.30 cents each; Mr A. bought 1000 bitcoins for a total of £300. Later on that year, as the bitcoin price rose; Mr A. sold all of his 1000 bitcoins at $25. How much profit did Mr A. earn?

    • $2,470
    • $5,000
    • $24,700
    • $25,000
  • Question of

    In 2011, the value of one bitcoin rose steadily from less that $1, to US$32. But then it started dropping back again. At what price did the value of one bitcoin finally return to, at that time?

    • US$22
    • US$15
    • US$9
    • US$2
  • Question of

    In early 2012, Mr A. bought 500 bitcoins at US$12 each. Later on, during the 2012–13 Cypriot financial crisis, the bitcoin price rose. In March 2013, Mr A. sold all of his 500 bitcoins, at $180 each. How much profit did Mr A. earn?

    • £180,000
    • £174,000
    • £90,000
    • £84,000
  • Question of

    On 10 April 2013, got to a then-high of US$265, before it started dropping back again. At what price did one bitcoin finally decline to, after it crashed, at that time?

    • Around US$50
    • Around US$80
    • Around US$120
    • Around US$150
  • Question of

    During the mid-2013 crash, Mr A. bought 500 bitcoins at US$100 each. Later on, the price rapidly rose. In November 2013, Mr A. sold all of his 500 bitcoins at $1,000 each. How much profit did Mr A. earn?

    • US$200,000
    • US$250,000
    • US$450,000
    • US$500,000
  • Question of

    On 29 November 2013, the cost of one bitcoin rose to a, then all-time record high of US$1,242; before the price fell sharply in 2014. Around what price did one bitcoin settle in August 2014?

    • Around US$900
    • Around US$600
    • Around US$300
    • Around US$100
  • Question of

    In January 2015, the value of one bitcoin’s price dropped to its lowest level, since its high of spring 2013. Around what price was this?

    • Around US$230
    • Around US$330
    • Around US$430
    • Around US$530

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Written by Daniel Obiago

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