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

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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

28 Comments

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    • Yes, Agate. Many people have made many millions from Bitcoins with very little initial money. But also many have lost many millions too in this trade. The winners are always the lucky ones who are at the right place at the right time with the right information. I will be posting more on Bitcoins soon.

    • Hi Gina, never mind the low score, 2/12 – as it is the learning that counts. When you replay it I am sure you will achieve 100% correct. lol. Hope you had some fun! Cheers. ?

  13. I got 10/12 and I’ve really no idea how I achieved that. Question #6 I though was a trick question because Mr A purchased in sterling and sold in dollars – but then I saw it as just a typo 🙂