BLOCKCHAIN MULTIPLE CHOICE QUESTION MCQ
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1. Blockchain is a peer-to-peer _____________ distributed ledger technology that makes the records of any digital asset transparent and unchangeable. A) Decentralized B) Demanding C) Secure D) Popular Answer: A) Decentralized 2. Blockchain networks are much _____ and deal with no real single point of failure. A) Simpler B) Easier to scale C) Convenient D) Faster Answer: B) Easier to scale 3. Bitcoin is a cryptocurrency, which is an application of Blockchain. A) True B) False Answer: A) True 4. Blockchain can perform user transactions without involving any third-party intermediaries. A) With the help of the third party B) Without involving any third party C) Without involving any owned D) Without involving any authenticated Answer: B) Without involving any third party 5. What does P2P stand for? A) Peer to Peer B) Product to Product C) Password to Password D) None of the above Answer: A) Peer to Peer 6. Blockchain has ____ versions. A) 2 B) 3 C) 4 D) 5 Answer: B) 3 7. Who introduced the digital online cryptocurrency known as Bitcoin? A) Satoshi Nakamoto B) Nick Szabo C) Wei Dai D) Hal Finney Answer: A) Satoshi Nakamoto 8. A blockchain enables peer-to-peer transfer of digital currency without any intermediaries such as banks. A) False B) True Answer: B) True 9. Did Blockchain enable a centralized or a decentralized system for the exchange of value? A) Decentralized B) Centralized C) None of the above D) Can't say Answer: A) Decentralized 10. What does a block in a Blockchain have? A) Header & Digital ledger B) Bitcoins & Input C) Transactions & Bitcoins D) Header & Transaction Answer: D) Header & Transaction 11. What does UTXO stand for? A) Unspent Trade Offer B) Unspent Transaction xeroxed Output C) Unique Transaction Offer D) Unspent Transaction Output Answer: D) Unspent Transaction Output 12. Does a transaction generate new UTXOs for transferring the amount specified in the input UTXOS? A) False B) True Answer: B) True 13. Transaction 0 in every block of the bitcoin blockchain________. A) Is for paying the miner fees B) Does not have any input UTXO C) Is called the coinbase transaction D) All of the above Answer: D) All of the above 14. What is the genesis block? A) Any block created by the founder B) The last block created in the Blockchain C) The first block of a Blockchain D) The first transaction in each block Answer: C) The first block of a Blockchain 15. ___ hosts the software needed for transaction initiation, validation, mining, block creation, and smart contract execution. A) External Account B) EVM C) Ethereum full node D) Smart Contract Answer: C) Ethereum full node 16. __________ receive verify, gather and execute transactions. A) Miner nodes B) Smart Contracts C) Light wallets D) Ethereum full node Answer: A) Miner nodes 17. What is Blockchain? A) A currency B) A ledger C) A type of currency D) A distributed ledger on a peer-to-peer network Answer: D) A distributed ledger on a peer-to-peer network 18. Bitcoin is based on _________ blockchain. A) Private B) Public C) Public Permissioned D) Permissioned Answer: B) Public 19. BATM stands for _____. A) Bounded access transaction machine B) Broadcast ATM C) Bitcoin ATM D) Blockchain ATM Answer: C) Bitcoin ATM 20. Smart Contract characteristics do not include: A) Alterable B) Fast and cost-effective C) A high degree of accuracy D) Transparency Answer: A) Alterable