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How much do you really know about Bitcoin and the other alt coin crypto currencies.
A- Which has the larger market share Bitcoin or its competitors?
B- Which uses more electricity POS or POW?
C- How many crypto-currencies exist with a market cap of at least 1 billion USD?
D- How much electricity is used for Bitcoin mining?
E- Are Bitcoin transactions anonymous?
F- What percent of Bitcoin is owned in the top 100 largest wallets?
G- What % of major crypto currencies (market cap > 1bn) can be mined?
H- How many Bitcoins can ever be mined?
I- Can I trade less than a whole Bitcoin?
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A- Which has the larger market share Bitcoin or its competitors?
The sum of the competition is roughly twice the size of Bitcoin, with Bitcoin representing around a third of the $686 billion dollar crypto currency market
1 point if you knew Bitcoin was less than 50% of the market
B- Which uses more electricity POS or POW?
Proof Of Work uses more electricity, with users who do the most calculations getting the largest share of new coins minted.
Proof of Work is seen as a major threat to global warming, with Proof Of Share gaining momentum. POS rewards the people with the most currency who also verify and maintain network transactions (blockchain). Frequently the ability to earn commission with POS is limited to those with significant holdings, although groups of people who band together (known as pools) can achieve those thresholds.
1 point if you said Proof Of Work
C- How many crypto-currencies exist with a market cap of at least 1 billion USD?
41, there are 40 other crypto currencies with a market cap of over 1 billion USD.
1 point if you said between 30 and 50
D- How much electricity is used for Bitcoin mining?
41 TWh per year according to https://digiconomist.net/bitcoin-energy-consumption. Which is more than a small sized country.
1 point if you said as much as a small country
E- Are Bitcoin transactions anonymous?
No it is pseudonymous. Bitcoin is pseudonymous, meaning that sending and receiving Bitcoins is like writing under a pseudonym. If an person's pseudonym is ever linked to their identity, everything they ever wrote under that pseudonym will now be linked to them. It may also be possible to deduce identities from known accounts a person transacts with, and then cross referencing bank accounts, shipping and other visible spending.
1 point if you said that the transactions are visible and tracked
F- What percent of Bitcoin is owned in the top 100 largest wallets?
The top 100 wallets account for 19% of currently circulating Bitcoins ref https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
1 point if you said between 15% and 25 %
G- What % of major crypto currencies (market cap > 1bn) can be mined?
63% of major crypto currencies are not mineable. Well over half of the major crypto currencies including heavy weight banking crypto currency Ripple cannot be mined and supply is owned by the founding group, original ICO investors and anyone who has subsequently purchased the currencies.
1 point if you said less than 50% can be mined
H- How many Bitcoins can ever be mined?
21 million Bitcoins can be mined in total. Nearly 17 million have already been mined to date. Mining becomes progressively more difficult over time, with the last Bitcoin set to be mined in 2040 ref https://en.bitcoin.it/wiki/Controlled_supply
1 point if you said 21 million
I- Can I trade less than a whole Bitcoin
With one Bitcoin currently worth more then $10,000, they cost a lot more than your average pocket change, however yes you can trade in fractions of a Bitcoin. In fact 1 satoshi = 0.000000001 Bitcoin is a unit of Bitcoin named after the mysterious creator Satoshi Nakamoto. However with fees consistently above $1 per transaction and rising, Bitcoin is no longer viable for small purchases such a pint of milk.
1 point if you said yes, and a bonus point if you know about the transaction fee being too large for micro-payments
The above figures were checked on the internet as of 14 Jan 2018, but no guarantees are given as to their veracity, and the author explictly does not accept any responsibility for any financial decisions take on the basis of the information this quiz ....
Thank you for taking this quick test, it is really meant to be a bit of fun. If you have any interesting crypto-currency facts or opinions, please do comment, and don't forget to post your score.