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Blockchain Trivia Questions

How much do you really know about Blockchain? Below are 8 true or false statements. Click each one to reveal the answer and explanation.

1.

The blockchain of a cryptocurrency stores the actual digital coins inside each block.

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Easy
✗ FALSE

Coins are not stored in blocks; only transaction records and balances are tracked via a distributed ledger, not the coins themselves.

2.

Every blockchain is a decentralized, public ledger accessible to anyone.

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Easy
✗ FALSE

Private blockchains restrict access and permission, making them centralized in control, unlike public ones like Bitcoin or Ethereum.

3.

Blockchain transactions can never be reversed or altered once confirmed.

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Medium
✗ FALSE

Reorganizations or 51% attacks can reverse recent transactions, though older ones become practically immutable over time.

4.

All blockchains require a native cryptocurrency to function as a ledger.

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Medium
✗ FALSE

Private or consortium blockchains like Hyperledger Fabric operate without a native token, used solely for record-keeping.

5.

Bitcoin's blockchain uses more electricity annually than some small countries.

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Medium
✓ TRUE

Bitcoin mining consumes about 150 terawatt-hours per year, exceeding the energy usage of countries like Argentina or the Netherlands.

6.

Some blockchains allow you to run smart contracts without any transaction fees.

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Hard
✓ TRUE

Blockchains like EOS, WAX, and TRON use resource staking models where users can execute smart contracts without per-transaction fees, provided they have sufficient staked tokens.

7.

Namecoin, a blockchain, records all .bit domain name registrations.

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Hard
✓ TRUE

Namecoin stores .bit domain registrations on its blockchain, functioning as a decentralized DNS. It does not, however, cover all Internet domain names like .com or .org.

8.

The first blockchain concept was described in 1991, before Bitcoin existed.

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Hard
✓ TRUE

Stuart Haber and W. Scott Stornetta patented a cryptographically secured chain of blocks in 1991, later inspiring Bitcoin.

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