Bermuda Post

Monday, Sep 27, 2021

Do You Understand Bitcoin? Here's A Test To Find Out

Do You Understand Bitcoin? Here's A Test To Find Out

The Bitcoin Exam is 50 question test that challenge your understanding of Bitcoin to help you identify gaps in your knowledge of the leading cryptocurrency.

What exactly is the Bitcoin exam?

The Bitcoin Exam is a 50-question test designed to help anyone to test their understanding of Bitcoin.

As the price of bitcoin skyrocketed past $60,000 in 2021, interest from retail investors hit an all-time high. Individuals with little to no understanding of bitcoin jumped in after being swept up by the media hype, only to panic sell when the price then corrected by over 50%. Whilst families and retail investors stand to gain a lot from bitcoin in the long term, few understand it well enough to hold on through the volatility and come out the other side.

The creator Steffan Allen wrote:

“To help solve this problem, I have created The Bitcoin Exam so that these individuals can better identify gaps in their knowledge and truly understand the monetary revolution that is unfolding.”

The exam itself takes around 20 minutes on average to complete and consists of 50 multiple-choice questions. It begins with basic questions about the technology that underlies Bitcoin, before moving onto questions about its application, history, and monetary economics.

Passing the exam should not be considered a prerequisite for buying bitcoin. Allen hopes that the exam helps more people to “get off zero,” with a link at the end to wallets that participants can use to begin dollar-cost averaging and saving in bitcoin.

Bitcoin will inevitably become the global reserve asset. But, how do we expect this to occur if the vast majority of people still fail to understand it?

Improving financial literacy and educating the world on bitcoin will be key in continuing to drive global adoption and that is exactly what this exam intends to do.

Do Bitcoin critics even understand what they are talking about?
Has Senator Warren sat down and read the Bitcoin White Paper? Does Paul Krugman understand the beauty of Bitcoin’s difficulty adjustment? Does Peter Schiff understand the Lightning Network that allows billions of dollars in value to be transferred peer-to-peer, from effectively anywhere in the world?

My guess is that the majority of these people who have doubled down on their criticisms of bitcoin even in the face of its growing success have not taken the time to actually research and understand it. The exam can help to serve as a tool for determining the credibility of financial commentators and regulators who contribute towards the FUD that surrounds bitcoin. Their understanding should be tested before we let them continue spouting uneducated nonsense about bitcoin.

For this initiative to be successful, it must reach the masses. Having plebs on “Bitcoin Twitter” take the exam is great but for it to have any meaningful impact, it has to spread to workplaces, universities, and schools.

Take the test and find out your understanding level!

Source: Do You Understand Bitcoin? Here's A Test To Find Out – Fintechs.fi

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