Final quiz · Blockchain and Crypto
Blockchain and Crypto quiz answers, explained
You are about to take the Blockchain and Crypto final quiz. Here are the 10 questions, the correct answer and the real fact behind each one, so you pass and understand what you are ticking.
How the quiz works
- Where: the final quiz of the Blockchain and Crypto course on academy.gomining.com, after eight lessons.
- The rules, as the quiz window showed them on 12 October 2026: 10 questions, at least 7 right to pass, no time limit and no attempt limit. Passing gives you a certificate.
- You can read the lessons instead of watching the video: each lesson's "Read" tab unlocks its questions without waiting for the video to end.
What a blockchain is
Why was blockchain originally created?
Options: To make stock trading faster · To create digital money that doesn't rely on a central authority · To replace the internet · To eliminate all financial risk
To create digital money that doesn't rely on a central authority.
The first blockchain was bitcoin's. Satoshi Nakamoto published the white paper on 31 October 2008, in the middle of the financial crisis, and the first block, mined on 3 January 2009, carries a newspaper headline about a second bank bailout.
What problem does blockchain solve for digital money?
Options: Inflation · The double-spend problem · Interest rates · Tax collection
The double-spend problem.
A digital file can be copied for free, so without a bank keeping the books nothing stops you spending the same coin twice. A blockchain makes the whole network agree on the order of transactions. On bitcoin, rewriting that order would take more than half the network's computing power, which in October 2026 was about 950 million TH.
What does decentralization mean?
Options: A system controlled by many independent participants rather than one authority · A system owned by governments · A system with no rules · A system without computers
A system controlled by many independent participants rather than one authority.
Thousands of nodes keep a copy of the ledger and check every block themselves. If one goes down or lies, the rest carry on. "No rules" is the trap: the rules exist, they are just enforced by every node rather than by anyone in particular.
Why is cryptocurrency called "crypto"?
Options: It is secret · It uses cryptography to secure ownership and transactions · It can only be used anonymously · It was created anonymously
It uses cryptography to secure ownership and transactions.
Your private key signs every transfer, and anyone can check that signature with your public key without seeing the private one. Blocks are chained with SHA-256 hashes, the same calculation miners run. None of it is secret: every transaction is public.
Consensus
What is a consensus mechanism?
Options: A way for blockchain networks to agree on valid transactions · A type of wallet · A trading strategy · A mining machine
A way for blockchain networks to agree on valid transactions.
The two big ones are Proof of Work, bitcoin's, where whoever supplies computing power decides, and Proof of Stake, where whoever locks up coins decides. Ethereum switched from the first to the second on 15 September 2022.
In Proof of Stake, validators are selected primarily based on:
Options: Their internet speed · Their computing power · The amount of cryptocurrency they have staked · Their wallet age
The amount of cryptocurrency they have staked.
On Ethereum you need 32 ETH to run a validator. "Their computing power" is the Proof of Work answer, and it is exactly what you buy on GoMining: your TH are your share of the power that mines bitcoin.
The crypto landscape
Why is Bitcoin often compared to gold?
Options: It is backed by gold · It is scarce and has a fixed supply · It is mined underground · Governments guarantee it
It is scarce and has a fixed supply.
There will never be more than 21 million. Since the 2024 halving about 450 BTC are issued a day, around 0.8% a year on top of what exists, and every halving cuts that in half. "Mining" is only a metaphor: nothing is underground.
What is an altcoin?
Options: Any cryptocurrency other than Bitcoin · A stablecoin · A government-issued cryptocurrency · A governance token
Any cryptocurrency other than Bitcoin.
Ether, Solana and Dogecoin are altcoins. The name is short for "alternative coin", an alternative to bitcoin, and says nothing about whether one is good or bad.
What is market capitalization?
Options: Daily trading volume · Price × circulating supply · Maximum supply · Number of users
Price × circulating supply.
With bitcoin at about $82,800 and about 20.1 million coins in circulation (October 2026), its market cap is around $1.66 trillion. It uses circulating supply rather than maximum supply because the full 21 million don't exist yet.
Smart contracts
What is a smart contract?
Options: A digital legal document · A blockchain program that executes automatically when conditions are met · A cryptocurrency wallet · A validator
A blockchain program that executes automatically when conditions are met.
It is not a contract in the legal sense: it is code nobody can stop once it is deployed. NFTs work this way, and so do GoMining's miners, which are NFTs: that is why they can be bought and sold between users.
The three Academy quizzes
- GoMining Basics: the platform: miners, maintenance, Miner Wars and veGOMINING.
- Bitcoin and Mining: what bitcoin is, how it is mined and how to protect yourself.
- Blockchain and Crypto: blockchain, consensus, kinds of crypto and smart contracts. You are here.
If you haven't done the other two courses, GoMining Basics is the one closest to what you will use in the app. And if you are thinking of starting, this is what $100 gets you.
Doing the course? Set up the account with the code first
The Academy lives in a GoMining account, and a referral code can only be applied to a new account before its first miner purchase. With the code 11jY4 you get +5% extra hashrate on your first miner purchase, up to a maximum of 25 TH, and a free month of VIP Platinum+, one of the maintenance discounts.
The code does not travel on its own, and this is what goes wrong. If you tap through on a phone, the link drops you on the app download page, and no part of the address survives that jump. You install, you sign up… and the referral was never applied, with nothing to warn you. Paste it in by hand before you buy your first miner. Afterwards it can no longer be applied.
Screenshots of each step are on the referral code page. This site is not affiliated with GoMining or GoMining Academy and does not give financial advice: the figures above are estimates based on assumptions you can change, and they can be negative.
How to start with GoMining: account, first miner, discounts and first payout, in order.