15 True/False. Click an answer to see feedback immediately. Score updates as you go. Covers PoW, halving, block rewards/fees, difficulty, security, and the 21M cap.
1) Bitcoin’s maximum supply is hard-coded to 21 million (under current consensus rules).
2) The block subsidy halves about every four years, reducing new issuance over time.
3) Miners only earn the block subsidy; they do not receive transaction fees.
4) Proof-of-work requires miners to find a nonce so a block’s hash meets the network difficulty target.
5) Bitcoin’s difficulty readjusts roughly every 2016 blocks (~two weeks) to target ~10-minute blocks.
6) A halving increases the block subsidy paid to miners.
7) If a single miner loses their private key, the Bitcoin network halts until it’s recovered.
8) Mining energy cost sets a strict, unbreakable floor under Bitcoin’s market price at all times.
9) Anyone can verify the chain independently by running a full node that checks all rules/blocks/transactions.
10) Under current consensus rules, Bitcoin’s supply cannot exceed 21 million.
11) The targeted average time between Bitcoin blocks is about ten minutes.
12) If one mining pool gets very large, previously confirmed blocks automatically become invalid.
13) Lost or irrecoverable bitcoins reduce the effective circulating supply available to trade/spend.
14) Changing the 21M cap only needs 51% hashpower; full nodes don’t matter for that rule.
15) Eventually the block subsidy drops to zero; transaction fees are expected to incentivize miners long-term.