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Bake Bitcoin Quiz Answers

Bake (formerly CakeDefi) is a safe, transparent, and easy way to get returns on your crypto investments.

You can also buy Bitcoin and Ethereum or swap them for other popular coins.

Use Decentralized Finance services like staking or liquidity mining and earn high yields.

Take Bake’s Learn & Earn crypto quizzes and earn crypto for free.

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In this guide, you’ll learn the Bake (CakeDefi) quiz answers for the “Learn & Earn” rewards feature to earn $1 BTC.

Bake Bitcoin Quiz Answers

Question: Which of the following best describes bitcoin?

Answer: (A) Bitcoin is a decentralized digital currency which was created by Satoshi Nakamoto in 2008. Anyone with an Internet connection can either send or receive it as a form of payment, but it can also be used as a store of value. It is the world’s first-ever cryptocurrency.

Question: Which of the following is the simplest way to describe how Bitcoin works?

Answer: (C) The Bitcoin network allows users to send and receive bitcoins in a peer-to-peer manner and without any central authority involved. These transactions are verified by nodes and are recorded as blocks on the blockchain. Miners compete to append these blocks and are given rewards if successful.

Question: How does blockchain technology secure bitcoin transactions?

Answer: (B) Bitcoin transactions are recorded as a chain of blocks, with each block containing a collection of valid bitcoin transactions and a hash of the previous block up to the genesis block in the chain.

Question: What is the main benefit of mining and the PoW system to the Bitcoin network?

Answer: (D) PoW, alongside the chaining of blocks, makes modifications of the blockchain extremely hard – hence, making the Bitcoin network secure and less prone to malicious attacks.

Question: Which of the following products provide long-time bitcoin investors with amazing rewards?

Answer: (D) All of the above.

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About the author

Lim How Wei

Lim How Wei is the founder of followchain.org, with 8+ years of experience in Social Media Marketing and 4+ years of experience as an active investor in stocks and cryptocurrencies. He has researched, tested, and written thousands of articles ranging from social media platforms to messaging apps.

Lim has been quoted and referenced by major publications and media companies like WikiHow, Fast Company, HuffPost, Vice, New York Post, The Conversation, and many others. One of his articles about the gig economy was quoted by Joe Rogan who hosts The Joe Rogan Experience (arguably the most popular podcast in the world), in the This Past Weekend podcast by Theo Von.

In his free time, Lim plays multiple games like Genshin Impact, League of Legends, Counter-Strike, Hearthstone, RuneScape, and many others. He creates guides, walkthroughs, solutions, and more on games that he plays to help other players with their progression.