Important Questions BASED on NEW Pattern (Day-18): English(Reading Comprehension):

Important Questions BASED on NEW Pattern (Day-18): Reasoning(Reading Comprehension):

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[WpProQuiz 541]

Directtion (Q 1-10): Read the following passage carefully and answer the questions. Certain words/ phrases are given in bold to help you locate them while answering some of the questions.

In different circumstances the two people could be good friends. Each is rather shy and very smart. And each is passionate about bitcoin, a digital currency. One invented hashcash, which foreshadowed components of the crypto-currency; the other is the author of the first Chinese translation of the white paper in which Satoshi Nakamoto, the elusive creator of bitcoin, first described its inner workings. Adam Back is the chief executive of Blockstream, a British startup, which employs some of the main developers of the software that defines bitcoin’s inner workings. Jihan Wu is the boss of Bitmain, a Chinese firm, which makes about 80% of the chips that power “miners”, specialised computers that keep the bitcoin network secure, confirm payments and mint new digital coins. But far from being fellow-travellers, each represents one of the two main camps in what has come to be called a “bitcoin civil war”, fought over how, if at all, the system should grow. The worst seems to have been avoided. On July 21st a large majority of miners signalled their support for a compromise, reducing the risk of a split of bitcoin into different currencies and driving its price back up towards $3,000 (see chart). But a “fork”, as some call this possible split, may only have been delayed: the issues underlying the dispute have not been truly resolved.

At issue is the size of a “block”, the name given to the batches into which bitcoin transactions are assembled before they are added to a decentralised digital ledger, called “blockchain”, that contains the payment history of all bitcoins in circulation. Mr Nakamoto limited the block size to one megabyte, meaning that the system can only handle a maximum of seven transactions a second. Payment systems like Visa can process thousands in that time. With demand growing steadily, the system started to slow; users had to offer miners fees of several dollars a pop to get their transactions processed speedily. The answers seem obvious: make the blocks larger or pack transactions more densely. Yet bitcoin’s growing pains are less technical than political. “The big question is who gets to lead an organisation that is supposed to be leaderless,” says Jeff Garzik, the boss of Bloq, a bitcoin startup. Bitcoin is big business: the combined value of coins in circulation is now $40bn. The number of transactions a day is approaching 300,000 on average, generating a trading volume of $1.5bn. And bitcoin has become a global platform for hundreds of startups, offering services from trading the currency to providing market data and operating bitcoin ATMs.

Q1. According to the  passage , what is true regarding Adam Back and Jihan Wu?

1. Both are good friend.
2. Both are somehow related to bitcoin.
3. Both are the opponent in the field of bitcoin.

1. Only 1
2. Only 2
3. Only  3
4. 1 & 2
5. All of the above

 

Q2. What is true about the fork of the bitcoin?

1. The fork of the bitcoin can only be delayed, can not be cancelled.
2. Risk of a split of bitcoin is reduced by the support for a compromise of large majority miners.
3. Fork of bitcoin may end the existence of bitcoin.

1. Only 1
2. Only 2
3. Only  3
4. 1 & 2
5. All of the above

Q3. Why the price of a bitcoin increased to $3000?

1. Due to the possible split of bitcoin.
2. Due to the reduced risk of a split of bitcoin.
3. Due to the support shown by the miners for the fork of bitcoin.

1. Only 1
2. Only 2
3. Only  3
4. 1 & 2
5. All of the above

 

What are the main issues of the dispute related to bitcoin?

1. Size of a block.
2. Who is going to lead bitcoin organization.
3. Fork of bitcoin.

1. Only 1
2. Only 2
3. Only  3
4. 1 & 2
5. All of the above

Q5. Why the system of bitcoin started to slow?

1. With the growing demand system started to slow.
2. Due to the small block size.
3. Due to icreasing price of bitcoin.

1. Only 1
2. Only 2
3. Only  3
4. 1 & 2
5. All of the above

Q6. According to passage, What is true regarding the bitcoin?

1. Total value of bitcoin circulation is $40bn which is highest in any of cryptocurrency.
2. According to author bitcoin have more political issue than technical.
3. After the fork value of the bitcoin will be increased.

1. Only 1
2. Only 2
3. Only  3
4. 1 & 2
5. All of the above

Choose the word/group of words which is most similar in meaning to the word/group of words printed in bold as used in passage.

Elusive

1. Mysterious
2. Informal
3. Slippery
4. Exclusive
5. None of the above

Choose the word/group of words which is most similar in meaning to the word/group of words printed in bold as used in passage.

 Dispute

1. Clash
2. War
3. Discuss
4. Problem
5. None of the above

 

Choose the word/group of words which is most opposite in meaning to the word/group of words printed in bold as used in passage

 Steadily

1. Rapidly
2. Continuously
3. Randomly
4. Firmly
5. None of the above

 

Choose the word/group of words which is most opposite in meaning to the word/group of words printed in bold as used in passage

 Fork

1. Combine
2. Split
3. Spike
4. Dangerous
5. None of the above

 

[WpProQuiz 541]