Cake DeFi is a cryptocurrency lending, staking, and liquidity mining platform. They use their own cryptocurrency called DeFiChain (DFI) for both staking and liquidity mining.
You can do liquidity mining with multiple cryptocurrency pairs, including Bitcoin (BTC).
As of March 2022, Cake DeFi added a ‘Learn and earn’ promotion for Bitcoin, which allows you to earn $5 in the BTC/DFI liquidity mining pair!
This ‘Learn and earn’ promotion is temporarily available for all users, and can be found here! On this page you’ll also find the DeFiChain learn and earn course, which is also still ongoing. Another course, on Ethereum, is still upcoming.
Anyway, on to more information on the Bitcoin Learn and Earn quiz!
CakeDeFi Bitcoin (BTC) quiz: all questions and answers!
This ‘Learn and earn’ teaches you about Bitcoin, and has 5 questions to quiz you on the information you’ll learn. For every correct answer, you’ll get $1 in the BTC/DFI liquidity pair!
To start the couse, go here, and click on ‘Earn BTC-DFI’ to start the course.
To make sure you’ll earn the full $5 in DFI, here are all 5 questions and their answers!
Here are al the DeFiChain lesson questions and answers:
Question 1: 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 2: 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 3: 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 4: 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 5: Which of the following products provide long-time bitcoin investors with amazing rewards?
Answer: D – All of the above
Every correct answer instantly rewards your Cake DeFi account with $1 worth of BTC-DFI.
The reward BTC-DFI will be automatically ‘frozen’ for 1 month. This means they’ll show up in your CakeDeFi ‘freezer’. This means these coins are locked in liquidity mining for a fixed period of time. As a bonus, they’ll earn you a higher APR.