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Questions and Answers
What is the purpose of mining?
What is the purpose of mining?
- To store data on the blockchain
- To create new cryptocurrencies
- To verify and add transactions to a blockchain (correct)
- To generate public and private keys
What is a blockchain?
What is a blockchain?
- A digital ledger that stores a history of every cryptocurrency transaction (correct)
- A set of public and private keys
- A digital asset that uses the blockchain technology
- A process of verifying and adding transactions to a blockchain
What is required to transact with a cryptocurrency?
What is required to transact with a cryptocurrency?
- A set of public and private keys (correct)
- A digital asset that uses the blockchain technology
- A digital ledger that stores a history of every cryptocurrency transaction
- A process of verifying and adding transactions to a blockchain
What is not true about cryptocurrencies?
What is not true about cryptocurrencies?
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What is the purpose of the blockchain technology?
What is the purpose of the blockchain technology?
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What is not a part of the cryptocurrency transaction process?
What is not a part of the cryptocurrency transaction process?
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What is the main factor that affects the value of a cryptocurrency?
What is the main factor that affects the value of a cryptocurrency?
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What is not true about mining?
What is not true about mining?
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What is the purpose of having a set of public and private keys?
What is the purpose of having a set of public and private keys?
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What is the main feature that differentiates cryptocurrencies from other digital assets?
What is the main feature that differentiates cryptocurrencies from other digital assets?
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Study Notes
- Cryptocurrencies are digital assets that use the blockchain technology.
- A blockchain is a digital ledger that stores a history of every cryptocurrency transaction.
- Mining is the process of verifying and adding transactions to a blockchain.
- To transact with a cryptocurrency, you need to have a set of public and private keys.
- Many cryptocurrencies do not have a finite supply, and their value is based on demand and supply.
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