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Bitcoin Basics: Blockchain, Mining, and Wallets

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Bitcoin Basics: Blockchain, Mining, and Wallets

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Questions and Answers

What is the primary function of a private key in Bitcoin transactions?

To digitally sign transaction requests (correct)

To check the legitimacy of transaction requests

To store Bitcoin addresses

To generate public keys and addresses

What is the main benefit of using a new set of keys for every transaction in Bitcoin?

Increased storage capacity

Faster transaction processing

Lower transaction fees

Increased security and anonymity (correct)

How do miners verify the legitimacy of transaction requests in Bitcoin?

By using private keys

By using random number generators

By using Bitcoin addresses

By using public keys (correct)

What is the term used to describe the level of anonymity achieved by Bitcoin users?

Pseudonymity Signup and view all the answers

What is the primary innovation of Bitcoin, according to Pichler et al. (2018)?

The establishment of rules and economic incentives for a distributed ledger Signup and view all the answers

What is the purpose of a Bitcoin address?

To receive Bitcoin transactions Signup and view all the answers

What is the primary purpose of the block chain in the Bitcoin network?

To verify the permanence of Bitcoin transactions and prevent double spending Signup and view all the answers

What is the approximate time interval between the addition of new blocks to the block chain?

Roughly every 10 minutes Signup and view all the answers

What is the function of a Bitcoin wallet?

To contain private keys and allow spending of bitcoins Signup and view all the answers

What is the difference between 'Bitcoin' and 'bitcoin'?

Bitcoin is the concept, while bitcoin is the unit of account Signup and view all the answers

What is the purpose of mining in the Bitcoin network?

To add new blocks to the block chain Signup and view all the answers

What is the relationship between Bitcoin users in the network?

All users have the same information and rights Signup and view all the answers

What best describes the original idea of Bitcoin?

Electronic money without financial intermediaries Signup and view all the answers

What is a characteristic of Bitcoin as a store of value?

Its value fluctuates dramatically Signup and view all the answers

What is an outcome of Bitcoin's emergence?

The development of a new financial industry Signup and view all the answers

What is a limitation of Bitcoin as a medium of exchange?

It is not widely accepted Signup and view all the answers

What is a characteristic of Bitcoin's performance as a unit of account?

It is hardly used Signup and view all the answers

What can be said about Bitcoin's utility as money?

It does not satisfy the economic functions of money well Signup and view all the answers