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Cryptocurrencies and Proof-of-Work

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Questions and Answers

What is the primary method of exchanging cryptocurrencies?

By governmental institutions

Through banking institutions

Over the Internet (correct)

Via physical transactions

What do proof-of-work cryptocurrencies like Bitcoin offer to miners?

Stock options

Block rewards incentives (correct)

Cryptocurrency exchanges

Financial loans

How does the reward system in cryptocurrencies impact the supply of the cryptocurrency?

Decreases it

Stabilizes it

Increases it (correct)

Has no effect on it

Why is verifying transactions in cryptocurrencies made a costly business?

To preserve the integrity of the network Signup and view all the answers

What supports the reward scheme incentivizing miners to engage in costly mining activities?

Current value of the cryptocurrency Signup and view all the answers

What is the main source of inefficiency in Bitcoin's design in 2018?

Large mining cost Signup and view all the answers

How much was the median transaction fee for Ether in February 2023?

$2.2845 Signup and view all the answers

What is one way to improve the efficiency of the Bitcoin system mentioned in the text?

Optimizing coin creation rate Signup and view all the answers

What role do cryptocurrency exchanges play in the market?

Allowing trading between different assets Signup and view all the answers

What is the purpose of Atomic Swaps in the cryptocurrency world?

Exchanging cryptocurrencies without third-party intervention Signup and view all the answers