Podcast
Questions and Answers
What is the maximum supply of bitcoins that can ever exist?
What is the maximum supply of bitcoins that can ever exist?
- 100 million
- 21 million (correct)
- 1 billion
- 50 million
What is the process called through which new bitcoins are created and transactions are added to the blockchain?
What is the process called through which new bitcoins are created and transactions are added to the blockchain?
- Minting
- Printing
- Mining (correct)
- Forging
Which cryptographic algorithm is used in bitcoin for secure transactions?
Which cryptographic algorithm is used in bitcoin for secure transactions?
- MD5
- SHA-256 (correct)
- RSA
- AES
Flashcards
Bitcoin's max supply?
Bitcoin's max supply?
The maximum number of bitcoins that will ever be created. This limit is hardcoded into Bitcoin's design.
Bitcoin Mining
Bitcoin Mining
The process by which new bitcoins are created and transactions are verified and added to the blockchain, requiring computational power to solve complex cryptographic puzzles.
SHA-256
SHA-256
A cryptographic hash function used in Bitcoin for ensuring secure and irreversible transaction processing.
Study Notes
Bitcoin Basics
- The maximum supply of bitcoins that can ever exist is 21 million.
Bitcoin Creation and Blockchain
- The process of creating new bitcoins and adding transactions to the blockchain is called mining.
Bitcoin Security
- The cryptographic algorithm used in bitcoin for secure transactions is SHA-256.
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