Decentralization in Bitcoin Quiz

The problem with 'Scrooge coin' is that it relies upon a centralized authority called Scrooge. This centralization undermines the decentralized nature that is desired in a cryptocurrency.

Bitcoin achieves decentralization through a combination of technical methods and clever incentive engineering.

By the end of the lecture, the audience should have a good appreciation for how Bitcoin achieves decentralization, an understanding of the magic or mystery of Bitcoin, and insight into its security and functionality.

<p>The text emphasizes that achieving decentralization in Bitcoin is not purely technical, but also involves clever incentive engineering.</p> Signup and view all the answers

<p>The first lecture focused on the crypto basics underlying Bitcoin, and introduced a simple currency called 'Scrooge coin' that highlighted the issue of centralized authority.</p> Signup and view all the answers

<p>The big glaring problem is that it relies upon a centralized Authority called Scrooge.</p> Signup and view all the answers

<p>Bitcoin achieves decentralization through a combination of technical and clever incentive engineering.</p> Signup and view all the answers

<p>The audience is expected to gain a really good appreciation for how Bitcoin achieves decentralization, and a better understanding of the magic or the mystery of Bitcoin, how it works, and why it's secure.</p> Signup and view all the answers

<p>The main focus of the second lecture is decentralization in Bitcoin.</p> Signup and view all the answers

<p>The unique aspect is that the way in which Bitcoin achieves decentralization is not purely technical but it's a combination of technical and clever incentive engineering.</p> Signup and view all the answers