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The Benefits of Bitcoin

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Questions and Answers

Which of the following statements about Bitcoin is true?

Bitcoin transactions are not transparent

Bitcoin uses a blockchain to record transactions (correct)

Bitcoin is controlled by a central authority

Bitcoin users cannot choose how to make transactions

What is the purpose of the blockchain in the Bitcoin system?

To control and regulate Bitcoin transactions

To record and validate Bitcoin transactions (correct)

To prevent corruption in financial exchanges

To eliminate the need for a middleman

Why is it impossible to steal or spend the same Bitcoin currency twice?

Because the blockchain prevents duplicate transactions (correct)

Because Bitcoin users cannot control their own money

Because Bitcoin transactions are not transparent

Because Bitcoin is controlled by a central authority

What does it mean for the Bitcoin system to be decentralized?

<p>Bitcoin transactions are transparent and corruption-free</p> Signup and view all the answers

What options do Bitcoin users have when making transactions?

<p>Checks, wiring, or cash</p> Signup and view all the answers

The Benefits of Bitcoin

Choose a study mode

Podcast

Questions and Answers

Which of the following statements about Bitcoin is true?

What is the purpose of the blockchain in the Bitcoin system?

Why is it impossible to steal or spend the same Bitcoin currency twice?

What does it mean for the Bitcoin system to be decentralized?

What options do Bitcoin users have when making transactions?

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