Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which of the following is a reason why Bitcoin was created?
Which of the following is a reason why Bitcoin was created?
- To charge enormous fees for transactions
- To create a middleman for financial exchanges
- To eliminate corruption in big banks (correct)
- To provide a decentralized virtual currency
What is the main advantage of Bitcoin's decentralized system?
What is the main advantage of Bitcoin's decentralized system?
- Transparency in transactions (correct)
- Lower transaction fees
- Ability to choose different payment methods
- Faster transaction speed
What is the function of the blockchain in the Bitcoin system?
What is the function of the blockchain in the Bitcoin system?
- To store all confirmed transactions (correct)
- To eliminate the need for peer-to-peer validation
- To encrypt user information
- To create new Bitcoins
How are Bitcoin transactions validated in the peer-to-peer computer network?
How are Bitcoin transactions validated in the peer-to-peer computer network?
Signup and view all the answers
Which of the following payment methods can be used with Bitcoin?
Which of the following payment methods can be used with Bitcoin?
Signup and view all the answers
