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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?
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Which of the following payment methods can be used with Bitcoin?
Which of the following payment methods can be used with Bitcoin?
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