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Understanding Blockchain and Bitcoin

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Questions and Answers

What is the primary purpose of cryptographic hash functions in Bitcoin?

To ensure the integrity of the ledgers (correct)
To prevent double spending
To provide full anonymity to users
To enable offline payments

What is the term for the process of miners competing to find a hash value lower than a target value?

Proof of work (correct)
Bitcoin halving
Proof of stake
Digital signatures

What is the maximum size of a block in the Bitcoin blockchain?

1 MB (correct)
10 MB
50 MB
100 KB

What is the purpose of the 'nonce' value in a block?

To provide a random number for proof of work (C) Signup and view all the answers

How often is a new block added to the Bitcoin blockchain?

Every 10 minutes (A) Signup and view all the answers

What is the total amount of Bitcoin that will be mined?

21 million (B) Signup and view all the answers

What is the main benefit of a decentralized system like Bitcoin?

Prevention of double spending and full anonymity (A) Signup and view all the answers

What is the purpose of digital signatures in Bitcoin?

To authorize transactions (A) Signup and view all the answers

What is the relationship between the blockchain size and the number of blocks?

The blockchain size is directly proportional to the number of blocks (B) Signup and view all the answers

What is the term for the event that occurs every 4 years in Bitcoin?

Bitcoin halving (D) Signup and view all the answers

What is the role of a 'hash puzzle' in Bitcoin?

To prevent double spending (A) Signup and view all the answers

What is the primary function of a node in the Bitcoin network?

To keep a copy of the ledger (C) Signup and view all the answers

What is the purpose of the 'difficulty' value in Bitcoin?

To specify the number of leading zeros in a hash (B) Signup and view all the answers

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