Understanding Blockchain and Bitcoin
13 Questions
0 Views

Understanding Blockchain and Bitcoin

Created by
@InexpensiveDesert6250

Podcast Beta

Play an AI-generated podcast conversation about this lesson

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?

    <p>To provide a random number for proof of work</p> Signup and view all the answers

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

    <p>Every 10 minutes</p> Signup and view all the answers

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

    <p>21 million</p> Signup and view all the answers

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

    <p>Prevention of double spending and full anonymity</p> Signup and view all the answers

    What is the purpose of digital signatures in Bitcoin?

    <p>To authorize transactions</p> Signup and view all the answers

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

    <p>The blockchain size is directly proportional to the number of blocks</p> Signup and view all the answers

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

    <p>Bitcoin halving</p> Signup and view all the answers

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

    <p>To prevent double spending</p> Signup and view all the answers

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

    <p>To keep a copy of the ledger</p> Signup and view all the answers

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

    <p>To specify the number of leading zeros in a hash</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser