Questions

Question 1

True or false: There are a finite amount of bitcoins

Answer 1

true

Question 2

How many number of possible bitcoins are there?

Answer 2

21 million

Question 3

What is a hash function?

Answer 3

Convert information, such as a message, into a numeric string output of a fixed length which looks completely random

Question 4

True or false: a hash function is a one way operation

Answer 4

true

Question 5

What is mining?

Answer 5

Generating new bitcoins

Question 6

What is a hot wallet?

Answer 6

Runs on Internet-connected devices.
It is not 100% secure as hackers might get access by finding a flaw in the wallet software.
Is a convenient pocket purse for day-to-day small spending.

Question 7

What is a cold wallet?

Answer 7

More secure wallet which could even be a piecee of paper with the key printed on it
Private keys are generated and stored offline.
Access to the bitcoins requires more time and complex procedures.