Chapter A3 Flashcards
The network timestamps transactions by hashing them into an ongoing chain of hash-based…
proof of work.
True / False: A person who receives Bitcoin needs to show to the world his or her public key.
True.
True / False: The Bitcoin blockchain is immutable.
True.
Miners get something like a paycheck if they make it to win the competition of proof of work in the Bitcoin blockchain. Basically, they are receiving two different incentives:
the fee of all the transactions that are in the block AND the block reward.
According to the Bitcoin Whitepaper, the four elements/ technologies that are crucial to achieve decentralization are:
b. public key cryptography
c. blockchain
d. consensus mechanism
True / False: The real person who published the Bitcoin whitepaper is unknown.
True.
True / False: With the Bitcoin blockchain, you can transfer money, but you need a financial institution to help you make this transaction.
False.
True / False: Blockchain is the only element behind bitcoin to achieve decentralization.
False.
Satoshi Nakamoto, the author of the Bitcoin Whitepaper, is providing/ suggesting a solution to the following problems:
a. double spending problem
b. centralization of power
c. need of an intermediary
Digital signatures allow the rest of the network to see that someone is the authentic owner of the money that he/she is transferring to…
another person.
The _____ reward is the amount of bitcoin created every time a block is mined.
block.
The ______ key is like a personal password for someone to access his/her Bitcoin.
private.
Bitcoin is a _____.
cryptocurrency.
Whenever you want to transfer Bitcoin to someone else you need to create a ______ signature.
digital.
True / False: Blockchain is a chain of intermediaries.
False.
