Fund of Bitcoin Review Part 2

Front

As more miners and users have joined the bitcoin network, the hash rate has decreased.

Back

False

Front

Which of the following should be considered when calculating whether bitcoin mining is profitable?
The cost of energy, The price of one Bitcoin today, The price of one Bitcoin in the future, All of the above

Back

All of the above

Front

What newer innovation in the bitcoin network seeks to bring down transaction fees?

Back

The Lightning Network

Front

What comes closest to describing what it means to “own 1 bitcoin”? Options: The blockchain has references to transactions made to your bitcoin wallet that total 1 bitcoin, You have a digital form of 1 bitcoin held within a wallet, There is a legal contract on the blockchain that entitles you to 1 bitcoin, You hold a single gold bitcoin coin in a safe in your home

Back

The blockchain has references to transactions made to your bitcoin wallet that total 1 bitcoin

Front

Previous UTXOs become inputs for the next transaction.

Back

True

Front

Can Bitcoin transactions be reversed even after 6 blocks if someone receives permission from more than 51% of bitcoin nodes?

Back

False

Front

What is NOT a disadvantage of bitcoin’s irreversibility? Options: Scam artists can take advantage, No way to protect against fraud, Merchants are certain that their funds won't be reversed, Makes bitcoin easier to steal

Back

Merchants are certain that their funds won't be reversed

Front

Setting up bitcoin payment wallets for companies is very long and complicated.

Back

False

Front

To make sure you have control of your Bitcoins you should:

Back

Secure your private keys in a form of cold storage

Front

A 51% attack is where 51% of Bitcoin users attempt to take over the network.

Back

False