Cryptocurrency Basics

What is cryptography?

• The study/science of maps

• The study/science of money

• The study/science of scrambling data into code

• The study/science of burial chambers

What is a transaction?

• A transfer of currency from one person/organisation to another

• When someone mines a new bitcoin

• Encrypting data with an organisation's public key

• Moving house from one country to another

Which of these is not a cryptocurrency?

• Rugbycoin

• Dogecoin

• Ethereum

• Bitcoin

What is a ledger?

• A list of financial transactions

• A shelf outside a window

• An encryption algorithm

• When a baseball is hit more than 200 yards

In Bitcoin, what is a block?

• A group of transactions to be added to the blockchain

• A digital wallet to store your bitcoins

• When a country prevents use of bitcoins

• When a criminal uses bitcoin to undertake the purchase of illegal goods

In Bitcoin, what is the blockchain?

• The ledger of all bitcoin transactions

• A list to criminals banned from using bitcoins

• A list of countries that do not allow use of bitcoins

• An encryption algorithm

How does a computer mine a bitcoin?

• Successfully generate a hash so that the block can be added to the blockchain

• Successfully decrypt a block

• Steve uses the diamond pickaxe

• Successfully determine the origin of a trnasaction

Why is mining bitcoin bad for the environment?

• It prevents people from using traditional money

• The mining equipment uses a lot of electricity, which may come from fossil fuels that harm the ecosystem

• It helps criminals to cover their tracks

• It leaves large holes in the landscape where the mines have been