Bitcoin From Scratch | Blockchain Central

This video provides an overview of Bitcoin, the first cryptocurrency, and its underlying blockchain technology. It explains the decentralized nature of Bitcoin, the role of nodes and miners, and the proof-of-work mechanism. The video also discusses Bitcoin's anonymity, security features, and its impact on the financial world. Additionally, it covers the regulation of Bitcoin supply, the concept of blockchain forks, and Bitcoin's potential to disrupt various industries.

Who is credited with introducing Bitcoin and blockchain technology?

• Elon Musk

• Charlie Lee

• Satoshi Nakamoto

• Vitalik Buterin

What is the primary function of nodes in the Bitcoin network?

• To create new Bitcoins

• To store and verify transactions

• To regulate Bitcoin prices

• To convert Bitcoin to fiat currency

What mechanism do miners use to verify Bitcoin transactions?

• Delegated proof-of-stake

• Proof-of-work

• Proof-of-stake

• Proof-of-authority

How is the identity of Bitcoin users protected?

• By hiding IP addresses

• By using public and private keys

• Through centralized databases

• Through government regulation

What is the maximum supply of Bitcoin that can ever exist?

• 21 million

• 50 million

• 10 million

• 100 million

What happens when the Bitcoin network disagrees on protocol changes?

• New Bitcoins are created

• The network shuts down

• A fork occurs

• Transactions are reversed

Why is Bitcoin considered a key technology in the cryptocurrency ecosystem?

• It is the only cryptocurrency

• It is regulated by central banks

• It serves as a backbone for other cryptocurrencies

• It has the highest transaction fees