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10 Terms
What is Bitcoin?
A decentralized cryptocurrency launched in 2009 by Satoshi Nakamoto.
What does Bitcoin utilize for transactions?
A peer-to-peer electronic cash system that operates without a central authority.
What is the role of nodes in the Bitcoin network?
They manage the network using cryptography instead of a central authority.
What is the purpose of the blockchain in Bitcoin?
It serves as a public distributed ledger recording all transactions.
What process is used to validate transactions in Bitcoin?
Mining, which involves Proof of Work.
What is the fixed supply cap of Bitcoin?
21,000,000 coins.
How does Bitcoin ensure user privacy?
Participants are kept pseudonymous.
What is the smallest unit of Bitcoin?
The Satoshi, which allows for precise value transfers.
What is the main characteristic of Bitcoin's supply?
It has a fixed supply cap.
What does decentralization in Bitcoin mean?
Management by a network of nodes without a central authority.
