Bitcoin : Quiz to Test Your Knowledge !

Bitcoin : Quiz to Test Your Knowledge !

BITCOIN as define by Wikipedia is a peer-to-peer payment network and digital currency based on an open source protocol which makes use of a public transaction log. Sounds way too much technical… Right??
Let’s make it easy!!
Bitcoin is an anonymous crypto currency where in you cannot trace the user.
At its core, Bitcoin is just a digital file that lists accounts and money like a ledger. A Copy of this file is maintained on every computer in the Bitcoin Network. These numbers actually don’t represent anything in the physical world. They only have a value because people are willing to trade real goods and services for a higher number next to their account. The numbers only have value because we believe that they have value, just like any other token currency. To send money you broadcast to the network that the amount from your account should go down and the same amount show go up in the receivers account. Every node or computer applies that transaction to their copy of the ledger and then pass on the transaction. Unlike a bank where you know only about your transactions, in Bitcoin, everyone knows about everyone else’s transaction. But in a bank you can sue the bank if something goes wrong, but since Bitcoin is an anonymous network, you cannot trust anyone. To ensure the safety of the user, it is amazingly designed so that no trust is needed. Complex mathematical algorithms and functions protect every aspect of the system which involves security of the account using a unique digital signature for every transaction that prevents forgery and copying of the signature, private key to create the signature, public key for others to check it. Sending Money, Authentication, Bitcoin mining are all secured through effective algorithms and that is why Bitcoin is becoming popular day by day.

Bitcoin Quiz : 10 Question to Test Your Knowledge

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