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,FinTech Test 1 Practice Questions.pdf FinTech Test 1 Practice Questions.pdf FinTech Test 1 Practice Questions
Why did Satoshi Nakamoto design Bitcoin?
*To allow two willing parties to transact directly without the need for a trusted third party.
*To create a payments system that wasn't reversible.
*To solve the double spending problem by using a peer-to-peer network.
What happens if the owner of a Bitcoin loses their private key?
They won't be able to recover the Bitcoin.
What would fractional reserve banking in a cryptocurrency do?
It could increase the purchasing power of the cryptocurrency (deflation) and eliminate
traditional banks (new banks may need to develop).
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, FinTech Test 1 Practice Questions.pdf FinTech Test 1 Practice Questions.pdf FinTech Test 1 Practice Questions
What is the claim that blockchains are tamperproof and immutable based on?
The cost of rewriting all subsequent blocks would exceed the economic benefits.
What is the most important difference between Bitcoin and Ethereum?
Ethereum's blockchain is designed to run smart contracts (applications running exactly as
programmed).
How many transactions can Visa handle per second?
24,000
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