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Section 2: How Bitcoin Works – Review

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Question 1 of 10

1. Question
What is the primary function of miners in the Bitcoin network?
- Manage Bitcoin transactions on a centralized server.
- Create new digital coins by solving puzzles.
- Control and manipulate Bitcoin transactions.
- Maintain the security and integrity of the blockchain.
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Question 2 of 10

2. Question
How does decentralization contribute to the resilience of the Bitcoin network?
- By centralizing control under a single entity.
- By allowing manipulation of transaction records.
- By ensuring decisions are made collectively by the network.
- By limiting participation to a select group of individuals.
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Question 3 of 10

3. Question
What is the blockchain’s function in the Bitcoin network?
- To centralize control of Bitcoin transactions.
- To record and secure all Bitcoin transactions.
- To create new digital coins through mining.
- To regulate the supply of digital currency.
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Question 4 of 10

4. Question
What is the role of consensus mechanisms in the Bitcoin network?
- To centralize decision-making power.
- To ensure a single entity controls the network.
- To validate transactions and agree on new blocks.
- To limit participation to a select group of miners.
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Question 5 of 10

5. Question
How do miners contribute to the creation of new Bitcoins?
- By controlling the supply of digital coins.
- By manipulating transaction records.
- By regulating the blockchain's consensus mechanism.
- By solving complex puzzles and validating transactions.
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Question 6 of 10

6. Question
What is the significance of the blockchain’s immutability?
- It allows for the manipulation of transaction records.
- It ensures that transactions cannot be changed or erased.
- It centralizes control of Bitcoin transactions.
- It limits access to the network to a select group of individuals.
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Question 7 of 10

7. Question
How does the Proof of Work (PoW) consensus mechanism function in the Bitcoin network?
- By allowing miners to control transaction validation.
- By centralizing decision-making power.
- By requiring miners to prove their computational effort to validate transactions.
- By limiting participation to a select group of individuals.
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Question 8 of 10

8. Question
What distinguishes Bitcoin’s decentralization from traditional financial systems?
- Bitcoin is controlled by a single government or bank.
- Bitcoin transactions are regulated by a central authority.
- Bitcoin allows for collective decision-making by the network.
- Bitcoin limits participation to a select group of individuals.
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Question 9 of 10

9. Question
How does the Bitcoin network ensure transparency and security in transactions?
- By centralizing control of transaction validation.
- By limiting participation to a select group of individuals.
- By recording all transactions on the blockchain and requiring consensus among miners.
- By allowing manipulation of transaction records.
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Question 10 of 10

10. Question
What analogy is used to describe decentralization in the context of Bitcoin?
- A hierarchical organization with a single leader.
- A centralized system controlled by a single entity.
- A digital playground with collective decision-making.
- A controlled environment with limited participation.
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