Bitcoin History

Question 1

How does the current debit/credit card system work?

Answer 1

• Shop asks bank if you have the money
• Bank checks records and confirms
• Bank takes fee for being middleman

Question 2

In the current system who controls & checks your records to confirm money?

Answer 2

The bank you use is ultimately centralized & government controlled.

Question 3

How does Bitcoin system of transactions work?

Answer 3

• Shops check w/ millions of networks (blockchains) that hold a record of money you have.
• Every network confirms & then updates its record.

Question 4

How is Bitcoin maintained?

Answer 4

Bitcoin is open-sourced

Question 5

Who are the creators of Bitcoin

Answer 5

Satoshi Nakamoto(unknown) & Hal Finey

Question 6

What is the purpose of miners?

Answer 6

• keep the network running & mine Bitcoin or blocks.

- Miners get paid for their efforts

Question 7

What is a block or blockchain?

Answer 7

Blocks are like an individual page of records (ledger) that track your transactions.

Question 8

What is the set number of Bitcoin that can be mined?

Answer 8

21 million

Question 9

Cryptocurrency is nothing new. What is the actual study of secure communication away from 3rd parties called?

Answer 9

Cryptology or Cryptography

Question 10

How far back was the idea of a Crypto world? - the belief in using computers & cryptography to protect people’s privacy & security.

Answer 10

1983 - a movement/activist group Cypher Punks believed in this world.

Question 11

Who is the grandfather of Cryptocurrency?

Answer 11

David Chaum

Question 12

What did David Chaum essential create as the foundation of Bitcoin & all cryptocurrencies?

Answer 12

BSS - Blind Signature Scheme

Question 13

David Chaum created what within DigiCash?

Answer 13

eCash system a way to safely & anonymously trade cash online.

Question 14

What is a ledger?

Answer 14

A ledger is a book or collection of accounts in which account transactions are recorded.

Question 15

What did Nick Szabo create in 1998 that was the basis of the idea of Bitcoin?

Answer 15

BitGold

Question 16

What was the idea behind BitGold?

Answer 16

• instead of the digital token representing FIAT money, it could instead represent its own monetary value & be its own commodity.
• Money would be rewarded to miners that completed & monitored the algorithmic conversions needed for trade.

Question 17

What is the main purpose of Bitcoin?

Answer 17

the sole purpose to change & remove the corrupted banking system we currently have. (I suspect it was also designed to tip the scales of the superpower US has come to be.)