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BIM Mid-Term > Summary F: Bitcoin > Flashcards

Summary F: Bitcoin Flashcards

1
Q

What is bitcoin?

A
  • Open source
  • Decentralized payment
  • Peer-to-peer environment
  • No centralized authority
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2
Q

What are the benefits of bitcoin?

A
  • No middleman
  • Micro-payments
  • International payment transfer
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3
Q

What are six challenges for bitcoin?

A
  1. Consumer benefit needs to be stronger
  2. Reputation problem
  3. Security concerns
  4. How to regulate
  5. Volatility
  6. Increasing transaction volume
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4
Q

What is a blockchain?

A

A cryptographically protected distributed ledger

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BIM Mid-Term (11 decks)

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