Bitcoin Interview Questions and Answers
Ques 6. Explain the term 'block reward' in the context of Bitcoin mining.
The block reward is the reward given to a miner for successfully adding a new block to the blockchain. It consists of newly created bitcoins and transaction fees.
Ques 7. What is the role of nodes in the Bitcoin network?
Nodes are computers that participate in the Bitcoin network. They validate and relay transactions, maintain a copy of the blockchain, and help secure the network by following the consensus rules.
Ques 8. Explain the concept of a 'hard fork' in the context of Bitcoin.
A hard fork occurs when there is a significant divergence in the blockchain, leading to the creation of two separate and incompatible chains. It often results in the creation of a new cryptocurrency.
Ques 9. What is the purpose of the Lightning Network in Bitcoin?
The Lightning Network is a layer-2 scaling solution for Bitcoin that enables faster and cheaper transactions by conducting most transactions off-chain and settling the final result on the Bitcoin blockchain.
Ques 10. Explain the term 'private key' in the context of Bitcoin wallets.
A private key is a secret cryptographic key that allows the owner to access and control their bitcoins. It should be kept secure and never shared.
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