Bitcoin Interview Questions and Answers
Ques 21. What is the role of the 'genesis block' in the Bitcoin blockchain?
The genesis block is the first block in the Bitcoin blockchain, mined by Bitcoin's creator, Satoshi Nakamoto. It serves as the foundation for the entire blockchain.
Ques 22. Explain the term 'multisignature' (multisig) in the context of Bitcoin wallets.
Multisignature is a security feature that requires multiple private keys to authorize a bitcoin transaction. It adds an extra layer of security by distributing control among multiple parties.
Ques 23. What is the role of the 'difficulty adjustment' in the Bitcoin network?
The difficulty adjustment is a mechanism that regulates the rate at which new blocks are added to the blockchain. It ensures that the average time between blocks remains around 10 minutes.
Ques 24. Explain the concept of 'BIP' in the context of Bitcoin improvement proposals.
A BIP, or Bitcoin Improvement Proposal, is a design document that provides information to the Bitcoin community or describes a new feature for Bitcoin or its processes. It is the standard way of introducing new ideas.
Ques 25. What is the role of a 'watch-only' Bitcoin wallet?
A watch-only wallet is a wallet that can only view and monitor the balance and transactions of a specific Bitcoin address. It does not have the ability to spend bitcoins.
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