Bitcoin Interview Questions and Answers
Ques 26. Explain the term 'fungibility' in the context of Bitcoin.
Fungibility refers to the property of interchangeable units. In the context of Bitcoin, it means that each bitcoin is indistinguishable from every other bitcoin, ensuring that they are all of equal value.
Ques 27. What is the significance of the 'white paper' in the history of Bitcoin?
The white paper, titled 'Bitcoin: A Peer-to-Peer Electronic Cash System,' was published by Satoshi Nakamoto and introduced the concept of Bitcoin and its underlying technology. It is considered the foundation of the cryptocurrency.
Ques 28. Explain the term 'soft fork' in the context of Bitcoin.
A soft fork is a backward-compatible upgrade to the Bitcoin protocol that tightens the rules for valid blocks. It does not require all participants to upgrade their software but encourages miners to adopt the new rules.
Ques 29. What is the role of a 'block explorer' in the Bitcoin ecosystem?
A block explorer is a web tool or interface that allows users to view information about the blocks, transactions, and addresses on the Bitcoin blockchain. It provides transparency and visibility into the network.
Ques 30. Explain the term 'Satoshi' in the context of Bitcoin.
A Satoshi is the smallest unit of bitcoin, named after Bitcoin's pseudonymous creator, Satoshi Nakamoto. One bitcoin is equivalent to 100 million Satoshis.
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