Bitcoin Interview Questions

What steps should you take to safeguard themselves from Bitcoin fraud?

Post Views: 48,971 The basic advice is that you should not invest in anything that you does not understand. There are many schemes and scams available around bitcoin mining. A blockchain is a high-risk technology, it has potential, but we never guarantee anything. There is no way as a guaranteed return in the Bitcoin world. On the Zebpay home page, there is a section that lists about frauds and schemes and advises users on how to protect themselves.

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How do bitcoin transactions work?

Post Views: 48,970 A transaction is a transfer of value between Bitcoin wallets of sender and receiver in the blockchain network. Each bitcoin transaction is composed of an amount. The amount is the input (sending address), an output (receiver’s address), and the private keys that allow spending of Bitcoins from an individual’s account. The blockchain is a database which maintains the transaction history since bitcoin’s inception.

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Is it legal to buy and sell Bitcoin from India?

Post Views: 48,963 It is not illegal to buy and sell bitcoins in India. There is no law in India which declares it illegal. In India, the cusp of a digital revolution is yet to recognize the cryptocurrency officially. The Reserve bank of India(RBI), which regulates Indian rupee, had earlier cautioned users, holders and traders of Virtual currencies including Bitcoins. Any central bank or monetary authority do not authorize the creation, trading or usage of Bitcoins as a medium for…

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What is the price of one Bitcoin? Can I buy a part of one Bitcoin?

Post Views: 48,955 The buying rate for one Bitcoin as of April 2019 is approximately 3,67,569.51 Indian Rupees. The price of bitcoin would be changed every second. If you do not want to buy one bitcoin whole, you can buy a fraction of a Bitcoin also. It is because each bitcoin can be divided up to 8 decimals(0.00000001). For instance, you can buy Bitcoin for Rs 1000 or Rs 5,000

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Who controls the Bitcoin network?

Post Views: 48,952 Bitcoin network is the term used to describe all the servers which are mining the various transactions undertaken with bitcoin. No one particularly can control the Bitcoin network. All Bitcoin users around the world control it. To be compatible with each other, all bitcoin users need to use software that is complying with the same rules. Bitcoin mining can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong…

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What is mean by Unconfirmed Transaction?

Post Views: 48,945 An unconfirmed transaction is that transaction that has not been included in a block, and not completed also. Every transaction requires at least one confirmation to complete the transaction. The common reasons for unconfirmed transactions are: You have made the transfer. The Bitcoin network needs at least 10 minutes to include the transaction in a block. The blockchain fee is very low. Thus, the lower the transaction fee, the lower your transaction’s priority in the Bitcoin network.…

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What are the disadvantages of Bitcoin?

Post Views: 48,941 Following are the disadvantages: of bitcoins. Degree of Acceptance: In Bitcoin, the Degree of Acceptance is very low because many people are still unaware of its benefits. Volatile: Total number of Bitcoins in circulation is very small, so even a small change can make the price of the Bitcoin volatile. Ongoing Development: Bitcoins software is still in beta form, and many incomplete features are in active development

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What are the advantages of bitcoin?

Post Views: 48,937 Following are the benefits of Bitcoins: It is accepted worldwide at the same rates, and there is no risk of depreciation or appreciation. It has the lowest transactional fees in the world. It has fewer risks and irreversible transaction benefitting merchants. It is fully Secured and control by the cryptographic encryption algorithm. It is the transparent & neutral mode of administration as anyone can check data in real-time.

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How does Bitcoin work?

Post Views: 48,935 Each Bitcoin is a computer file which is stored as a digital wallet in smartphones or computer and functions similar to any e-wallet app. Bitcoins use his currency in a digitalized form which has its limits of production and limited to 21 million Bitcoins only. You can send Bitcoins to your digital wallet and then can send Bitcoins to other people. Every single bitcoin transaction is recorded in a public ledger called the blockchain. The blockchain makes…

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Is Bitcoin legal?

Post Views: 48,935 Bitcoin is legal in many countries in the world, but some countries state that they have banned its use, such as India, China, and Ecuador. The cryptocurrencies regulations can vary from country to country so you should have to do a proper search before the initiation of bitcoin transaction in any organization. Wikipedia and many other online services have a great guide on how Bitcoin is treated in all the countries around the world with its regulatory…

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