Bitcoin Interview Questions | Eklavya Online

Bitcoin Interview Questions

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

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 …

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How do bitcoin transactions work?

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 …

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Is it legal to buy and sell Bitcoin from India?

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 …

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

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). …

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What is mean by Unconfirmed Transaction?

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 …

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What are the disadvantages of Bitcoin?

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 …

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What are the advantages of bitcoin?

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 …

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How does Bitcoin work?

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 …

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Is Bitcoin legal?

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 …

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