Bitcoin General Knowledge Quiz

Bitcoin was launched in 2009. This can be confirmed by historical records and the whitepaper published by Satoshi Nakamoto, the pseudonymous creator of Bitcoin, in October 2008. The first block of the Bitcoin blockchain, known as the Genesis Block, was mined on January 3, 2009. This marked the official launch of the cryptocurrency and the beginning of the Bitcoin network.

The fees are paid by the purchaser. This means that the person or entity buying a product or service is responsible for paying any associated fees. The vendor, on the other hand, is the one offering the product or service and is not responsible for paying the fees.

The blocksize limit in 2015 was 1MB. This refers to the maximum size that a block of transactions could be in the blockchain. A block is a collection of transactions that are grouped together and added to the blockchain. The blocksize limit helps to ensure that the blockchain remains efficient and scalable. By limiting the size of each block, it helps to prevent the blockchain from becoming too large and difficult to manage. This limit has been a topic of debate and discussion within the cryptocurrency community, as some argue for increasing the blocksize limit to accommodate more transactions per block.

Bitcoin is not the first cryptocurrency. While it was the first decentralized digital currency to gain widespread popularity, there were earlier attempts at creating digital currencies. For example, DigiCash, created by David Chaum in the 1980s, and B-Money, proposed by Wei Dai in 1998, were both early attempts at creating digital currencies. However, Bitcoin was the first to successfully solve the double-spending problem and gain significant adoption, making it the most well-known and influential cryptocurrency.

Transactions are verified by banks. Banks play a crucial role in the verification process as they ensure that the transactions are legitimate and comply with all the necessary regulations. They verify the authenticity of the transactions, confirm the availability of funds, and ensure that the transaction details are accurate. This verification process helps in preventing fraudulent activities and maintaining the integrity of the financial system. Network nodes and the Bitcoin organization may also play a role in verifying transactions in their respective contexts, but the primary responsibility lies with banks.