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BTC Test Unit 2 Questions & Answers 2024/2025
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BTC Test Unit 2 Questions & Answers2024/2025
If a government attempted to ban Bitcoin, what are likely outcomes? - ANSWERSCapital would likely flow
to other countries or jurisdictions. Countries in the world exist in competition with each other for
citizens, residents, entrepreneurs, and employees. A ban in one country likely creates more incentive for
people to go to other countries.
True or false? Western governments are currently looking at banning Bitcoin. - ANSWERSFalse
True or false? Bitcoin is a bubble - ANSWERSFalse. Bitcoin might superficially appear to outsiders as a
bubble, but in reality, it is a more effective monetary technology.
Which of the following is a feature Bitcoin has that indicates it is not a pyramid scheme? -
ANSWERSOpen-source code and distributed systems.
What secures Bitcoin's rules? - ANSWERSA consensus mechanism governed by Bitcoin nodes validating
transactions and blocks. The Bitcoin nodes enforce the rules and reject invalid transactions or blocks.
How does Bitcoin compare to gold in the ability to assay it? - ANSWERSBitcoin is easier to assay (test)
than gold. Bitcoin relies on software and hardware that is accessible to anybody, making it more cost-
effective to assay.
How does Bitcoin's scarcity compare with gold's scarcity? - ANSWERSBitcoin is more scarce than gold.
Bitcoin has a hard cap of 21M and is becoming increasingly scarce from a stock-to-flow perspective over
time.
Why is Bitcoin rising faster than other assets? - ANSWERSBecause from a stock-to-flow perspective, it is
the scarcest asset or potential money. Bitcoin's strict limit is what differentiates it from other potential
assets and stores of value around the world such as property, artwork, stocks, etc.
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