Civil Services Prep

Prelims 2016 · Science and Technology · Question 91

With reference to 'Bitcoins', sometimes seen in the news, which of the following statements is/are correct?<br/>1. Bitcoins are tracked by the Central Banks of the countries.<br/>2. Anyone with a Bitcoin address can send and receive Bitcoins from anyone else with a Bitcoin address.<br/>3. Online payments can be sent without either side knowing the identity of the other.<br/><br/>Select the correct answer using the code given below.

  1. 1 and 2 only
  2. 2 and 3 only
  3. 3 only
  4. 1, 2 and 3

Answer

2 and 3 only

1. Incorrect. Bitcoin is a decentralized cryptocurrency; it is not tracked or issued by central banks in the normal sense. Transactions are recorded on a public blockchain maintained by the network.

2. Correct. Anyone with a Bitcoin address can send/receive bitcoins to/from another Bitcoin address through the peer-to-peer network.

3. Correct. Bitcoin payments can be made without directly revealing real-world identity; users transact via addresses, so parties need not know each other's personal identity.

Hence, statements 2 and 3 only are correct.

  1. Which of the following statements with regard to genetic medicine is/are correct ? 1. Genetic medicines…
  2. Which of the following statements with regard to Large Language Models (LLMs) used in machine learning is/are…
  3. Which of the following statements with regard to stealth technology is/are correct ? 1. Stealth objects have a…
  4. Which of the following statements with regard to Black Boxes used in modern aircrafts is/are correct ? 1. They…
  5. Consider the following statements with regard to involvement of private entities in India's space programme :…
  6. Which of the following statements with regard to drone swarms is/are correct ? 1. They use Terahertz band of…