Digital Currency Flashcards by Cristian Kim

Q

Define digital currency (3)

A

form of payment

transfers money from accounts in transactions

exists in electric form only

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Q

Examples of digital currency (2)

A

Paypal

Credit cards

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Q

Define blockchain (2)

A

decentralised database

time-stamped series of permanent records

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Q

What does a block contain (3)

A

Data

Hash value

Previous hash value

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Q

What is the genesis block

A

first block

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Q

How does blockchain work (3)

A

new block created when transaction occurs

new hash value created when new block created

hash value includes timestamp

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Q

What is a hash value

A

unique value generated by an algorithm

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Q

What happens when a block is changed (2)

A

changed data will cause hash value to change

next blocks invalid since chain is broken

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