Post
Topic
Board Nigeria (Naija)
Re: [Competition]💡Naija Board Quiz Competition 💡June Edition 📅
by
ColdLava40
on 21/06/2025, 03:08:07 UTC
1.SHA-256 (secure hash algorithm 256-bit) is important because of proof-of-work, SHA-256 is an algorithm use by miner to hash a block of transaction data                  in prove of work.

2.The difficulty adjustment algorithm has a critical role in network stability by using 10 minutes to adjust the hash every 2 weeks for network security purpose.

3.The receiver was hal Finney from satoshi nakamoto, hal finney is one of the best contributor to bitcoin development, he created the first reusable proof-of-work system in 2004.

4.The cyberpunk community make bitcoin offers a decentralized alternative to traditional financial system it also protect privacy in economic transaction, this features helps in transparency transactions and control against resilience by the governments or cooperate firms.

5.The votility price in bitcoin can be affected by different reasons with time, some reason are the risk in rates, liquidity, historical events from the past 16 years.

6.For bitcoin transaction, a small fees is been attach by the sender for a quick process of transaction, which is collected by miners. The low fees reduced hash rate which make the network vulnerable to attacks.

7. The (AML AND KYC) don't really affect bitcoin if decentralized method are used for the transaction ,but if the this process are used it increase risk of reviewing both party mean of identification which breaks bitcoin privacy regulations.

8.Bitcoin is a legal cryptocurrency exchange in Nigeria.