CBP - Certified Bitcoin Professional Blockchain and Transaction Mechanics Questions and Answers

Question 1

In the Bitcoin network, what is the primary role of the mempool?

Accepted Answer

A waiting area for unconfirmed transactions before they are included in a block.

Answer

A permanent storage ledger for all confirmed transactions.

Answer

A database of all active public and private keys on the network.

Answer

A system for converting fiat currency into Bitcoin.

Question 2

A user sends 1 BTC from an address that holds a single UTXO of 3 BTC. The transaction has one output of 1 BTC to the recipient. Which of the following accurately describes the outputs of this transaction?

Accepted Answer

Two outputs: one of 1 BTC to the recipient and one of 2 BTC back to the sender as a new UTXO.

Answer

One output of 1 BTC to the recipient.

Answer

One output of 3 BTC that is now co-owned by the sender and recipient.

Answer

The transaction is invalid because the entire UTXO must be spent.

Question 3

What is the primary factor miners use to prioritize transactions for inclusion in a new block?

Accepted Answer

The transaction fee rate (satoshis per virtual byte).

Answer

The age of the transaction.

Answer

The monetary value of the transaction.

Answer

The physical location of the originating node.

Question 4

Which of the following represents the first confirmation of a Bitcoin transaction?

Accepted Answer

When the transaction is included in a valid block that is added to the blockchain.

Answer

When the transaction is successfully broadcast to the network's nodes.

Answer

After six additional blocks have been added to the blockchain following the transaction's block.

Answer

When the recipient's wallet acknowledges receipt of the transaction broadcast.

Question 5

A user is trying to send a Bitcoin transaction, but it remains unconfirmed for an unusually long time during a period of high network activity. What is the most likely reason for this delay?

Accepted Answer

The transaction fee included was too low compared to other competing transactions.

Answer

The recipient's wallet is offline.

Answer

The user's internet connection is too slow.

Answer

The Bitcoin network's difficulty has just increased significantly.

Question 6

What problem in distributed systems does Bitcoin's proof-of-work consensus mechanism and blockchain structure effectively solve, preventing the same digital money from being spent more than once?

Accepted Answer

The Double-Spending Problem.

Answer

The Byzantine Generals' Problem.

Answer

The Halting Problem.

Answer

The Traveling Salesman Problem.