Question: Question 1 In not more than 600 words, contrast centralised and decentralised settings for payment systems. You may use the Bitcoin blockchain as a reference

Question 1

In not more than 600 words, contrast centralised and decentralised settings for payment systems. You may use the Bitcoin blockchain as a reference for decentralised peer-to-peer payment system. Examine at least five (5) differences.

You will be evaluated based on the correctness of your answer, and the clarity of your discussion.

Question 2

You run a Bitcoin mining node in Singapore and your friend runs a Bitcoin mining node in China. At any point in time, both your mining nodes will always be mining the same block number and your blocks will contain the same set of transactions. Explain what the inaccuracies are in this statement.

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