Question: Question 5 You run a Bitcoin mining node in Singapore and your friend runs a Bitcoin mining node in China. At any point in time,

Question 5

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.

(8 marks)

Question 6

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 6 differences.

(38 marks)

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