202.5 Lesson - verifiability

Screen: verifiability

Headline: The good must be easy to quickly identify and verify as authentic

Reward: 3

Text: It is important for a good store of value to be easily verifiable as authentic. This increases confidence in trade and the likelihood that a transaction will be completed.

Both fiat currencies and gold are generally easy to verify, but they are not foolproof. Counterfeit bills and gold-plated tungsten have been used to deceive people in the past.

On the other hand, the use of cryptography makes verification very easy for bitcoin and makes counterfeiting impossible.

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QUIZ

Question: How can bitcoin be verified?

Answer: By using cryptographic signatures

Feedback: Congratulations! You are correct. Bitcoin can be verified with mathematical certainty using cryptographic signatures

Correct: true

Answer: By checking for gold-plated tungsten

Feedback: Sorry, but that's not quite right. Better luck next time

Correct: false

Answer: By checking for features on banknotes to prevent counterfeiting

Feedback: Wrong! Bitcoin is purely digital and doesn't utilize banknotes. Try again!

Correct: false