UPSC General Studies Solved Paper - General Studies-2016

  • question_answer
    With reference to 'Bitcoins', sometimes seen in the news, which of the following statements is/are correct?
    1. Bitcoins are tracked by the Central Banks of the countries.
    2. Anyone with a Bitcoins address can send and receive Bitcoins from anyone else with a Bitaoin address.
    3. Online payments can be sent without either side knowing the identity of the other.
    Select the correct answer using the codes given below

    A)  1 and 2

    B)         2 and 3  

    C)  Only 3 

    D)         1, 2 and 3

    Correct Answer: B

    Solution :

    Exp. [b] Bitcoin is digital currency which was founded in 2008. It is designed for secure financial transactions that require no central authority, no banks and no government regulators. Bitcoin would let transacting parties remain anonymous, keep transactions very secure, and eliminate middlemen fees. What drove its initial development was its purely digital existence, away from the control of government regulators. The values of other currencies can rise and fall when a Central Bank decides to print more paper money But since Bitcoin is digital and there is a limited number of them, the expectation is that it won't be prone to such

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