Certified Bitcoin Professional Practice Exam

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Prepare for the Certified Bitcoin Professional Exam. Tackle multiple-choice questions, accompanied by hints and explanations, to master the principles of Bitcoin and blockchain technology. Enhance your readiness and confidence!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What is the main purpose of paying transaction fees in Bitcoin?

To increase transaction speed
To fund the Bitcoin network development
To reward the sender
To secure avatars

The correct answer is: To increase transaction speed

Paying transaction fees in Bitcoin primarily serves to incentivize miners to include transactions in the blocks they are mining. When transactions are broadcasted to the network, miners select which transactions to include in the next block based on various factors, one of which is the fee attached to each transaction. Higher fees tend to prioritize transactions, leading to faster confirmation times as miners are more likely to include them to increase their earnings. Transaction fees also play a critical role in ensuring the ongoing security and functionality of the Bitcoin network, as they contribute to the overall economics of mining. While there might be some argument regarding the other choices — such as supporting network development or incentivizing the sender — the predominant motivation for increasing transaction speed is clearly linked to the competitive nature of mining where fees drive the efficiency and promptness of transaction processing in blocks.