Which of the following statements relating to 'bitcoin' is incorrect?
A) Bitcoins are controlled by one central authority.
B) Bitcoin is a digital currency that is created and held electronically and stored in a digital wallet which exists on a user's computer or in the cloud.
C) People who own bitcoins can send them to each other using their computers or mobile applications without the use of a bank to facilitate the transaction.
D) Bitcoins are still in their infancy and therefore have a lot of volatility with frequent price changes.

Question

Quizplus · Accepted Answer

Bitcoins are decentralised - they are not controlled by a central authority (e.g. bank). Every machine that mines bitcoin and processes transactions makes up the network, that is, no single institution controls the bitcoin network.

Which of the Following Statements Relating to 'Bitcoin' Is Incorrect