Certified Bitcoin Professional Practice Exam

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Study for the Certified Bitcoin Professional Exam. Enhance your blockchain knowledge with flashcards and multiple-choice questions. Each question includes hints and explanations. Prepare for your certification!

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!

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What does SPV stand for in Bitcoin?

Secure Payment Validation
Standardized Payment Verification
Simplified Payment Verification
Single Point Verification

The correct answer is: Simplified Payment Verification

SPV stands for Simplified Payment Verification, which is a method used by lightweight or mobile clients to verify transactions without having to download the entire blockchain. This is essential for devices with limited storage and processing power, enabling users to interact with the Bitcoin network efficiently. With SPV, a client can verify that a transaction is included in a block by receiving and checking headers from full nodes, rather than downloading every single transaction. The full node retains the entire blockchain for full verification, while SPV clients rely on the Merkle tree structure to confirm that transactions are part of a block, ensuring their integrity without overwhelming their resources. This approach allows faster transaction verification and contributes to enhanced accessibility for users who wish to utilize Bitcoin with minimal resource demands.