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1 Terry Woltman © 2015 Study guide for the key questions covered by the CryptoC

1 Terry Woltman © 2015 Study guide for the key questions covered by the CryptoCurrency Certification Consortium Certified Bitcoin Professional Examination. T e r r y W o l t m a n © 2 0 1 5 v 1 . 0 Certified Bitcoin Professional Study Guide 2 Acknowledgments I very much want to thank those that helped review and edit this guide. As well, I want to thank the Bitcoin community and industry for the width and breadth of information available that allowed me to even put this guide together in the first place. And finally, a thank you to CryptoCurrency Certification Consortium team for putting together a program where Bitcoin professionals can certify their knowledge. Introduction When I first took the “Certified Bitcoin Professional” examination, I was concerned that even though I had dove deeply into learning as much as possible about Bitcoin, I may have misunderstood key topics or have gaps in my knowledge that would lead me to not pass the test. Since the exam is timed, one must have the understanding to pass the test in the allotted time and have reference documents at hand to quickly review concepts you may have missed or need immediate clarification on. What this guide isn’t: This guide is not a beginner’s intro to Bitcoin. I have had to assume the reader has a base level of knowledge to start from. You should have had a wallet of some type, been able to find or buy some bitcoin and maybe even transfer some around. If you are just starting out, I would suggest doing some initial learning before attempting this guide or the CBP examination here: • https://en.bitcoin.it/wiki/Introduction • https://en.bitcoin.it/wiki/Getting_started • https://en.bitcoin.it/wiki/FAQ This guide is also not a definitive guide to Bitcoin. It has been written to cover most of the topics you can expect in the CryptoCurrency Certification Consortium’s Certified Bitcoin Professional examination. I have tried to include links to more in-‐ depth information where appropriate so that you can learn more, though it should not be required for the test. 3 Contents History of Money and Ledger-‐based Economics .......................................................................... 5 Centralized Ledgers ............................................................................................................................. 5 Functions of currency ......................................................................................................................... 5 Distributed Consensus ....................................................................................................................... 6 History of Bitcoin .................................................................................................................................. 6 Price Derivation .................................................................................................................................... 7 Basic Cryptography .................................................................................................................................. 8 Some Cryptography Terminology Basics ................................................................................... 8 Hash Functions ...................................................................................................................................... 8 Symmetric and Asymmetric Encryption .................................................................................... 9 Digital Signatures ................................................................................................................................. 9 Bitcoin Basics ............................................................................................................................................ 10 Bitcoin Community ............................................................................................................................ 10 Bitcoin Addresses and Keys ........................................................................................................... 10 Bitcoin Transactions ......................................................................................................................... 11 Bitcoin Blockchain Ledger .............................................................................................................. 12 bitcoin the Unit .................................................................................................................................... 13 Bitcoin the Network .......................................................................................................................... 14 Bitcoin Improvement Proposal (BIP) ....................................................................................... 14 Buying and Selling bitcoin .............................................................................................................. 14 Blockchain Explorers ........................................................................................................................ 15 Mining ........................................................................................................................................................... 16 Purpose and Function ....................................................................................................................... 16 Bitcoin Nodes ....................................................................................................................................... 16 Proof of Work Algorithm ................................................................................................................. 17 The Difficulty Metric .......................................................................................................................... 18 Mining Hardware ................................................................................................................................ 19 Mining Pools ......................................................................................................................................... 19 Wallets, Clients and Key Management ........................................................................................... 20 Wallet Types (Bitcoin Clients) ..................................................................................................... 20 Hierarchical Deterministic Wallets (BIP0032) ...................................................................... 21 Passphrase-‐protected private key (BIP0038) ....................................................................... 21 Back-‐up ................................................................................................................................................... 21 Using Bitcoin as a Merchant ........................................................................................................... 22 Bitcoin Payment Processors .......................................................................................................... 22 Payment Protocol (BIP0070) ........................................................................................................ 22 About the Author ..................................................................................................................................... 23 Glossary ....................................................................................................................................................... 24 Additional Resources ............................................................................................................................. 24 4 About the Certified Bitcoin Professional “A Certified Bitcoin Professional is knowledgeable about the Bitcoin blockchain, Bitcoin transactions, and how the Bitcoin network operates. CBPs are able to apply Bitcoin technology to their professional area of expertise and understand privacy aspects, double-‐spending, and other issues that relate to the currency. “ -‐ CryptoCurrency Certification Consortium The Certified Bitcoin Professional examination comprises 75 questions and is to be completed in less than the timed 20 minutes. Questions are in a true/false or multiple choice format covering topics such as the History of Money, Ledgers and Bitcoin; Basic Cryptology; Client and Key Management and Security; Key Bitcoin Improvement Proposals (BIPs); Mining, Distributed Consensus, the Bitcoin Blockchain and more. To apply for, and take the exam, please visit the CryptoCurrency Certification Consortium examination website at: https://cryptoconsortium.org/certifications/CBP Disclaimers Neither the author, nor anyone that assisted with the creation, editing or revision of this guide has any affiliation with the CryptoCurrency Certification Consortium or the Certified Bitcoin Professional. As well, this guide does not guarantee you will pass the Certified Bitcoin Professional examination, but should help you better prepare and have access to a reference should you need a quick refresher on a topic covered by the examination. We cannot guarantee that every question asked in the examination will have been covered by this material as CryptoCurrency Certification Consortium may update their examination without prior notification. We have not been permitted special access to the questions or topics that the exam covers, using only publically available information on topics that will covered. 5 History of Money and Ledger-‐based Economics “Proof-‐of-‐work has the nice property that it can be relayed through untrusted middlemen. We don’t have to worry about a chain of custody of communication. It doesn’t matter who tells you a longest chain, the proof-‐of-‐ work speaks for itself.” – Satoshi Nakamoto, Aug 7, 2010 Centralized Ledgers A centralized ledger is an account book or database for recording historical transactions between parties. It can take the form of accounting books or an order book, like you would find on an exchange. It tracks the ownership of an asset through time as controlled by an entity that can make arbitrary updates and changes to the system. Examples of centralized ledgers would be products by Oracle or SAP for the management of customer deposit accounts held by a bank or a general accounting ledger utilized within a corporation to track revenue and expenditures. Functions of currency Money is probably as old as human culture, providing an accounting of value transfer between persons. Since it is almost impossible to trade a cow for a chicken due to disparate values of each (and need for each), humanity has long had a need for an arbitrary method to account for who owes what to whom. From this we see the emergence of currencies that allowed people to freely trade between each other via a vehicle that can provide for an equalized value. Money abstracts the value from the goods or services to better facilitate trade. Many items have been used as currency throughout history from shells to beads to coins. It is believed that paper currency was first used in China, evolving from previously used promissory notes that were traded between people, a theory that continues today as all fiat is an IOU to all others who use the system to accept the value of the currency with an agreed on equal value of goods or services. Money generally requires several key properties to function as a usable currency: 1. Medium of exchange. 2. Unit of account. 3. Store of value. 4. Method of settling debt. 6 Distributed Consensus Distributed Consensus in Bitcoin removes the need for trust from centralized ledgers (such as banks and governments), instead allowing the currency to function as a wholly independent entity, but this is not without issues. Take for example the process of securing transactions on the blockchain. To achieve security and reliability, even though there are those that would wish to harm or defraud the network, the blockchain requires nodes to agree on some data value during computation. Bitcoin solves this problem via the “Proof of Work” algorithms that build the blockchain. By utilizing the work of hashing transactions into a blockchain, everyone on the network can validate the consensus of the blockchain by simply following the longest chain, and hence, the chain with the most work invested. Learn more: https://socrates1024.s3.amazonaws.com/consensus.pdf History of Bitcoin The idea of a digital based currency system has been around for quite some time. Some precursors to Bitcoin are issuer based ecash systems and distributed digital protocols, such as hashcash, bit-‐gold and others. Satoshi Nakamoto, building on the work and ideas of those systems that came before, first released Bitcoin to the world in November 2008 via a whitepaper entitled “Bitcoin: A Peer-‐to-‐Peer Electronic Cash System”. The paper outlines the methods of using a peer-‐to-‐peer network to generate what is described as "…a system for electronic transactions without relying on trust." In January 2009 the Bitcoin network was launched with the release of the first Bitcoin reference client and the issuance of the first bitcoin via the Genesis Block. Satoshi Nakamoto is an obvious pseudonym for a person, or group of persons, that initially designed and developed the ideas and first implementations of the Bitcoin protocol and Bitcoin-‐Qt client. Their true identity remains a mystery today, though some people have put forth possible candidates such as Nick Szabo, Hal Finney or even Dorian Nakamoto, a man who’s life was rudely interrupted by a tragically mistaken (and surprisingly adamant) Newsweek reporter named Leah McGrath Goodman. These people have all denied that they are Satoshi. Download Bitcoin the whitepaper: https://bitcoin.org/bitcoin.pdf 7 Price Derivation Bitcoin’s exchange rate is like any other currency in that it uploads/Management/ cbp-study-guide.pdf