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===Units and divisibility=== | ===Units and divisibility=== | ||
The [[unit of account]] of the bitcoin system is a ''bitcoin''. [[Ticker symbol]]s used to represent bitcoin are BTC{{efn|name=BTCcode|{{as of | 2014}}, BTC is a commonly used code. It does not conform to [[ISO 4217]] as BT is the country code of Bhutan, and ISO 4217 requires the first letter used in global commodities to be 'X'.}} and XBT.{{efn|name=XBTcode|{{as of | 2014}}, XBT, a code that conforms to ISO 4217 though is not officially part of it, is used by [[Bloomberg L.P.]],<ref>{{Cite news |last=Romain Dillet |date=9 August 2013 |title=Bitcoin Ticker Available On Bloomberg Terminal For Employees |work=[[TechCrunch]] |url=https://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/ |url-status=live |access-date=2 November 2014 |archive-url=https://web.archive.org/web/20141101232825/http://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/ |archive-date=1 November 2014}}</ref> [[CNNMoney]],<ref>{{Cite news |title=Bitcoin Composite Quote (XBT) |work=CNN Money |publisher=CNN |url=https://money.cnn.com/quote/quote.html?symb=XBT |url-status=live |access-date=2 November 2014 |archive-url=https://web.archive.org/web/20141027100208/https://money.cnn.com/quote/quote.html?symb=xbt |archive-date=27 October 2014}}</ref> and [[xe.com]].<ref>{{Cite web |title=XBT – Bitcoin |url=http://www.xe.com/currency/xbt-bitcoin |url-status=live |archive-url=https://web.archive.org/web/20141102111801/http://www.xe.com/currency/xbt-bitcoin |archive-date=2 November 2014 |access-date=2 November 2014 |publisher=xe.com}}</ref>}}<ref name="btcregs">{{Cite web |date=January 2014 |title=Regulation of Bitcoin in Selected Jurisdictions |url=https://www.loc.gov/law/help/bitcoin-survey/regulation-of-bitcoin.pdf |url-status=live |archive-url=https://web.archive.org/web/20141014012832/http://www.loc.gov/law/help/bitcoin-survey/regulation-of-bitcoin.pdf |archive-date=14 October 2014 |access-date=26 August 2014 |publisher=The Law Library of Congress, Global Legal Research Center}}</ref>{{rp|2}} Its [[Unicode]] character is ₿. | The [[unit of account]] of the bitcoin system is a ''bitcoin''. [[Ticker symbol]]s used to represent bitcoin are BTC{{efn|name=BTCcode|{{as of | 2014}}, BTC is a commonly used code. It does not conform to [[ISO 4217]] as BT is the country code of Bhutan, and ISO 4217 requires the first letter used in global commodities to be 'X'.}} and XBT.{{efn|name=XBTcode|{{as of | 2014}}, XBT, a code that conforms to ISO 4217 though is not officially part of it, is used by [[Bloomberg L.P.]],<ref>{{Cite news |last=Romain Dillet |date=9 August 2013 |title=Bitcoin Ticker Available On Bloomberg Terminal For Employees |work=[[TechCrunch]] |url=https://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/ |url-status=live |access-date=2 November 2014 |archive-url=https://web.archive.org/web/20141101232825/http://techcrunch.com/2013/08/09/bitcoin-ticker-available-on-bloomberg-terminal/ |archive-date=1 November 2014}}</ref> [[CNNMoney]],<ref>{{Cite news |title=Bitcoin Composite Quote (XBT) |work=CNN Money |publisher=CNN |url=https://money.cnn.com/quote/quote.html?symb=XBT |url-status=live |access-date=2 November 2014 |archive-url=https://web.archive.org/web/20141027100208/https://money.cnn.com/quote/quote.html?symb=xbt |archive-date=27 October 2014}}</ref> and [[xe.com]].<ref>{{Cite web |title=XBT – Bitcoin |url=http://www.xe.com/currency/xbt-bitcoin |url-status=live |archive-url=https://web.archive.org/web/20141102111801/http://www.xe.com/currency/xbt-bitcoin |archive-date=2 November 2014 |access-date=2 November 2014 |publisher=xe.com}}</ref>}}<ref name="btcregs">{{Cite web |date=January 2014 |title=Regulation of Bitcoin in Selected Jurisdictions |url=https://www.loc.gov/law/help/bitcoin-survey/regulation-of-bitcoin.pdf |url-status=live |archive-url=https://web.archive.org/web/20141014012832/http://www.loc.gov/law/help/bitcoin-survey/regulation-of-bitcoin.pdf |archive-date=14 October 2014 |access-date=26 August 2014 |publisher=The Law Library of Congress, Global Legal Research Center}}</ref>{{rp|2}} Its [[Unicode]] character is ₿. Small amounts of bitcoin used as alternative units are millibitcoin (mBTC), and ''satoshi'' (sat). Named in homage to bitcoin's creator, a ''satoshi'' is the smallest amount within bitcoin representing {{frac|1|{{val|100000000}}}} bitcoins, one hundred millionth of a bitcoin. A millibitcoin equals {{frac|1|1000}} bitcoins; one thousandth of a bitcoin or 100,000 ''satoshis''.<ref>{{Cite news |last1=Katie Pisa |last2=Natasha Maguder |date=9 July 2014 |title=Bitcoin your way to a double espresso |work=cnn.com |publisher=CNN |url=http://edition.cnn.com/2014/06/18/business/bitcoin-your-way-to-a-double-espresso/ |url-status=live |access-date=23 April 2015 |archive-url=https://web.archive.org/web/20150618072429/http://edition.cnn.com/2014/06/18/business/bitcoin-your-way-to-a-double-espresso/ |archive-date=18 June 2015 |name-list-style=amp}}</ref> | ||
===Blockchain=== | ===Blockchain=== | ||
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===Ownership=== | ===Ownership=== | ||
[[File:Bitcoin Transaction Visual.svg|thumb|Simplified chain of ownership as illustrated in the bitcoin whitepaper. | [[File:Bitcoin Transaction Visual.svg|thumb|Simplified chain of ownership as illustrated in the bitcoin whitepaper. In practice, a transaction can have more than one input and more than one output.<ref name="EconOfBTC" />]] | ||
In the blockchain, bitcoins are registered to bitcoin addresses. Creating a bitcoin address requires nothing more than picking a random valid private key and computing the corresponding bitcoin address. This computation can be done in a split second. But the reverse, computing the private key of a given bitcoin address, is practically unfeasible.<ref name="Antonopoulos2014" />{{rp|ch. 4}} Users can tell others or make public a bitcoin address without compromising its corresponding private key. Moreover, the number of valid private keys is so vast that it is extremely unlikely someone will compute a key-pair that is already in use and has funds. The vast number of valid private keys makes it unfeasible that brute force could be used to compromise a private key. To be able to spend their bitcoins, the owner must know the corresponding [[private key]] and [[digital signature|digitally sign]] the transaction. The network verifies the signature using the [[public key]]; the private key is never revealed.<ref name="Antonopoulos2014" />{{rp|ch. 5}} | In the blockchain, bitcoins are registered to bitcoin addresses. Creating a bitcoin address requires nothing more than picking a random valid private key and computing the corresponding bitcoin address. This computation can be done in a split second. But the reverse, computing the private key of a given bitcoin address, is practically unfeasible.<ref name="Antonopoulos2014" />{{rp|ch. 4}} Users can tell others or make public a bitcoin address without compromising its corresponding private key. Moreover, the number of valid private keys is so vast that it is extremely unlikely someone will compute a key-pair that is already in use and has funds. The vast number of valid private keys makes it unfeasible that brute force could be used to compromise a private key. To be able to spend their bitcoins, the owner must know the corresponding [[private key]] and [[digital signature|digitally sign]] the transaction. The network verifies the signature using the [[public key]]; the private key is never revealed.<ref name="Antonopoulos2014" />{{rp|ch. 5}} | ||
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''Mining'' is a record-keeping service done through the use of computer [[processing power]].{{efn|It is misleading to think that there is an analogy between gold mining and bitcoin mining. The fact is that gold miners are rewarded for producing gold, while bitcoin miners are not rewarded for producing bitcoins; they are rewarded for their record-keeping services.<ref name="Andolfatto2014-03">{{Cite web |last=Andolfatto, David |date=31 March 2014 |title=Bitcoin and Beyond: The Possibilities and Pitfalls of Virtual Currencies |url=http://www.stlouisfed.org/dialogue-with-the-fed/assets/Bitcoin-3-31-14.pdf |url-status=live |archive-url=https://web.archive.org/web/20140409044505/http://www.stlouisfed.org/dialogue-with-the-fed/assets/Bitcoin-3-31-14.pdf |archive-date=9 April 2014 |access-date=16 April 2014 |website=Dialogue with the Fed |publisher=Federal Reserve Bank of St. Louis}}</ref>}} Miners keep the blockchain consistent, complete, and unalterable by repeatedly grouping newly broadcast transactions into a ''block'', which is then broadcast to the network and verified by recipient nodes.<ref name="econbc">{{Cite news |date=31 October 2015 |title=The great chain of being sure about things |work=The Economist |publisher=The Economist Newspaper Limited |url=https://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable |url-status=live |access-date=3 July 2016 |archive-url=https://web.archive.org/web/20160703000844/http://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable |archive-date=3 July 2016}}</ref> Each block contains a [[SHA-256]] [[cryptographic hash]] of the previous block,<ref name="econbc" /> thus linking it to the previous block and giving the blockchain its name.<ref name="Antonopoulos2014" />{{rp|ch. 7}}<ref name="econbc" /> | ''Mining'' is a record-keeping service done through the use of computer [[processing power]].{{efn|It is misleading to think that there is an analogy between gold mining and bitcoin mining. The fact is that gold miners are rewarded for producing gold, while bitcoin miners are not rewarded for producing bitcoins; they are rewarded for their record-keeping services.<ref name="Andolfatto2014-03">{{Cite web |last=Andolfatto, David |date=31 March 2014 |title=Bitcoin and Beyond: The Possibilities and Pitfalls of Virtual Currencies |url=http://www.stlouisfed.org/dialogue-with-the-fed/assets/Bitcoin-3-31-14.pdf |url-status=live |archive-url=https://web.archive.org/web/20140409044505/http://www.stlouisfed.org/dialogue-with-the-fed/assets/Bitcoin-3-31-14.pdf |archive-date=9 April 2014 |access-date=16 April 2014 |website=Dialogue with the Fed |publisher=Federal Reserve Bank of St. Louis}}</ref>}} Miners keep the blockchain consistent, complete, and unalterable by repeatedly grouping newly broadcast transactions into a ''block'', which is then broadcast to the network and verified by recipient nodes.<ref name="econbc">{{Cite news |date=31 October 2015 |title=The great chain of being sure about things |work=The Economist |publisher=The Economist Newspaper Limited |url=https://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable |url-status=live |access-date=3 July 2016 |archive-url=https://web.archive.org/web/20160703000844/http://www.economist.com/news/briefing/21677228-technology-behind-bitcoin-lets-people-who-do-not-know-or-trust-each-other-build-dependable |archive-date=3 July 2016}}</ref> Each block contains a [[SHA-256]] [[cryptographic hash]] of the previous block,<ref name="econbc" /> thus linking it to the previous block and giving the blockchain its name.<ref name="Antonopoulos2014" />{{rp|ch. 7}}<ref name="econbc" /> | ||
To be accepted by the rest of the network, a new block must contain a ''[[Proof-of-work system#Bitcoin-type proof of work|proof-of-work]]'' (PoW).<ref name="econbc" /> The system used is based on [[Adam Back]]'s 1997 anti-[[email spam|spam]] scheme, [[Hashcash]].<ref>{{cite journal |last1=Sherman |first1=Alan |last2=Javani |first2=Farid |last3=Golaszewski |first3=Enis |date=25 March 2019 |title=On the Origins and Variations of Blockchain Technologies |journal=IEEE Security and Policy |volume=17 |issue=1 |pages=72–77 |arxiv=1810.06130 |doi=10.1109/MSEC.2019.2893730 |s2cid=53114747}}</ref>{{failed verification|reason=the source confirms that the white paper cites Back's article, not the formulation used here|date=July 2019}} | To be accepted by the rest of the network, a new block must contain a ''[[Proof-of-work system#Bitcoin-type proof of work|proof-of-work]]'' (PoW).<ref name="econbc" /> The system used is based on [[Adam Back]]'s 1997 anti-[[email spam|spam]] scheme, [[Hashcash]].<ref>{{cite journal |last1=Sherman |first1=Alan |last2=Javani |first2=Farid |last3=Golaszewski |first3=Enis |date=25 March 2019 |title=On the Origins and Variations of Blockchain Technologies |journal=IEEE Security and Policy |volume=17 |issue=1 |pages=72–77 |arxiv=1810.06130 |doi=10.1109/MSEC.2019.2893730 |s2cid=53114747}}</ref>{{failed verification|reason=the source confirms that the white paper cites Back's article, not the formulation used here|date=July 2019}} The PoW requires miners to find a number called a ''[[cryptographic nonce|nonce]]'', such that when the block content is [[cryptographic hash|hashed]] along with the nonce, the result is numerically smaller than the network's difficulty target.<ref name="Antonopoulos2014" />{{rp|ch. 8}} This proof is easy for any node in the network to verify, but extremely time-consuming to generate, as for a secure cryptographic hash, miners must try many different nonce values (usually the sequence of tested values is the ascending natural numbers: 0, 1, 2, 3, ...<ref name="Antonopoulos2014" />{{rp|ch. 8}}) before meeting the difficulty target. | ||
Every 2,016 blocks (approximately 14 days at roughly 10 min per block), the difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time between new blocks at ten minutes. In this way the system automatically adapts to the total amount of mining power on the network.<ref name="Antonopoulos2014" />{{rp|ch. 8}} Between 1 March 2014 and 1 March 2015, the average number of nonces miners had to try before creating a new block increased from 16.4 quintillion to 200.5 quintillion.<ref name="diffhistory">{{Cite web |title=Difficulty History |url=https://blockchain.info/charts/difficulty?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address= |url-status=live |archive-url=https://web.archive.org/web/20150408212548/https://blockchain.info/charts/difficulty?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address= |archive-date=8 April 2015 |access-date=26 March 2015 |publisher=Blockchain.info |type=The ratio of all hashes over valid hashes is D x 4,295,032,833, where D is the published "Difficulty" figure.}}</ref> | Every 2,016 blocks (approximately 14 days at roughly 10 min per block), the difficulty target is adjusted based on the network's recent performance, with the aim of keeping the average time between new blocks at ten minutes. In this way the system automatically adapts to the total amount of mining power on the network.<ref name="Antonopoulos2014" />{{rp|ch. 8}} Between 1 March 2014 and 1 March 2015, the average number of nonces miners had to try before creating a new block increased from 16.4 quintillion to 200.5 quintillion.<ref name="diffhistory">{{Cite web |title=Difficulty History |url=https://blockchain.info/charts/difficulty?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address= |url-status=live |archive-url=https://web.archive.org/web/20150408212548/https://blockchain.info/charts/difficulty?timespan=all&showDataPoints=false&daysAverageString=1&show_header=true&scale=0&address= |archive-date=8 April 2015 |access-date=26 March 2015 |publisher=Blockchain.info |type=The ratio of all hashes over valid hashes is D x 4,295,032,833, where D is the published "Difficulty" figure.}}</ref> | ||
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}} | }} | ||
The first wallet program, simply named ''Bitcoin'', and sometimes referred to as the ''Satoshi client'', was released in 2009 by Satoshi Nakamoto as [[open-source software]]. | The first wallet program, simply named ''Bitcoin'', and sometimes referred to as the ''Satoshi client'', was released in 2009 by Satoshi Nakamoto as [[open-source software]]. In version 0.5 the client moved from the [[wxWidgets]] user interface toolkit to [[Qt (software)|Qt]], and the whole bundle was referred to as ''Bitcoin-Qt''.<ref name="Bitcoin Clients">{{Cite thesis |last=Skudnov |first=Rostislav |title=Bitcoin Clients |publisher=[[Turku University of Applied Sciences]] |url=http://publications.theseus.fi/bitstream/handle/10024/47166/Skudnov_Rostislav.pdf?sequence=1 |type=Bachelor's Thesis |year=2012 |access-date=16 January 2014 |url-status=live |archive-url=https://web.archive.org/web/20140118104507/http://publications.theseus.fi/bitstream/handle/10024/47166/Skudnov_Rostislav.pdf?sequence=1 |archive-date=18 January 2014}}</ref> After the release of version 0.9, the software bundle was renamed ''Bitcoin Core'' to distinguish itself from the underlying network.<ref>{{Cite web |title=Bitcoin Core version 0.9.0 released |url=https://bitcoin.org/en/release/v0.9.0 |url-status=live |archive-url=https://web.archive.org/web/20150227213613/https://bitcoin.org/en/release/v0.9.0 |archive-date=27 February 2015 |access-date=8 January 2015 |website=bitcoin.org}}</ref><ref>{{Cite news |last=Metz |first=Cade |date=19 August 2015 |title=The Bitcoin Schism Shows the Genius of Open Source |work=Wired |publisher=Condé Nast |url=https://www.wired.com/2015/08/bitcoin-schism-shows-genius-open-source/ |url-status=live |access-date=3 July 2016 |archive-url=https://web.archive.org/web/20160630230101/http://www.wired.com/2015/08/bitcoin-schism-shows-genius-open-source |archive-date=30 June 2016}}</ref> Bitcoin Core is, perhaps, the best known implementation or client. Alternative clients ([[fork (software development)|forks]] of Bitcoin Core) exist, such as [[Bitcoin XT]], [[Bitcoin Unlimited]],<ref name="breakingup">{{Cite news |last=Vigna |first=Paul |date=17 January 2016 |title=Is Bitcoin Breaking Up? |work=The Wall Street Journal |url=https://www.wsj.com/articles/is-bitcoin-breaking-up-1453044493 |url-status=live |access-date=8 November 2016 |archive-url=https://web.archive.org/web/20160820144312/http://www.wsj.com/articles/is-bitcoin-breaking-up-1453044493 |archive-date=20 August 2016}}</ref> and Parity Bitcoin.<ref>{{Cite news |last=Allison |first=Ian |date=28 April 2017 |title=Ethereum co-founder Dr Gavin Wood and company release Parity Bitcoin |work=International Business Times |url=http://www.ibtimes.co.uk/ethereum-co-founder-dr-gavin-wood-company-release-parity-bitcoin-1619025 |url-status=live |access-date=28 April 2017 |archive-url=https://web.archive.org/web/20170428032027/http://www.ibtimes.co.uk/ethereum-co-founder-dr-gavin-wood-company-release-parity-bitcoin-1619025 |archive-date=28 April 2017}}</ref> | ||
A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold<ref>{{Cite web |last1=Adam Serwer |last2=Dana Liebelson |date=10 April 2013 |title=Bitcoin, Explained |url=https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained |url-status=live |archive-url=https://web.archive.org/web/20140427022315/https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained |archive-date=27 April 2014 |access-date=26 April 2014 |website=motherjones.com |publisher=Mother Jones |name-list-style=amp}}</ref> or store bitcoins, due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A wallet is more correctly defined as something that "stores the digital credentials for your bitcoin holdings" and allows one to access (and spend) them.{{r|Antonopoulos2014|p=ch. 1, glossary}} Bitcoin uses [[public-key cryptography]], in which two cryptographic keys, one public and one private, are generated.<ref name="Economist113013Pressure">{{Cite news |date=30 November 2013 |title=Bitcoin: Bitcoin under pressure |work=The Economist |url=https://www.economist.com/news/technology-quarterly/21590766-virtual-currency-it-mathematically-elegant-increasingly-popular-and-highly |url-status=live |access-date=30 November 2013 |archive-url=https://web.archive.org/web/20131130032403/http://www.economist.com/news/technology-quarterly/21590766-virtual-currency-it-mathematically-elegant-increasingly-popular-and-highly |archive-date=30 November 2013}}</ref> At its most basic, a wallet is a collection of these keys. | A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold<ref>{{Cite web |last1=Adam Serwer |last2=Dana Liebelson |date=10 April 2013 |title=Bitcoin, Explained |url=https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained |url-status=live |archive-url=https://web.archive.org/web/20140427022315/https://www.motherjones.com/politics/2013/04/what-is-bitcoin-explained |archive-date=27 April 2014 |access-date=26 April 2014 |website=motherjones.com |publisher=Mother Jones |name-list-style=amp}}</ref> or store bitcoins, due to the nature of the system, bitcoins are inseparable from the blockchain transaction ledger. A wallet is more correctly defined as something that "stores the digital credentials for your bitcoin holdings" and allows one to access (and spend) them.{{r|Antonopoulos2014|p=ch. 1, glossary}} Bitcoin uses [[public-key cryptography]], in which two cryptographic keys, one public and one private, are generated.<ref name="Economist113013Pressure">{{Cite news |date=30 November 2013 |title=Bitcoin: Bitcoin under pressure |work=The Economist |url=https://www.economist.com/news/technology-quarterly/21590766-virtual-currency-it-mathematically-elegant-increasingly-popular-and-highly |url-status=live |access-date=30 November 2013 |archive-url=https://web.archive.org/web/20131130032403/http://www.economist.com/news/technology-quarterly/21590766-virtual-currency-it-mathematically-elegant-increasingly-popular-and-highly |archive-date=30 November 2013}}</ref> At its most basic, a wallet is a collection of these keys. | ||
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===Decentralization=== | ===Decentralization=== | ||
Bitcoin is decentralized thus: | Bitcoin is decentralized thus: | ||
* Bitcoin does not have a central authority. | * Bitcoin does not have a central authority. | ||
* There is no central server; the bitcoin network is peer-to-peer.{{r|NY2011}} | * There is no central server; the bitcoin network is peer-to-peer.{{r|NY2011}} | ||
* There is no central storage; the bitcoin ledger is distributed.<ref name="DLT">{{Cite news |last=Meola |first=Andrew |date=5 October 2017 |title=How distributed ledger technology will change the way the world works |work=Business Insider |url=https://www.businessinsider.com/blockchain-distributed-ledgers-2017-10 |url-status=live |access-date=26 July 2018 |archive-url=https://web.archive.org/web/20180427142806/http://www.businessinsider.com/blockchain-distributed-ledgers-2017-10 |archive-date=27 April 2018}}</ref> | * There is no central storage; the bitcoin ledger is distributed.<ref name="DLT">{{Cite news |last=Meola |first=Andrew |date=5 October 2017 |title=How distributed ledger technology will change the way the world works |work=Business Insider |url=https://www.businessinsider.com/blockchain-distributed-ledgers-2017-10 |url-status=live |access-date=26 July 2018 |archive-url=https://web.archive.org/web/20180427142806/http://www.businessinsider.com/blockchain-distributed-ledgers-2017-10 |archive-date=27 April 2018}}</ref> | ||
* The ledger is public; anybody can store it on their computer.{{r|Antonopoulos2014|page=ch. 1}} | * The ledger is public; anybody can store it on their computer.{{r|Antonopoulos2014|page=ch. 1}} | ||
* There is no single administrator; | * There is no single administrator; the ledger is maintained by a network of equally privileged miners.{{r|Antonopoulos2014|page=ch. 1}} | ||
* Anybody can become a miner.{{r|Antonopoulos2014|page=ch. 1}} | * Anybody can become a miner.{{r|Antonopoulos2014|page=ch. 1}} | ||
* The additions to the ledger are maintained through competition. Until a new block is added to the ledger, it is not known which miner will create the block.{{r|Antonopoulos2014|page=ch. 1}} | * The additions to the ledger are maintained through competition. Until a new block is added to the ledger, it is not known which miner will create the block.{{r|Antonopoulos2014|page=ch. 1}} | ||