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Gox in 2011.99 This has resulted in the often-repeated meme"Not your keys, not your bitcoin".100.

Physical pockets keep the credentials necessary to spend bitcoins offline.92 One notable example was a novelty coin with all these credentials printed on the reverse side.101 Paper wallets are only paper printouts.

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Another type of wallet called a hardware pocket retains credentials offline while facilitating transactions.102

The first wallet program, only named Bitcoin, and occasionally known as the Satoshi client, was released in 2009 by Satoshi Nakamoto as open-source applications.10 In version 0.5 the client moved from the wxWidgets user interface toolkit to Qt, and the whole bundle was known as Bitcoin-Qt.103 Following the launch of version 0.9, the application bundle was renamed Bitcoin Core to distinguish itself from the underlying network.104105.

Bitcoin Core is, perhaps, the best known implementation or client. Alternative clients (forks of Bitcoin Core) exist, for example Bitcoin XT, Bitcoin Unlimited,30 and Parity Bitcoin.106

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On 1 August 2017, a hard fork of bitcoin was made, known as Bitcoin Cash.107 Bitcoin Cash includes a larger block size limit and had an identical blockchain at the time of fork. On 24 October 2017 another tricky fork, Bitcoin Gold, was created. Bitcoin Gold changes the proof-of-work algorithm used in mining, as the programmers believed that mining was now overly specialized.108.

There is no single administrator,7 the ledger is maintained by a network of equally privileged miners.3:ch. 1

The additions to the ledger are maintained throughout competition. Until a new block is added to the ledger, it is not known which miner will create the cube.3:ch. 1

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The issuance of all bitcoins is decentralized. They are issued as a reward for the creation of a new cube.87

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Anybody can create a new bitcoin speech (a bitcoin counterpart of a bank account) without needing any acceptance.3:ch. 1

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Anybody can send a transaction to the network without needing any approval, the network only confirms the transaction is valid.110:32

Scientists have pointed out in a"trend towards centralization". Though bitcoin can be sent right to the bitcoin network, in practice intermediaries are widely utilized.31:220222 Bitcoin miners join large mining pools to minimize the look these up variance of their income.31:215, 219222111:3112 Because transactions on the network are confirmed by miners, decentralization of the network requires that no single miner or mining pool obtains 51% of the hashing power, that might let them double-spend coins, prevent certain transactions from being confirmed and prevent other miners from earning income.113 As of 2013update only six mining pools controlled 75 percent of overall bitcoin hashing electricity.113 In 2014 mining pool Ghash.io obtained 51% hashing electricity which raised significant controversies regarding the protection of the network.

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According to researchers, other areas of the ecosystem can also be"controlled with a small set of entities", notably the maintenance of the official client software, online wallets and simplified payment verification (SPV) clients.113

Bitcoin is pseudonymous, meaning that funds are not tied to real life entities but instead bitcoin addresses. Owners of bitcoin addresses are not specifically identified, but all transactions on the blockchain are public. In addition, transactions can be linked to individuals and companies through"idioms of use" (e.g., transactions that spend coins from several inputs indicate the inputs might have a common owner) and corroborating public transaction data with known information on owners of certain addresses.115 Additionally, bitcoin exchanges, where bitcoins are traded for traditional currencies, could be required by law to collect personal information.116.

To heighten financial privacy, a new bitcoin address can be generated for each transaction.117 For example, hierarchical deterministic wallets generate pseudorandom"rolling addresses" for each transaction from a single seed, while only requiring a single passphrase to be recalled to important link regain all corresponding private keys.118 Researchers at Stanford and Concordia universities have also shown that bitcoin exchanges and other entities can prove assets, liabilities, and solvency without revealing their own speeches using zero-knowledge proofs.119"Bulletproofs," a version of Confidential Transactions suggested by Greg Maxwell, have been analyzed by Professor Dan Boneh of Stanford.120 Other solutions such Merkelized Abstract Syntax Trees (MAST), pay-to-script-hash (P2SH) with MERKLE-BRANCH-VERIFY, and"Tail Call Execution Semantics", have also been proposed to encourage personal smart contracts. .

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Wallets and similar software technically handle all bitcoins as equivalent, establishing the fundamental level of fungibility. Scientists have pointed out that the history of every bitcoin is registered and publicly available in the blockchain ledger, and that some consumers may refuse to take bitcoins coming from controversial transactions, which would damage bitcoin's fungibility.121.

The cubes in the blockchain were originally confined to 32 megabytes in size. The block size limit of one megabyte was introduced by Satoshi Nakamoto in 2010. Eventually the block size limitation of one megabyte created problems for transaction processing, such as increasing transaction fees and delayed processing of transactions.122

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