BTC

Bitcoin achieves decentralization through its open participation model: anyone can run a full node to independently validate transactions (requiring ~7GB storage and 2GB RAM). With over 10,000 nodes globally, no single entity controls the network. Consensus emerges from economic incentives where miners expend real-world resources (electricity/computation) to propose blocks, while nodes enforce protocol rules by rejecting invalid blocks. This creates a trustless system where software-enforced "math" replaces institutional control.

Double-spending is prevented through blockchain architecture, where transactions are irreversibly confirmed in blocks. Each block references the previous block's hash, creating a tamper-evident chain. An attacker attempting to rewrite history would need to outpace the entire network's computational power to rebuild the chain from the target block onward, an economically infeasible feat requiring >51% of global hash rate. Merchants mitigate risk by waiting for 6+ confirmations, making reorganization statistically improbable.

Users secure the network by running full nodes (requiring 2GB RAM, 7GB+ storage, and unmetered broadband). Each node independently verifies all transactions and blocks against consensus rules, rejecting invalid data. By operating a node, users: - Enforce Bitcoin's monetary policy - Verify their own transactions without trust - Contribute to network resilience No special hardware is needed beyond consumer-grade computers, though mining now requires ASICs due to competitive difficulty.

Bitcoin enables: - Censorship resistance: Transactions cannot be blocked by intermediaries - Final settlement: Transactions confirmed in blocks avoid chargeback risk - Microtransactions: Fractional payments are impractical in legacy systems - Programmable money: Basic time-locked or multi-party transactions - Transparent auditing: Public ledger enables verifiable supply tracking Unlike traditional systems, Bitcoin operates 24/7 globally without reliance on banking infrastructure.

Development follows conservative principles: 1. Peer review: All changes undergo public scrutiny through BIPs (Bitcoin Improvement Proposals) 2. Backward compatibility: Soft forks maintain compatibility with older nodes 3. Threshold activation: Upgrades like Taproot require 90% miner signaling 4. Long testing cycles: Major releases undergo 6+ months of testnet validation This minimizes disruption risks while allowing innovations like SegWit (2017) and Taproot (2021) to improve capacity and privacy.