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

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

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Another kind of pocket referred to as a hardware wallet keeps credentials offline while facilitating transactions.102

The first wallet program, simply 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 referred to as Bitcoin-Qt.103 Following the release of version 0.9, the software bundle was renamed Bitcoin Core to distinguish itself from the underlying network.104105.

Bitcoin Core isalso, possibly, the best known implementation or client. Alternative clients (forks of Bitcoin Core) exist, such as Bitcoin XT, Bitcoin Unlimited,30 and Parity Bitcoin.106

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

There's no single administrator,7 that 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 inserted into the ledger, it's not known which miner will create the block.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 block.87

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Anybody can make a new bitcoin address (a bitcoin counterpart of a bank account) without needing any approval.3:ch. 1

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

Researchers have pointed out in a"trend towards centralization". Though bitcoin can be sent right into the bitcoin network, in practice intermediaries are widely utilized.31:220222 Bitcoin miners join big mining pools to minimize the 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, which would let them read review 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 total bitcoin hashing electricity.113 In 2014 mining pool Ghash.io obtained 51% hashing power which raised significant helpful site controversies about the safety of the network.

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According to researchers, other areas of the ecosystem can also be"controlled by a small pair 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-world entities but rather 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 throughout"idioms of usage" (e.g., transactions that spend coins from multiple inputs indicate the inputs might have a common owner) and corroborating public transaction information with known information on owners of certain addresses.115 Additionally, bitcoin exchanges, where bitcoins are exchanged for traditional currencies, could be required by law to collect personal information.116.

To heighten financial solitude, a new bitcoin address can be generated for every transaction.117 For instance, hierarchical deterministic wallets generate pseudorandom"rolling addresses" for every transaction from a single seed, while only requiring a single passphrase to be remembered to regain all corresponding private keys.118 Researchers at Stanford and Concordia universities also have shown that bitcoin exchanges and other entities can establish assets, liabilities, and solvency without revealing their own addresses 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 private smart contracts. .

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Wallets and similar applications technically handle all bitcoins as equivalent, establishing the fundamental level of fungibility. Researchers have pointed out that the background of each bitcoin is enrolled 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 blocks in the blockchain were originally limited to 32 megabytes in size. The block size limitation of one megabyte was introduced by Satoshi Nakamoto in 2010. Eventually the block size limit of one megabyte created problems for transaction processing, like increasing transaction fees and delayed processing of transactions.122

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