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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 with these credentials printed on the opposite side.101 Paper pockets are simply paper printouts.

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

The very first wallet program, simply named Bitcoin, and sometimes known as the Satoshi client, premiered 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 After 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, for example 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 bigger block size limit and had an identical blockchain at the time of fork. On 24 October 2017 another hard fork, Bitcoin Gold, was made. Bitcoin Gold changes the proof-of-work algorithm employed in mining, as the programmers felt that mining was now overly specialized.108.

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

The additions to the ledger are maintained through competition. Until a new block is added to the ledger, it's 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 make a new bitcoin speech (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 approval, the network merely confirms the transaction is valid.110:32

Scientists have pointed out at a"trend towards centralization". Though bitcoin can be sent directly to the bitcoin network, in practice intermediaries are widely used.31:220222 Bitcoin miners join large mining pools to minimize the variance of the 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 their hashing power, that might let them double-spend coins, prevent certain transactions from being verified and prevent other miners from earning income.113 As of 2013update just six mining pools controlled 75 percent of total bitcoin hashing power.113 In 2014 mining pool Ghash.io obtained 51% hashing power which raised significant controversies about the protection of the network.

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According to investigators, other areas of the ecosystem are also"controlled by a small set of entities", notably the maintenance of the official client software, online pockets 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 information 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 instance, hierarchical deterministic wallets generate pseudorandom"rolling addresses" for each transaction from a single seed, while only requiring a single passphrase to be remembered to recover all of corresponding private keys.118 Researchers at Stanford and Concordia universities also have 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 proposed 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 this article MERKLE-BRANCH-VERIFY, and"Tail Call Execution Semantics", have also been suggested to support personal smart contracts. .

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Wallets and similar software technically handle all bitcoins as equivalent, establishing the fundamental amount of fungibility. Researchers have pointed out that the background of every bitcoin is enrolled and publicly available in the blockchain ledger, and that some consumers might refuse to accept bitcoins coming from controversial transactions, which might harm bitcoin's fungibility.121.

The cubes in the blockchain were originally confined 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 generated problems for transaction processing, such as increasing transaction fees and delayed processing of transactions.122

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