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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 all these credentials printed on the opposite side.101 Paper pockets are only paper printouts.

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Another type of wallet called a hardware wallet keeps credentials offline when facilitating transactions.102

The very first wallet program, only named Bitcoin, and occasionally referred to as the Satoshi client, was released in 2009 from Satoshi Nakamoto as open-source software.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 After the release of version 0.9, the application bundle was renamed Bitcoin Core to distinguish itself in the underlying network.104105.

Bitcoin Core isalso, 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 created, known as Bitcoin Cash.107 Bitcoin Cash includes a larger block size limitation and had an identical blockchain in 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, since the programmers felt that mining was now too specialized.108.

There's 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 inserted into the ledger, it is not known which miner will create the cube.3:ch. 1

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The issuance of bitcoins is decentralized. They're issued as a reward for the creation of a new block.87

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Anybody can create 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 approval, the network only confirms that the transaction is valid.110:32

Researchers have pointed out at a"trend towards centralization". Although bitcoin can be sent directly to the bitcoin network, in practice intermediaries are widely used.31:220222 Bitcoin miners join big 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 demands that no single miner or mining pool obtains 51% of the hashing power, which might allow them to 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 power.113 In 2014 mining pool Ghash.io obtained 51% hashing power which raised significant controversies about the safety of the network.

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

Bitcoin is pseudonymous, meaning that funds are not tied to web real-world entities but rather bitcoin addresses. Owners of bitcoin addresses are not explicitly identified, but all transactions on the blockchain are public. In addition, transactions can be linked to individuals and companies throughout"idioms of use" (e.g., transactions that spend coins from multiple inputs indicate the inputs may 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, may be required by law to collect personal information.116.

To heighten financial privacy, a new bitcoin address can be generated for every transaction.117 by way of example, 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 of corresponding private keys.118 Researchers at Stanford and Concordia universities have also shown that bitcoin exchanges and other entities can establish assets, obligations, and solvency without revealing their 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 suggested to support private 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 accessible 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 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 limitation of one megabyte generated problems for transaction processing, such as increasing transaction fees and delayed processing of transactions.122

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