Notes

Cryptography
To provide security and privacy for bitcoin transactions, they are digitally signed using private keys (which are typically long, randomly-generated numbers) with corresponding public keys (typically derived from the private keys). The signature provided by the private key verifies that the data came from the holder of the private key. It also allows a recipient to verify the sender through public key cryptography. To send bitcoins, a user must know the private key corresponding to a given public key (with the exception of the case of "pay to script hash" transactions, which require two secret keys, not one).[73]:ch. As noted in the 2009 paper, "bitcoin's decentralized nature and its self-regulating transactions allow users to transact with confidence, knowing that all transactions are monitored and verified by thousands of [network] nodes."



Distributed consensus

In bitcoin, as in other distributed consensus systems, nodes participate in a consensus mechanism, which provides the same service as a central trusted authority, i.e. a trusted third-party. In the bitcoin system, nodes agree on the validity of bitcoin transactions, by checking the cumulative results of all transactions. A timestamp is associated with every transaction. As a result, the blockchain has become an authoritative store of value and is trusted by the community, which could not rely on a single institution to keep accurate records of transactions. The blockchain is thus analogous to the banking system, where transaction records are agreed upon by depositors and the central bank. It is difficult to cheat the bank because it has control over the banknotes in circulation. Similarly, it would be difficult to cheat the blockchain, because it controls the timestamps on transactions. This is what gives the blockchain its security, as the work of coordinating all nodes is not centralized in any one person or group. All participating nodes contribute to validation of bitcoin transactions, allowing the system to operate with no central authority. This consensus mechanism relies on a proof-of-work system, which they call mining.

Due to the pseudonymous nature of transactions, the owners of bitcoin addresses are not known. This has resulted in a phenomenon known as address reuse, as the same bitcoin address is often used in multiple transactions. Researchers have pointed out that bitcoin's UTXO model helps to reduce the centralization problem. Authors Kevin and John O'Rourke state that "the architecture of bitcoin facilitates the use of small, inexpensive computers that are widely, and increasingly, distributed throughout the world" and that it facilitates a more even
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