Much of the trust in Bitcoin comes from the fact that it requires no trust at all. Bitcoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.
Articles in this section
- What is Bitcoin?
- Why do people trust Bitcoin?
- Who created Bitcoin?
- Who controls the Bitcoin network?
- How does Bitcoin work?
- Is Bitcoin really used by people?
- What are the advantages of Bitcoin?
- What happens when bitcoins are lost?
- Is Bitcoin anonymous?
- Is Bitcoin fully virtual and immaterial?