Decentralization - distributes authority, control, and functions from a central entity to independent participants, promoting autonomy, resilience, and transparency. Bitcoin embodies decentralization at its core.
- Global Consensus - bitcoin’s consensus mechanisms, driven by miners’ Proof-of-Work, create a trustless framework.
- Peer-to-Peer - its decentralized network enables nodes, or “peers,” to connect directly, sharing resources without intermediaries.
- Trustless - the protocol participants can interact and transact without needing to trust each other or a central authority. Instead, trust is established through cryptographic mechanisms, consensus algorithms, or decentralized protocols, providing security and reliability.