Bitcoin Decentralization and Where to Find It


One of Bitcoin’s undeniable and frequently touted strengths is its decentralization. It’s often claimed that the Bitcoin network offers levels of decentralization, accessibility, and distribution unmatched by any other cryptocurrency. But just how decentralized is Bitcoin in reality? And how do we go about measuring its decentralization? Before delving into these questions, it’s crucial to clarify the concepts of centralization and decentralization, as they are often muddled.

To provide a clear definition, the centralization/decentralization dynamic can be understood as the degree of concentration/diffusion of authority among the participants in a system. Here, “authority”…

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