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Is Bitcoin's Governance Model Decentralized? Bitcoin's governance model is decentralized both in theory and in practice, but it is not entirely devoid of centralized elements.

The Tension Between Bitcoin's Transparent Ledger and Censorship Resistance A significant tension exists between Bitcoin's transparent ledger (where all transactions are publicly recorded on the blockc...

Can Bitcoin's Network Effects and First-Mover Advantage Withstand Competition from Technologically Superior New Digital Currencies? As the first successful cryptocurrency, Bitcoin possesses significan...

Evaluating Bitcoin's Effectiveness as a Safe-Haven Asset A safe-haven asset preserves or increases in value during market turmoil (e.g., economic recessions or geopolitical crises).

The Trojan Horse Perspective: Paving Bitcoin's Entry into Mainstream Finance The launch of Bitcoin ETFs, ostensibly a compliant investment vehicle, functions like a "Trojan Horse" to open mainstream f...

Systemic Risk Analysis of Bitcoin Mining Geographical Centralization on Decentralization The geographical centralization of Bitcoin mining (e.g., historically in China or currently in the U.S.

The Source of Bitcoin's Value Bitcoin's value is not solely based on the Lindy effect and network effects, but these effects are crucial components supporting its value.

The Manifestation of Gresham's Law in the Bitcoin World Gresham's Law, which states that "bad money drives out good money," describes how people tend to hoard currencies perceived as stable or appreci...

Economic Challenges Price Volatility Risk Bitcoin experiences extreme price fluctuations (e.g., daily swings exceeding 20%). Pegging a national currency to it could destabilize the currency’s value,...

Miner Competition and the Prisoner's Dilemma In Bitcoin mining, miners compete for block rewards and transaction fees by solving computational puzzles.

Core Logical Flaws The core logical flaw of the Stock-to-Flow (S2F) model lies in its overreliance on supply scarcity as the sole driver of price prediction, while ignoring other critical market dynam...

Bitcoin Supply Cap and the Risk of Deflationary Spiral Definition of Deflationary Spiral A deflationary spiral refers to a vicious cycle of persistently falling prices: consumers delay spending in ant...

Bitcoin Security Budget Problem Analysis Problem Overview Bitcoin's block reward halves every four years (e.g., reduced to 3.125 BTC in 2024) and is expected to approach zero by 2140.

Bitcoin P2P Network Defense Mechanisms Against Eclipse Attacks and Sybil Attacks Defense Against Eclipse Attacks An Eclipse Attack occurs when an attacker isolates a node by controlling all its networ...

Security Basis of ECDSA The security of the Elliptic Curve Digital Signature Algorithm (ECDSA) primarily relies on the computational intractability of the Elliptic Curve Discrete Logarithm Problem (EC...

What is Transaction "Finality"? Transaction finality refers to the process by which a transaction is permanently recorded on the blockchain and reaches an irreversible state.

The Role of Mempool in the Bitcoin Network The Mempool (memory pool) is a critical component within the Bitcoin network, independently maintained by each node.

Is Timechain a More Accurate Description of Bitcoin's Essence Than Blockchain? Viewpoint: Yes, Timechain more accurately describes Bitcoin's essence in certain core aspects because it directly highlig...

Core Technical Principles of the Taproot Upgrade Taproot is a major Bitcoin upgrade activated in 2021. Its core principle is to optimize Bitcoin script execution and transaction structure by combining...

The Non-Turing Completeness of Bitcoin Script: A Design Flaw or Security Consideration? To What Extent Does This Limitation Hinder Bitcoin Innovation? 1.