, a distributed payment mechanism. We then consider decentralized and centralized aspects of the broader bitcoin payment …We make a distinction between centralized, decentralized, and distributed payment mechanisms. A centralized payment … a shared ledger. We maintain that bitcoin is neither a centralized nor decentralized payment mechanism. It is, instead …

systems. This paper models the novel economic structure implied by Bitcoin's innovative decentralized design, which allows the …Bitcoin provides its users with transaction-processing services which are similar to those of traditional payment … payment system to be reliably operated by unrelated parties called miners. We find that this decentralized design protects …