Is Bitcoin a decentralized payment mechanism?

【Author】 Luther, William J.; Stein Smith, Sean

【Source】JOURNAL OF INSTITUTIONAL ECONOMICS

【影响因子】2.029

【Abstract】We make a distinction between centralized, decentralized, and distributed payment mechanisms. A centralized payment mechanism processes a transaction using a trusted third party. A decentralized payment mechanism processes a transaction between the parties to the transaction. A distributed payment mechanism relies on the network of users to process a transaction on a shared ledger. We maintain that bitcoin is neither a centralized nor a decentralized payment mechanism. It is, instead, a distributed payment mechanism. We then consider decentralized and centralized aspects of the broader bitcoin payment space.

【Keywords】Bitcoin; centralized; consensus; decentralized; distributed; e-wallet; exchange; governance; payments

【发表时间】2020 AUG

【收录时间】2022-01-02

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