What are the rules within Bitcoin?

in bitcoin-rules •  7 years ago 

"What are the rules within Bitcoin?" What makes a transaction "correct" or "incorrect"? What distinguishes the rules for transactions in Bitcoin from the rules for transactions done through traditional financial institutions? How does robust consensus and decentralized decision-making affect the predictability of the system? How does this compare to certainty and predictability within traditional financial institutions, such as interest rate changes?
While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users.

bitcoin-rules blockchain cryptocurrency money
7 years ago by

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