Introduction
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” refers to the power to influence the functioning and rules of the system, whether for malicious or benign purposes. With this in mind, measuring the degree of centralization in a system entails quantifying the minimum number of entities – participants – required to alter its functioning or
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