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Censorship-resistance

Censorship-resistance

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Censorship-resistance may refer to a specific property of a cryptocurrency network. This property implies that any party wishing to transact on the network can do so as long as they follow the rules of the network protocol.聽

It might also refer to the property of a network that prevents any party from altering transactions on it. When a transaction is added to the聽blockchain, it鈥檚 propagated across thousands of聽nodes and added to the distributed ledger. Once the transaction has been added, it鈥檚 virtually impossible to remove or alter it, making it (and the network)聽immutable.
Censorship-resistance is considered to be one of the main value propositions of聽Bitcoin. The idea is that no nation-state, corporation, or third party has the power to control who can transact or store their wealth on the network. Censorship-resistance ensures that the laws that govern the network are set in advance and can鈥檛 be retroactively altered to fit a specific agenda.
While traditional financial institutions are in the hands of intermediaries, the Bitcoin network isn鈥檛 owned by any single entity. As such, it鈥檚 virtually impossible to censor transactions on it 鈥 in contrast, this isn鈥檛 the case when it comes to聽traditional finance. For example, if a person is deemed an enemy of an authoritarian state, the ruling government might freeze their account and prevent them from moving their funds. While Bitcoin is mostly used as an instrument for speculation, this use case is probably the most fundamental reason why it鈥檚 a substantial innovation.
It鈥檚 worth noting that censoring transactions on the聽Bitcoin network isn鈥檛 completely impossible, but rather extremely resource-intensive. The security model of聽Bitcoin heavily relies on majority rule. This means that a single entity could, in theory, garner enough聽hash rate to gain control of the network in a scenario called a聽51% attack. The chances of this happening are rather slim, but it鈥檚 possible nonetheless.
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