Bitcoin as a Decentralized Financial System: A Comprehensive Survey

Abstract

Bitcoin is the first decentralized cryptocurrency, introduced to enable peer-to-peer electronic transactions without reliance on central authorities. Since its inception, Bitcoin has evolved from a niche technological experiment into a globally recognized digital asset with significant economic, technical, and social implications. This survey provides a comprehensive overview of Bitcoin by examining its blockchain architecture, economic model, security mechanisms, adoption trends, and regulatory considerations. Prior research highlights Bitcoin’s role as both a technological innovation and an alternative monetary system (Nakamoto, 2008; Antonopoulos, 2017).