Oddbean new post about | logout
 To be less generic and vague,

People don't understand something about Bitcoin. Bitcoin is working exactly like the banking network, where each miner is a bank 

the bank see A want to send X amount of $ to B
the node see A want to send X amount of btc to B

A bank can reject the transaction, the node can too.

Like in the banks, there is rules to accept or deny a transaction, but Bitcoin is based on the majority following the same rules, if the majority want to reject your transaction, they will push a block without your transaction and you will don't be able to transact on Bitcoin.

A big mining pool have rejected a transaction in the past, Bitcoin isn't truly censorship resistant because transactions are not anonymous, the node see address (identity) transact with address (identity), Bitcoin is pseudonymous, it's very different. On Monero, it's impossible to target a specific address, all transactions are anonymous, node see a transaction, but don't know who send to who nor the amount, all transactions are equal, that's fungibility, it's censorship resistant, your 1 dollar bill will be accepted like any other, it will not be refused because it came from these ATM or these location or it was used by someone in particular before you etc. 

Every btc have a unique history publicly disclosed on the ledger, we can trace it from the beginning and it's absolutely not a good thing.

1 btc =! 1 btc
1 xmr = 1 xmr