Compared with conventional payment systems, Bitcoin lacks a governance structure other than its underlying software. This has several implications for the functioning of the system. First,Bitcoin imposes no obligation for a financial institution, payment processor, or other intermediary to verify a user’s identity or cross-check with watch-lists or embargoed countries. Second, Bitcoin imposes no prohibition on sales of particular items; in contrast, for example, credit card networks typically disallow all manner of transactions unlawful in the place of sale. Finally, Bitcoin payments are irreversible in that the protocol provides no way for a payer to reverse an accidental or unwanted purchase, whereas other payment platforms, such as credit cards, do include such procedures. As discussed in subsequent sections, these design decisions are intentional simplifying the Bitcoin platform and reducing the need for central arbiters, albeit raising concerns for some users.

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