Who Controls Bitcoin?

Who Controls Bitcoin

How do we know that fiat currency is controlled by governments and banks, who controls a decentralized currency like Bitcoin? The answer lies in the word decentralized — which means that the Bitcoin network is managed by nobody and everybody at the same time.

Who Controls Bitcoin?

By definition, decentralizing means “moving control of an organization or government from one place to several smaller ones”.

The same goes for the Bitcoin network, except instead of “several smaller places”, control of the system is delegated to thousands of nodes — people who choose to run Bitcoin software on their computers.

No central authority makes decisions regarding the Bitcoin network; instead, everyone can deal. Nobody owns Bitcoin technology, so there is no hidden mentor that controls Bitcoin.

Bitcoin Governance

It is users around the world who control Bitcoin. Anyone is free to develop and improve bitcoin software.

Likewise, anyone can choose which version of the software they want to run. However, to make it a usable network, users must come together and run compatible versions of software.

Ultimately, a strong network requires everyone to operate by the same rules, and that's how Bitcoin consensus is achieved — by majority vote.

This is who controls Bitcoin: majority vote. Since all nodes in the network are the same, if the majority decides something, this will happen.

And if you oppose the change, you're free to join other systems (which is why there are so many Bitcoin forks).

The strongest network wins, which is why most users, miners and developers have an incentive to respect and protect this mutual agreement. It is in everyone's interest to keep the network active, safe and healthy!

Influence on the Bitcoin Network

But who controls the network Bitcoin? It can be said that it is the developers who discuss how the system should be developed and improved.

Others say that miners choose the version of software they want to run. But then again — it must be the majority who decides on Bitcoin's future, as there isn't any nodes, or participants, who receive any special or preferential treatment.

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