Is there an institution that protects the circulation of Bitcoin? - page 2.

RomanPoman

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Quote from: pooya87 on October 19, 2018, 11:09:15 PM

Quote from: bahula33 on October 18, 2018, 12:56:51 PM

~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

there are "institutions" that have that "oversight" over bitcoin. it just happens that they are plural instead of being 1 centralized "institute" controlling everything. and they are called full verifying nodes. at the heart of it, the concept is the same. these nodes are doing the verification and in short enforcing the rules just as 1 governing body would do in a centralized system.

But what if that group of full verifying nodes "gets into the hands" of some institution that aims to enforce the rules? In that case that institution would effectively have said powers. Whether this is an official institution or a non-official group of people, I believe this has happened already in the crypto space before, right?

Symptomatic

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Bitcoin is decentralized, which is totally opposite to fiat currency. That means no govenment or bank is responsible for anything that happens to bitcoin. It completely depends on the users and investors of bitcoin.

Angleworm

newbie

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As we all know the cryptocurrencies works in a decentralized blockchain system, it is an engineered program to sort all the problems that normal transactions have. So there goes your answer to the question that, NO, there is nothing sort of institution that regulates Bitcoin or cryptocurrencies.

Micronometer

newbie

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Blockchain technology is the only platform or in this case an "institution" that is in a way responsible for for the protection of the circulation of Bitcoin. This has always been the case.

Aidenpeters

newbie

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As the bitcoin is anonymous and decentralised, it's supposed to stay away from any kind of authority. But there might be some authority or whales who has the power to manipulate the coin, but still no specific authority has been seen yet.

Marcel555

jr. member

Activity: 252

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Fiat currencies can also be digitally installed into your phone or debit card and you can carry that about without actual bank notes.

But you do not have the level of control in crypto as you are allowed in the banking system. Cause cryptocurrency is not regulated or controlled.

geminiboy

full member

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https://ammut.network/

bitcoin has no leader from any institution, bitcoin is only controlled by market traders to create a value, and about the protection and security of bitcoin has created many systems from the market or bitcoin wallet

rosemary4u

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Activity: 392

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No institution or organization runs bitcoin for us, the whole circulation of bitcoin is simply decentralized and we don't need any institution to run it for us. The basis of blockchain technology has always been decentralized so we in the Crypto ecosystem controls the circulating volume.

towi078

jr. member

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Because of the decentralized nature of cryptocurrency, no institution can regulate it. Even the government cannot control it

Indamuck

hero member

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The circulation amount is already set by the code, it can't be changed without a fork. This is one of the reason bitcoin continues to grow in value. While adoption increases the inflation rate becomes lower with each halving. The miners are the ones that generate the coins but over 70% of them are located in China.

xbossJ

jr. member

Activity: 278

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Invest and play

Being decentralized, It would be a mockery of some sort if an agency somewhere oversees the issuance/distribution of $Bitcoin. Since a conscensus is reached through distributed systems mining $Bitcoin, everyone is welcome to the party if only you can afford the hardware and energy needed! Everyone mining $Bitcoin is a distributed of $Bitcoin. The only time any agency can monopolize the distribution of $Bitcoin, would be when they have 85% of the Hashing power.

TabithaHuber

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This currency is controlled only by the individuals,users,enthusiasts,investors etc in the system,only them can affect and influence the price in many ways. The blockchain technology happens to be the only technology that has played this role. The blockchain technology is the only indispensable institution of the Bitcoin.

Pursuer

legendary

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Where is my ring of blades...

that is the whole power of a decentralized currency!

it doesn't rely on a centralized "institution that protects" anything. instead it relies on its users, or more precisely on the network and the participants of that network which are the nodes. this in my opinion is a great design and gives bitcoin the power that is making it stay number one and still grow.

Kakmakr

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: bahula33 on October 18, 2018, 12:56:51 PM

The Electronic Currency which is the basis or basis of the currency is the existing currency we know today (such as the dollar, euro, rupiah) which has the physical form and legal status in the eyes of the law. Whereas the base of Crypto Currencies comes from the computer programming language they develop. For this reason, there are various other fundamental differences between Electronic Currencies and Crypto Currencies, among them are. Crypto Currencies do not involve conventional actors in the financial world such as the central bank, and the publisher of Crypto Currencies is also not a financial institution, so there is no oversight institution that has so far sheltered it.

Crypto currencies were developed to be independent from centralized institutions, so I do not see why people are still hanging onto traditional requirements and old outdated systems. We do not want governments or Banks to manipulate Crypto currencies and we achieved our goal with this, so people should just accept that Bitcoin is the new way of doing business.

Satoshi created and designed Bitcoin to run without centralized oversight or control and this is exactly what we wanted. No toilet paper money will be created with Bitcoin. Grin

darthmaul

sr. member

Activity: 714

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Quote from: pooya87 on October 19, 2018, 11:09:15 PM

Quote from: bahula33 on October 18, 2018, 12:56:51 PM

~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

there are "institutions" that have that "oversight" over bitcoin. it just happens that they are plural instead of being 1 centralized "institute" controlling everything. and they are called full verifying nodes. at the heart of it, the concept is the same. these nodes are doing the verification and in short enforcing the rules just as 1 governing body would do in a centralized system.

Yeah makes sense. But still its very much surprising how things work so smoothly even when the decentralised institutes with no name and agenda work together to make it unified system. I am not sure about how the real mechanism works in verifying the nodes (I guess blocks mining and embedding into chain ?? ) but it does happen with smooth algorithm via these institutes.

Would love to know in depth, what does it mean when you say "full verifying nodes".

Bagaji

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Quote from: Planeparke on October 19, 2018, 11:55:24 PM

Quote from: pooya87 on October 19, 2018, 11:09:15 PM

Quote from: bahula33 on October 18, 2018, 12:56:51 PM

~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

there are "institutions" that have that "oversight" over bitcoin. it just happens that they are plural instead of being 1 centralized "institute" controlling everything. and they are called full verifying nodes. at the heart of it, the concept is the same. these nodes are doing the verification and in short enforcing the rules just as 1 governing body would do in a centralized system.

..........But wouldn't it be cool to be if had people we could hold responsible if a transaction didn't get passed the block chain?

Base on deportment exhibited by this technology called Blockchain, it doesn't feed in an entity to mediate in it transaction, so therefore, the process will not be called decentralize if individuals or group of people are now standing in between it transaction.

Planeparke

newbie

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Quote from: pooya87 on October 19, 2018, 11:09:15 PM

Quote from: bahula33 on October 18, 2018, 12:56:51 PM

~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

there are "institutions" that have that "oversight" over bitcoin. it just happens that they are plural instead of being 1 centralized "institute" controlling everything. and they are called full verifying nodes. at the heart of it, the concept is the same. these nodes are doing the verification and in short enforcing the rules just as 1 governing body would do in a centralized system.

But it's decentralized right? why will all the sites on the internet say its decentralized when its not? If this true then I have believed a stereotypes all these while. But wouldn't it be cool to be if had people we could hold responsible if a transaction didn't get passed the block chain?

pooya87

legendary

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Merit: 10611

Quote from: bahula33 on October 18, 2018, 12:56:51 PM

~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

there are "institutions" that have that "oversight" over bitcoin. it just happens that they are plural instead of being 1 centralized "institute" controlling everything. and they are called full verifying nodes. at the heart of it, the concept is the same. these nodes are doing the verification and in short enforcing the rules just as 1 governing body would do in a centralized system.

Karlsson7258

brand new

Activity: 0

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The fact that bitcoin and other cryptocurrency is decentralized, that means there is no government,insurance company nor central bank etc that oversees this network/currency.The closest thing thing to an institution that protects the circulation of Bitcoin is Blockchain. Blockchain has somewhat played this role as the technology is built on this system. But it is still up for discussion on what other things play a part that protect the circulation.

Cajor

newbie

Activity: 26

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Crypto currency is decentralized. So there is no organization or institution or Government to be in charge of it. If there were some oversight institution that would defeat the purpose of it being centralized.

Topic: Is there an institution that protects the circulation of Bitcoin? - page 2. (Read 580 times)