Topic: Who controls the Bitcoin system? - page 11. (Read 1458 times)
Bitcoin is a decentralized cryptocurrency so nobody can control it. It's probably be the secret of its success, who knows?
I think transparency on Bitcoin means trust is not required for the system to work. There is no government from anywhere involved and no one entity controls so we are the one who controls itBTC
Bitcoin for me is not control by anyone it's consists of traders, miners, developers in the community which means people are involved in the BTC. All is need how to manage the standard based on the demand and supply.
Bitcoin represents the core ideology of democracy so in that sense every user controls Bitcoin through his actions. We have miners to confirm transactions on behalf of us and we as a user pay them their fees with every transaction so they are not the owners of the system but the service providers. As we all know that Bitcoin is based on a block chain technology which relies on decentralization principle, there is no central controlling governing authority in case of Bitcoin.
I think nobody can control or own the bitcoin system like they can not control and possess the technology by email and the internet. I think Bitcoin is no different than a mobile application or program that offers a personal Bitcoin wallet and allows users to send and receive Bitcoin.
Nobody owns Bitcoin but bitcoin can be controlled. I am not saying that it is easy to control but if you think about it, the price of bitcoin is based on the demand and supply. If all the users of bitcoin united, they can make the price move the way they want it.
No one can control the bitcoin, it's a special place and the reason bitcoin has been around for 10 years, with bitcoins all the same and no one decides what the bitcoin will be.
I think nobody can control or own the bitcoin system like they can not control and possess the technology by email and the internet. I think Bitcoin is no different than a mobile application or program that offers a personal Bitcoin wallet and allows users to send and receive Bitcoin.
Yes you are right about that, bitcoin transactions are made of blockchain and because of that algorithm, no one can really change the way how the program is being created since it was complicated as well and it is the reason why cryptocurrency is secured.
No one has a network to control Bitcoin, just as no one has email operation technology. Bitcoin is controlled by all its users worldwide. Developers can indeed improve Bitcoin software, but they can not enforce changes in the Bitcoin protocol
Nothing controls the bitcoin network because it is not centered but the decentralization of computer networks so all transactions will be processed through blockchain technology. With its decentralized nature it also benefits the bitcoin where hackers can not break into bitcoins.
Bitcoin depends on our demand and supply, it can always exist and it can not be canceled any more, but the most important thing is manipulation by the government and whales. On this all is under construction
I think nobody can control or own the bitcoin system like they can not control and possess the technology by email and the internet. I think Bitcoin is no different than a mobile application or program that offers a personal Bitcoin wallet and allows users to send and receive Bitcoin.
As a decentralized form of currency, Bitcoin prides itself on having no governing body. It is completely run by the people who use it.Technically it’s controlled by the community that consists of developers / miners / traders / those who hold this particular currency
Being an online system its working is purely technical and you are right that a community consisting of miners,traders,developers,etc. control it but its working is very difficult to understand for some people.
No one controls it directly, however you can use game theory concepts to try to attack the network and benefit. Hacken has conducted a research recently https://hacken.io/wp-content/uploads/The-Rush-for-Hashpower.pdf
I as a participant in the bitcoin network is very interested in the fact that technology has accepted his destiny and worked in the field for which they were invented. but bitmain and created a bunch of mining rigs ASIC. now they can let go of the reins and drop the complexity of calculations. but they will not do it, but only with great zeal drag on 51% of the voting rights. who's trying to prevent this?
Nobody. Remember bitcoin is decentralized, which means nobody or no one controls it. Even the Central Bank or even unique banks of different countries. Thus if pertaining to control of price, bitcoin's price vary and follow the law of demand and supply which normally in all honesty, whales are on control of price.
Technically it’s controlled by the community. What is the community? Consists of developers / miners / traders / those who hold currency
No one controls it. That's the reason it is a decentralized currency. Nobody has control over bitcoin and what happens to it.
Nobody. The reason why bitcoin is facing tough times with the economies of the world today is majorly because the nations of the world knows that they do not have grip or hold of the cryptocurrency. But the truth is whether they accept it or not, cryptocurrencies is changing the face of businesses around the world and technology is helping it and moreso, people are really moving with the trend.
Bitcoin is being control by it's users.No institution can control it and that's why some country ban bitcoin.
no one can control the bitcoin system. including bitcoin prices, no one can control it.
It can be controlled by all the users and investors. Its price is proportional to the investors and users who hold and sell their bitcoin. They can controlled it by making some bad news or fake news about bitcoin, so that all weak investors will sell their bitcoin and will lead to decrease in price. And if price falls some investors can now buy more bitcoin and then they will wait untill its price increase again. It will rise again for sure because the decrease price will also lead to attract some investors to buy.
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