Topic: Who controls the Bitcoin system? - page 5. (Read 1415 times)
Bitcoin is a cryptocurrency based on an open-source software. no one is controlling bitcoin. It’s fully decentralised. But practically it’s developed and supervised by contributors, miners, big exchanges and traders.
According to my own understanding, BTC is owned by global users to control, no one can be forced to change the BTC agreement, because all users around the world have the freedom to choose what they want to use the software, so this is the advantage of the BTC, is also gradually acknowledged that BTC status.
pure bitcoin is controlled by all its users so the price also depends on buying and selling activity in bitcoin markets and fluctuations, price through agreement with the user. But the unique feature of this technology is that bitcoin transactions are confirmed by miners and recorded on all connected servers around the world.
The bitcoin system is controlled by the block chain technology very efficiently.and its features are attractive to the global business people and the rich investors through out the world. So bitcoin is acquired wide popularity around the world and it can be used for the day to day requirement of human being such as for the usage of domestic bill payment shopping and the international shopping from any where to any thing. Now bitcoin is getting familiarize to all levels of people for their requirement.
Bitcoin doesn't control by any one, bitcoin itself invented by using decentralization system. Thus meaning that no one can solely control bitcoin system and more over with bitcoin's unique technique which is Blockchain, it help to register every single transaction without control by anyone, thus bitcoin is not control by anyone.
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.
will update my reply for this post later.
While I agree that because bitcoin is decentralized no single party has complete control over the system, however I believe the miners and many of the large crypto whales can have a huge amount of impact on the price and therefore often hashing power.
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.
You are right about that no own the bitcoin system but you are wrong with nobody can control it. Bitcoin can be controlled and the controllers are the user of it. So how do we know if how bitcoin systems works? It is a decentralized system that no one can control it even the government. But in terms of its price, bitcoin can be controlled. A lot of people who earns a lot in bitcoin or should I say those wealthy person, sometimes they manipulated the bitcoin price so they will get benefit of it.
no one controls it, bitcoin is only controlled all its users, developers only improve software but can not impose changes in bitcoin protocol
bitcoin is controlled by its users
but to deepen it, bitcoin is controlled by people who have greater share of bitcoin
just like in stock bonding, stockholders who have a large amount share in the company are mostly the people who controls it or the decision is theirs
but technically speaking, developers control bitcoin in a way
but to deepen it, bitcoin is controlled by people who have greater share of bitcoin
just like in stock bonding, stockholders who have a large amount share in the company are mostly the people who controls it or the decision is theirs
but technically speaking, developers control bitcoin in a way
Bitcoin is controlled by all its users worldwide. Developers can indeed improve Bitcoin software, but they can not enforce changes in the Bitcoin protocol because all users are free to choose the software and version they want to use. In order to remain compatible with each other, all users need to use software that follows the same rules. Bitcoin is controlled by 80% consensus of the miners.
I think that the OP must understand the true concept and the basic knowledge of Bitcoin and crypto world. For what I heard and I what I read from the OP post, I think the OP clearly does not understand the basic system of Bitcoin. The purpose of the Bitcoin creation is that no one can control Bitcoin including government. So people can use Bitcoin as they like to do transaction and create their own freedom of financial. That is the unique and the dangerous thing about Bitcoin. It can be use for anything and the price can change at anytime.
Ideally there is a claim that controls Bitcoin, it has developers who update and improve the operating system in an effort to make it more efficient. Bitcoin gives them the power to manipulate the price, they can easily change the price if they want to. With Blockchain technology, pure Bitcoin is controlled by all its users so the price also depends on buying and selling activities in bitcoin markets instead.
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, it's true.bitcoin is controlled by all of us. in my opinion
Bitcoin is controlled by all its users worldwide. Developers can indeed improve Bitcoin software, but they can not enforce changes in the Bitcoin protocol because all users are free to choose the software and version they want to use. In order to remain compatible with each other, all users need to use software that follows the same rules. Bitcoin is controlled by 80% consensus of the miners.
Legislators do not have time for all the changes. They, of course, will have to come up with new laws, because the old schemes of financial control for bitcoins are simply not calculated, because the crypto currency is beyond traditional currency instruments.
But the process of adaptation, of course, will take a lot of time, and in the process it may turn out that it was necessary to manage the electronic currency in a different way.
So all attempts of regulators to subordinate bitcoin to themselves can lead to nothing. Therefore it seems to me that it is not so easy to control this currency.
But the process of adaptation, of course, will take a lot of time, and in the process it may turn out that it was necessary to manage the electronic currency in a different way.
So all attempts of regulators to subordinate bitcoin to themselves can lead to nothing. Therefore it seems to me that it is not so easy to control this currency.
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.
which drives Bitcoin are Mining, trading, and Bounty in Bitcoin (we are all Bitcoiner) because Bitcoin is driven by all of us so bitcoin is called a decentralized coin or open source.
Bitcoin's digital currency is known for being beyond the control of developers, any companies, or government institutions. Thanks to this feature, Bitcoin became famous. Of course, this is not the only factor that influenced the active growth of the market capitalization of the digital currency, but the ability to send and receive money transfers bypassing the banking sector played an important role in the development of Bitcoin as a reliable payment instrument.
By the way, most crypto-currencies are also beyond the control of even their creators. However, this does not mean that the P2P payment system is absolutely uncontrolled, there must be tools that regulate the basic processes of network interaction with the participants.
There is an opinion that the developers of the company Bitcoin Foundation, which is currently the official provider Bitcoin-network, have more opportunities to influence the system. In fact, it is nothing more than a delusion. There are only two groups of users who can indirectly control the Bitcoin system:
• Ordinary Internet users who work with digital money.
• Miners engaged in the production of Bitcoins.
No one else can affect the Bitcoin system in any way. Developers act as providers.
By the way, most crypto-currencies are also beyond the control of even their creators. However, this does not mean that the P2P payment system is absolutely uncontrolled, there must be tools that regulate the basic processes of network interaction with the participants.
There is an opinion that the developers of the company Bitcoin Foundation, which is currently the official provider Bitcoin-network, have more opportunities to influence the system. In fact, it is nothing more than a delusion. There are only two groups of users who can indirectly control the Bitcoin system:
• Ordinary Internet users who work with digital money.
• Miners engaged in the production of Bitcoins.
No one else can affect the Bitcoin system in any way. Developers act as providers.
According to Bitcoin.org, nobody owns the Bitcoin network much like no one owns the technology behind email. Bitcoin is controlled by all Bitcoin users around the world. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. In order to stay compatible with each other, all users need to use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus.
Not necessarily "all" but rather a certain percentage, maybe 90% (I'm not quiet sure). This is what you called decentralized. This is a good thing since there is no central authority really to decide by itself to which path will BTC go. It needs to tell others and make them agree that this path will be where BTC is going. 
In fact, no one controls bitcoin. That made it unique, so its price is on the moon. It was created by a person in Japan with the desire to become a better banking software. He felt disgusted with the bank's banking system and their poor security, so it came up with the idea of creating bitcoins.
Those who have large amount of bitcoin can manipulate its price but can't fully control it. Even if its decentralized and the people who holds bitcoins are the one controling it and its price.
The only one who can control bitcoin is its users. the developers only facilitate to provide virtual wallet services to bitcoin users without being able to change the system implemented by bitcoin with blockchain technology. With it, pure bitcoin is controlled by all its users so that the price also depends on the sale and purchase activities in various bitcoin marketplace and price fluctuations through the agreement with the users. However, the unique feature of this technology is that bitcoin transactions are confirmed by miners and recorded on all connected servers around the world.
agree mate, the one who can control bitcoin is all users. maybe big investor can affected demand but it is temporary, I think no one can be controll bitcoin, only supply and demand affect bitcoin.it is my opinion.
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