Topic: Who controls the Bitcoin system? - page 6. (Read 1458 times)
Bitcoin operates on decentralized blockchain technology used. Bitcoin is limited in supply, no formal institutional issuer, no formal authority to be responsible and no formal regulation issued and accepted by government.It only is controlled by all users involved in it.
Bitcoin is well-known for its decentralized system, thus no one can control it . It is participated by so many people all over world . In another word ,it covers many exchanges between people of many other countries ,they can get benefit from this system . Maybe the price fluctuation depends on the demand. This platform is great, it doesn’t distinguish anyone, no matter what or where you are, you completely have chance to use it to get benefits.
Seem interesting. I still don't know who is satoshi, How he made BTC, and who controls the Bitcoin. Bitcoin it's truly anonym. No one know. but we still believe in bitcoin and there has never been a case of loss due to bitcoin. I think we can still trust BTC no matter we don't know the history about BTC.
Anything that is decentralised is controlled by its users!
that being said we control bitcoin but NOT fully because external influences such as regulations, bad press, FUD etc do affect its price because crytpo is now based on these.
that being said we control bitcoin but NOT fully because external influences such as regulations, bad press, FUD etc do affect its price because crytpo is now based on these.
No controls bitcoin. Bitcoin prides itself on having no administering body. It is totally keep running by the general population who utilize it. In any case, numerous individuals ponder who really has control of Bitcoin. There are a few frameworks that are key to keeping Bitcoin running legitimately. Its blockchain innovation isn't computerized, as a few people accept, rather it depends on the diligent work of excavators to prop it up.
I can't agree with you guys about Bitcoin and their decentralized and there are some reasons why
First of all now 4 or 5 companies that build equipment for mining like Nvidia, AMD , Bitmain. And If I'm not mistaken Bitmain that build ASIC controls 20-25% persents of all market so Bitcoin is not decentralized at all. We all know the winners here . Just looks and the stock price on Nvidia now and before 2015 and you'll be surprised.
The second one https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
It's a 100 top richiest Bitcoin walllets and you see that 0.68 % of all wallets controls 87 % of all Bitcoin!!! and 3.21% of all wallets controls 95.95% of all coins! TIt means that I guess 10 000 or some people control 95% of all coins here I don't think that this is real decentralization
First of all now 4 or 5 companies that build equipment for mining like Nvidia, AMD , Bitmain. And If I'm not mistaken Bitmain that build ASIC controls 20-25% persents of all market so Bitcoin is not decentralized at all. We all know the winners here . Just looks and the stock price on Nvidia now and before 2015 and you'll be surprised.
The second one https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html
It's a 100 top richiest Bitcoin walllets and you see that 0.68 % of all wallets controls 87 % of all Bitcoin!!! and 3.21% of all wallets controls 95.95% of all coins! TIt means that I guess 10 000 or some people control 95% of all coins here I don't think that this is real decentralization
I think there is satoshi and bitcoin team who doing some code and other things, but in terms of price only market can decide where we will go.
All of us are good at protecting the bitcoin system, bat anyone who intends to cheat in the transaction can not do it, both holding and very clear, in the transaction.
Sir, no one really controls Bitcoin. That's why it's called decentralized. The consensus dictates its path. Miners, nodes, traders all affect the Bitcoin ecosystem and the people's actions are the ones responsible for whatever happens.
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.
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.
It's a network wherein all users has control on how it works.
Since Bitcoin is a decentralized system so that no one can control this system so far I know. Only the shareholders are the decision maker on this platform. besides this issue, Bitcoin could be controlled by the miners, developers, and some big fishes.
From my perspective, Bitcoin, and blockchain system is a miracle because no one has any idea who is dealing with Bitcoin and other cryptocurrency systems. It's really a fantastic platform for those people who could hide from the authority and don't want to be focus light. and this is the main problem for the government because they don't have any information about their people involved in this platform.
From my perspective, Bitcoin, and blockchain system is a miracle because no one has any idea who is dealing with Bitcoin and other cryptocurrency systems. It's really a fantastic platform for those people who could hide from the authority and don't want to be focus light. and this is the main problem for the government because they don't have any information about their people involved in this platform.
i guess nobody can control the bitcoin system neither owns it...because it is much more like internet and other application systems... so nobody controls the technology on their own......
indeed no bitcoin controls it but there are countries that can set the market / trading system bitcoin. for example the US and China because most of the bitcoin discoveries come from that country.
No one can control bitcoin. This is a decentralized currency. There are countries that impose restrictions on trade, but for a long time it will not last. The price in any case will grow due to the fact that bitcoin has a limit.
i guess nobody can control the bitcoin system neither owns it...because it is much more like internet and other application systems... so nobody controls the technology on their own......
I think bitcoin will have no control. Bitcoin is programmed to operate and secure against thieves. Managers can only upgrade the bitcoin system, but can not control it.
This is an interesting question mate. No one controls bitcoin system/network for sure. It is made so that people can have freedom from those greedy government people that wants to get profit form us. Thus, making bitcoin makes revolutionary action against them. By the way I love this kind of topic. Thanks.
It would be unjust to say that the real value to Bitcoins come from their community especially from it's users who literally use Bitcoin for medium of exchange than the store of value.All others all milking that glory of Bitcoins for their own convenience.
As we know that Bitcoin is based on block chain technology that depends on the principle of decentralization. And that's what I know Who controls the bitcoin system, bitcoin is not controlled by a person, but is itself and controlled by all its users almost all over the world
it is the principle of a decentralized product ...
Bitcoin no body governing it is run by people who use it. Bitcoin miners have a certain degree of control without miners Bitcoin will not be effective. Bitcoin transactions are distributed by open networks. And technically Bitcoin is controlled by the community itself consisting of traders, miners, developers and holders of Bitcoin
Bitcoin can not be controlled by anyone by each of us. Probably because bitcoin is peer to peer or all bitcoin users are in control of their own money. Different if we save money in the Bank. All customer's money is controlled by the Bank.
That makes sense. Definitely there is no one who is controlling bitcoins. They are decentralized and this means that this whole system is based on peer to peer module. No one is authorized to cater for bitcoins. Rather everyone is responsible for his own bitcoins and they are being monitored and managed in miners. Highfi security and safety are the impressive aspects of bitcoins. Jump to: