Re: Who controls Bitcoin?

#2
rominakash wrote:
February 1st, 2018, 9:29 pm
Who controls the Bitcoin network? :?
Hey Rominakash buddy! I'm new to bitcoin and may be wrong 🙆‍♂️

Anyway, as far as I know, the Bitcoin development is controlled by a bunch of the nerdiest geeks in the world:
https://github.com/bitcoin/bitcoin/graphs/contributors

The Bitcoin price is controlled by the market (people who buy and sell BTC).

The Bitcoin popularity is controlled by all mass media and politicians.

The Bitcoin supply (as I just was told 😁) is controlled by the algorithm (or protocol) and can be exceeded if all the Bitcoin users will agree to increase the limit.
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Re: Who controls Bitcoin?

#3
rominakash wrote:
February 1st, 2018, 9:29 pm
Who controls the Bitcoin network? :?
Well, the idea is that nobody is in control. Nobody and everyone in any way, so cryptocurrencies work with the same idea behind politics, religion or other monetary systems. There is not necessarily a person who is in charge, but there is a whole community, a society that decides to carry out this program or be part of the system and together they determine the rules, how this money works. So there is not a company, a CEO or a government agency, but it is all the users who carry the coin.
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Re: Who controls Bitcoin?

#6
alexanderisora wrote:
March 28th, 2018, 3:15 pm
jitenrajput wrote:
March 28th, 2018, 7:02 am
Bitcoin is a decentralized cryptocurrency.
Hey Jitenrajput. This statement is arguable:

Hi alexanderisora,
Thank you for sharing the blog. I know practically it isn't decentralized as its concept was defined. I have already mentioned in the answer "formally". I have mentioned the point of bitcoin miners as well.
Hope its clear!
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Re: Who controls Bitcoin?

#8
The best answer is:
No one

No one controls an absolute power of BTC (unless somehow they own every coin) and BTC is a decentralized crypto as mentioned by others prior in this post.

If you refer to pricing and not control, then it would be everyone.

Everyone, because all our actions can affect it. What I mean by all our actions is the Crypto and BTC community. If users start posting negative news online (eg. BTC insecure, they got hacked, scammers etc...) and it spreads, that one person could affect the prices.

Aside from that one person, the market (users of BTC) and government (eg. South Korea and Canada) can affect the price of BTC if you were looking at the controlling of BTC pricing.

That is why the best answer to the question is No one and everyone as you need to look at all the aspects of BTC and crypto.
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Re: Who controls Bitcoin?

#9
Thanks @cryptogeek for the nice explanation!
At first it was hard to understand how cryptocurrencies work.. like, there must be someone or something who decides which coin is good or bad and how the course of BTC (for example) changes the other day.
Everything is getting more and more clear now. Your post definitely helped (:
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