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Topic: Who controls the Bitcoin system? (Read 1506 times)

jeanpadel14

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Re: Who controls the Bitcoin system?

March 19, 2018, 04:37:38 AM

#121

Technically its controlled by the community. What is the community?

Consists of miners traders those who hold currency
Bitcoin miners: These people have bought the hardware pay for the electricity to make the transactions and the network function.
Bitcoin traders: Large stake holders who move the markets in certain ways by altering liquidity.
Bitcoin holders: Those who are not necessarily in the trading realm, but have been buying and holding the currency (thus removing tokens from circulation the ecosystem)

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Jdavid05

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Re: Who controls the Bitcoin system?

March 19, 2018, 05:19:40 AM

#122

The traders and miners controls it the traders gives Bitcoin price and miners give blocks for blockchain to confirms all the transactions.

Bisul

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Re: Who controls the Bitcoin system?

March 19, 2018, 05:22:24 AM

#123

there is. and it's controlled by all users. and organized by the internet neatly.

hibiscus

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Re: Who controls the Bitcoin system?

March 19, 2018, 05:27:01 AM

#124

Technically speaking Bitcoin is controlled by the community itself it consist of traders, miners,developers and Bitcoin holders.Bitcoin is the first digital currency and it is a decentralized currency no intermediaries are involved in it the holders themselves control the Bitcoin there is no governing body it is run by the people who use it. Bitcoin miners have some certain level of control without Bitcoin miners Bitcoin would be ineffective. the transaction of Bitcoin is distributed by an open network .

faranisa

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Re: Who controls the Bitcoin system?

March 19, 2018, 05:27:22 AM

#125

No institution, group or person can control the bitcoin system. we can only control the price, so the user only contributes in determining the market price through demand and supply.

Jcabudx

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Re: Who controls the Bitcoin system?

March 19, 2018, 05:32:54 AM

#126

Everybody says that nobody controls bitcoin but for me there's one person or one group who controls it but no one knows who it was that is way they say that nobody controls it. If nobody controls it who launch the system? Who is in charge in the maintenance of the system? Where is the server of this system? Who paid for it for web hosting? Is it launch in the air and then everybody used it? No one knows but it has, it ALWAYS HAS. No system or program runs by its own. How about if it crash? Who manage it? Who made the updates? That's the sign you have to keep it in your mind.

goku21

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Re: Who controls the Bitcoin system?

March 19, 2018, 05:34:47 AM

#127

there is no control over bitcoin and the only one controls it is the dev and the owner of bitcoin we do not know how to recover the bitcoin but we just hold it

A Feeder

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Re: Who controls the Bitcoin system?

March 19, 2018, 05:46:56 AM

#128

Quote from: Fairy_90 on March 13, 2018, 04:23:51 AM

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.

Your first statement is correct but your second statement is wrong. Bitcoin is unlike any other technology because it utilizes the blockchain. With blockchain, smart contracts can be done when process of transaction occurs. This adds security to both the buyer and the seller.

sicnarfkswiss

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Re: Who controls the Bitcoin system?

March 19, 2018, 06:01:57 AM

#129

Though Bitcoin is decentralize, I believe that it is controlled by some developers, it is impossible to a technology to be created without a people behind it. Like it was created by a person it was also controlled by a person but the major controller of bitcoin is the community of btc.

kinzey

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Re: Who controls the Bitcoin system?

March 19, 2018, 06:07:49 AM

#130

Quote from: Fairy_90 on March 13, 2018, 04:23:51 AM

Actually everybody controls the bitcoin network. There are just people (whales) who possess a big amount of bitcoin who can literally move the market. They try and move wallstreet trading and sometimes succeed how much more in bitcoin. There no regulations and no one would know and no one would arrest you for dumping and crashing the market

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Stac

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Re: Who controls the Bitcoin system?

March 19, 2018, 06:08:37 AM

#131

Bitcoin network is a decentralized network and so no governing body or any banking system does not have control over the bitcoin system, as the bitcoin system is a peer to peer online networking system there is no central authority to control them and all the transactions are recorded in the public ledger called the block chain system. As no one has control over the bitcoin system no one will be able to stop the bitcoin system, so even if some government's have banned the use of bitcoins, the bitcoin transactions can be carried out through wallets and exchanges all over the world and can be converted to fiat currencies.

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Smpdytz1

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Re: Who controls the Bitcoin system?

March 19, 2018, 06:09:18 AM

#132

Bitcoin is decentralized system no one control it. But miners work for to do the transactions of btc

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Dklinov

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Re: Who controls the Bitcoin system?

March 19, 2018, 06:24:11 AM

#133

Even though the core idea behind the bitcoin was decentralization there are certain people or groups of people that have tools to manipulate and dictate market directions. For example the Great Satoshi Nakamoto owns the biggest amount of Bitcoins which makes him/her/them the richest crypto owner(s) in the world. Moreover, such crypto fortune lets make decisions that result in certain market events. Could be decline or growth, whichever is favorable at certain point and moment.

noorman0

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Re: Who controls the Bitcoin system?

March 19, 2018, 06:32:41 AM

#134

Which system?
The BTC security system is only offered by the purse provider. and exchange systems offered by those who have a market.
But for a price change system for every penny and every second, I think we all get involved in it.

In a world without universal authority, who really has sovereignty over digital money the law, the servers, or the private key owners?
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tienigarazz

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Re: Who controls the Bitcoin system?

March 19, 2018, 07:03:13 AM

#135

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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fuer44

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Re: Who controls the Bitcoin system?

March 19, 2018, 07:10:06 AM

#136

no one can control the bitcoin system. including bitcoin prices, no one can control it.

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Swopon

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Re: Who controls the Bitcoin system?

March 19, 2018, 07:10:21 AM

#137

Bitcoin is being control by it's users.No institution can control it and that's why some country ban bitcoin.

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conceivedspoon2

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Re: Who controls the Bitcoin system?

March 19, 2018, 07:16:27 AM

#138

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.

fromnicetoevil

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Re: Who controls the Bitcoin system?

March 19, 2018, 01:16:06 PM

#139

No one controls it. That's the reason it is a decentralized currency. Nobody has control over bitcoin and what happens to it.

leonardian_project

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Re: Who controls the Bitcoin system?

March 19, 2018, 03:30:30 PM

#140

Technically its controlled by the community. What is the community? Consists of developers miners traders those who hold currency

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