The veil of secrecy is being lifted: Who controls Bitcoin?
Bitcoin is not controlled by any organization or person, although it was developed by a mysterious inventor named Satoshi Nakamoto.. Bitcoin is centrally controlled by a large group that cannot move. So who are they?
Who controls Bitcoin?
Bitcoin core codes are open source software and supported by many independent developers. There is an informal hierarchical structure among these developers.. Since developers such as Pierter Wuille and Gregory Maxwell have spent many years developing Bitcoin, the opinions of these two people are given more importance.. A group of developers like Wuiille and Maxwell have the right to make changes to their Bitcoin software. However, this does not mean that Bitcoin is managed by these people.
It is necessary to obtain the approval of other software developers in order to make changes to Bitcoin core codes.. New software developers entering this community need to prove themselves by working for a while.
Bitcoin supply is limited to 21 million as it is known.. Theoretically 21 million limit could be increased by Bitcoin core code developers. However, in practice this requires a very broad consensus.. This seems impossible for now.. After all, it’s scarcity that makes Bitcoin valuable.
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The other group of Bitcoin miners that have an impact on Bitcoin. Miners; They fulfill the vital task of recording transactions on the blockchain network, confirming transfers and performing data transfers.. For performing this task, they receive Bitcoin rewards and operating fees in return.. Pools with hundreds and thousands of shareholders dominate the Bitcoin mining industry. Prominent among these pools:
F2Pool (18.7%)
Poolin (15.4%)
AntPool (13.4%)
BTC.com (12.8%)
And others (39.7%)
These pools could theoretically manipulate the Bitcoin blockchain. For this, they need to create a cartel that will control at least 51% of the network.
The other group that can affect Bitcoin is Bitcoin whales.. Addresses holding 1,000 BTC or more have about 40% of all Bitcoins. We witness that whales sometimes dump-pump and manipulate prices.
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Who controls Bitcoin?
i- Bitcoin core code developers
ii- Bitcoin miners
ii- Bitcoin whales
In short, no person or organization manages Bitcoin. Bitcoin is controlled by a large structure allied in the common denominator (profit). This is explained by the concept of decentralization in crypto money markets.
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