You already know that the government and central banks control fiat money. However, because Bitcoin is decentralized, central authorities do not regulate or control Bitcoin. However, the Bitcoin network requires some entities to function as Satoshi Nakamoto intended. So who maintains the Bitcoin network?
Decentralization is the answer
Bitcoin decentralization means that everyone manages the network at the same time. Decentralization means that the control of this cryptocurrency is not in a single government or organization. Instead, a few small nodes control and maintain this digital currency.Perhaps this explains why so many people want to buy and sell this digital currency through crypto exchanges such as: bitcoin-loophole.live.. Almost everyone wants to have a share of this digital currency.
Basically, the Bitcoin network delegates its control to thousands of nodes in geographically different locations. Nodes are people who choose to run Bitcoin software on their computers. Ideally, the Bitcoin network does not have a single authority to decide what will happen. Instead, all nodes call the shot. And since no one owns Bitcoin technology, the mastermind cannot maintain or control this cryptocurrency on its own.
No one can keep only Bitcoin
Based on the concept of decentralization, the Bitcoin network relies on the consensus of all participants. The rules of the Bitcoin game allow all participants in the network to mine and use this cryptocurrency. Satoshi Nakamoto introduced this cryptocurrency, but his identity remains a pseudonym and is not essential to its failure or success. This is probably because Nakamoto couldn’t control the future development of this cryptocurrency.
Andresen currently maintains Bitcoin software as an open source project. However, this is not software used by everyone on the Bitcoin network. Some people have created an independent Bitcoin implementation. In addition, people can modify the official Bitcoin software to suit their needs.
The Bitcoin Foundation has adopted Andresen. This nonprofit promotes Bitcoin, representing the views of the Bitcoin community. Nevertheless, this organization has no formal authority or control over the Bitcoin network.
Bitcoin Governance
Bitcoin users control this cryptocurrency. Basically, Bitcoin allows anyone in the network to improve or develop its software. In addition, anyone can choose the version of software that runs on their computer. However, you must be running a compatible software version to enable the Bitcoin network.
Basically, to strengthen the Bitcoin network, all participants must adhere to similar rules. And that’s how the Bitcoin network reaches consensus. The majority vote dominates Bitcoin. Therefore, the majority vote dominates this cryptocurrency.
All Bitcoin network nodes are the same. Therefore, what the majority decides is what happens. Also, nodes that oppose the change can join other systems. Therefore, there are many Bitcoin forks. The winning network is the strongest. This gives miners, developers and miners an incentive to protect and respect mutual agreements. Keeping the Bitcoin network safe, healthy and active is in the best interests of all participants.
Affect the Bitcoin network
You probably want to know more about the control or impact of the Bitcoin network. It’s easy to argue that developers decide how to improve and develop their systems. Some say they choose the software version that the miner runs. However, the majority will determine the future of Bitcoin. This is because participants and nodes do not receive preferential or special treatment.
Final idea
The underlying technology of Bitcoin maintains its network. This is because this technology uses publicly available transaction data to create a distributed system. Many experts around the world are promoting Bitcoin as an innovative decentralized technology. And decentralization means that no one can maintain or control this cryptocurrency on its own. Instead, the node or participant decides what will happen to Bitcoin. There are different node types in Bitcoin networks, each of which plays a different role in ensuring that the blockchain network continues to function properly. Therefore, even Satoshi Nakamoto, who introduced this cryptocurrency, has no individual or entity to control or maintain the Bitcoin network.
