No one person or entity or government owns the Bitcoin network. Just as no one person owns the Internet, or email, or the technology that drives it. Bitcoin is controlled by all the worldwide Bitcoin users. Developers do work to improve and secure the software, however forcing a change Bitcoin to protocol is not within their capability, because bitcoin users are free to select whatever software and version they use. All users need to use compliant software (same rules) in order to transact with each other. Bitcoin can only work as it is intended with a complete peer-to-peer consensus among all users. For this reason there is a strong incentive for all developers and bitcoin users to protect this consensus.
No one person is in control – rather the entire bitcoin community decides on any changes to be adopted. The Bitcoin source code is readily available to anyone, and anyone can become a bitcoin miner (people that make transactions permanent), just as anyone can be a bitcoin trader (people that determine the price of Bitcoin and provide liquidity by buying and selling it, i.e. participating in the market).
By Pamela|2017-03-13T14:47:53-05:00March 13th, 2017|