Who Controls the Bitcoin Network?

We all know that the government and banks as financial institutions control fiat currencies. Now, you might want to know who controls Bitcoin as a decentralized cryptocurrency. The answer is itself embedded in the word ‘decentralized’ meaning that the Bitcoin network is not managed by anybody and parallelly also by everybody. This might get tricky at times which is why this article will help you to understand the Bitcoin network and its ownership in a better way.

Does Anyone Have Control over Bitcoin?

The answer would be a simple ‘no’ because it is in Bitcoin’s feature itself to be decentralized. In the literal sense, decentralized means to place control to distributed smaller places rather than an organisation or institutions like a bank or the government.

Given this meaning, the Bitcoin network follows a similar operational system except the fact that instead of the control being delegated to various small places, it is distributed across hundreds of nodes. These nodes are people who have chosen to run the software on the electronic devices cryptocurrencies.

There is no influence of a central authority that makes the decision regarding the Bitcoin network. Actually, everyone has a shot at it if they know how to crack the code, that is, solve the maths to earn Bitcoin. It must also be noted that Bitcoin technology is not owned by any particular institution or government, therefore, no secluded mastermind has any control over Bitcoin.

Is the Bitcoin Network Governed By Anyone?

Honestly, nobody has any direct control over the Bitcoin network, rather users across the world have control over it. Bitcoin software can be improved and developed by anyone. Similarly, they are also free to choose whatever version of the Bitcoin software which they wish to run. Usually, users from around the world run a version of the software that is compatible on their device. The users working within the Bitcoin network are required to function in compliance with stipulated rules and it is only by a majority vote that harmony within the network is achieved.

Majority vote is what controls the Bitcoin network entirely. You must remember that every node within the network is treated equally and the decision is always dependent upon the majority. The strongest Bitcoin network always wins and this is why most miners, users, and developers try to respect as well as protect the mutual agreement that binds the Bitcoin network.

Bitcoin Network and its Influences

What influences the Bitcoin network is hard to answer in a word. Some say that the developers are the one who influence the most, since they are prime behind improving and developing the overall system. While others consider the miners as the primary influencers as they choose the software version they wish to run. But all together, it is the majority vote and users who have the ultimate influence over the Bitcoin network. The fact that Bitcoin is genuinely a decentralized currency working within a decentralized network answers the question of who controls the Bitcoin network.

Even if the developers improve the Bitcoin software, they cannot control or alter its protocol since users can use whatever version or software they wish. The consensus that all users need to comply with, for Bitcoin to work correctly is what makes users the ultimate controller of the Bitcoin network. This control is not restricted to one user but among all Bitcoin users making it a truly decentralised system with equal opportunities. Every developer and user is endowed with the responsibility to protect the consensus.

Conclusion

Therefore, there is no particular individual or institution that has complete control over the Bitcoin network. No Central power can regulate the use of the coins. If the Bitcoin network can be controlled, it is possible only if someone changes the way in which the network is handled, that is, by the creation of Bitcoin Fork. Then the entire underlying framework of the blockchain is altered but it will eventually topple.