Last updated on May 28th, 2023 at 09:34 am
As a decentralized system by design, it can be quite difficult to pinpoint where the actual power lies in Bitcoin (BTC). However, in the ecosystem, you will see many different players like holders, developers, miners, and exchanges.
But in terms of the type of protocols that will be improved, one entity has generally been seen to have more power than the others. As previously mentioned, the probability of becoming the supply of available BTC has the biggest impact on the price of the holder’s BTC. If you are interested in bitcoin trading visit Bitcoin’s Taproot Upgrade
Considering this point, they also have the most power in terms of what kind of improvements are made to the BTC protocol because generally everyone sees the native token on the platform as more valuable if seen in the system Creating is encouraged.
Who Controls Bitcoin?
By definition, decentralization means “the complete transfer of control of a government or organization from one place to many smaller places the same is true for the BTC network, where control of the system is delegated to thousands of nodes, rather than “many small locations”—especially those that run the BTC software on their computers.
Furthermore, decisions regarding the bitcoin network are not made by any central authority; Additionally, everyone gets to call the shots. There is no such mastermind around the world who can control bitcoin technology.
Rule of bitcoin
There are a majority of users around the world by whom BTC is controlled. This means BTC software can be developed and improved by anyone, they have complete freedom to do so.
In the same way, one has complete freedom to choose which version of the software one wants to run.
However, users may need more networks to use it, which will require them to come together and run compatible versions of the software together.
Because if it is necessary to have a strong network for which all users work within the same rules, then the best option would be, and only by doing this, the consensus of BTC is formed by the majority.
Speaking of the majority vote, it is this one that can control BTC. Since all nodes are equally available in the network, everything is decided by the majority.
And if someone opposes the change, he/she is completely free to join other systems. A robust network achieves this, and therefore there is an incentive for most developers, users, and miners to adopt and secure this mutual agreement. Because it’s in everyone’s best interest to keep the network safe, active, and healthy.
Talking about nodes, they act as referees for bitcoin. They maintain a ledger of each transaction as well as validate all blocks before adding them to the chain.
Just like a referee, the rules are enforced by the node, they don’t create them. However, they cannot be changed or decided to follow certain instructions arbitrarily in any way.
Even if they do, the other nodes do not fully agree with them and any offending nodes are completely excluded from the consensus.
And would also only be able to refer to those that have changed the same rules in the same way.
Given this, you might think that very little control can be exercised by the nodes. But it is not true at all.
While the nodes do not directly contribute to changes like the developers, their power cannot be taken away from their obstinacy.
Once a node is installed, its operators need to be convinced to upgrade. As mentioned above, changes can be proposed by the developers, but if they are not adopted by the node, it is all for nought. Nodes only reject upgrades that they do not fully agree with.