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[Dagov]

How is Bitcoin governed?
Bitcoin is not a business that has an owner. There is no body in charge of it. The program is a protocol that operates independently and is updated by programmers. They are backed by organizations like miners, who are the owners of the equipment used to create new Bitcoins and keep the network secure.

Participants do have the ability to cast a vote for which Bitcoin software should be supported using their devices. If developers make and publish necessary modifications to the current protocol, the miners won't be impacted unless they choose to adopt them.

 

[btaliat]

Though, there is no central body that regulates the bitcoins and even cryptocurrency in general but the trading platform also provides some measures of control. This is to monitor the way transactions is done on their platform.

 

[Bigron]

Digital currency known as Bitcoin is decentralized, meaning it is not managed or regulated by a single entity. Instead, a decentralized network of computers and people from all around the world maintains the Bitcoin network. The fundamental code and the agreement of the users and developers that assist in the ongoing growth of the Bitcoin network serve as the guidelines that control it.

 

[Margery]

Your concern is understandable and your doubts are understandable, especially if you have little experience with decentralized systems and technologies like bitcoin.
However, it is important to understand that bitcoin, like any other technology, is not without risks. Changes in technology, market factors or regulation may affect its stability and value. Therefore, it is important to continue to study and understand bitcoin and other cryptocurrencies before making decisions about your participation in them.

 

[Medo24]

Every aspect of investment has its challenges and inefficiencies which cryptocurrencies are not exempted from. So the best is to understand the dynamism of the market and the technicalities around so you can explore it.

 

[Wisdom01]

So many factors largely contribute to Bitcoin governance and others , I believe Bitcoin would only develop if many factors are been considered , these should be taken into consideration before anything else I think

 

[Medo24]

Bitcoin has set the pace for other cryptocurrencies to develop and develop the ecosystem. Have few numbers of bitcoin halvings, it will be an asset of high demand cos it will only be available for recirculation.

 

[Flower]

Bitcoin was designed to be governed by the market forces and it is a decentralized digital currency that lacks a central authority . The price of bitcoin is determined by the amount of acceptance and the amount of rejections that it gathered.

 

[Medo24]

Bitcoin was designed to be governed by the market forces and it is a decentralized digital currency that lacks a central authority. The price of bitcoin is determined by the amount of acceptance and the amount of rejections that it gathered.

Yeah, but it is also influenced by persons holding a significant size of the coin ( the whales). These persons can stir the market in their favor by creating artificial market forces. You can imagine how a tweet from Elon Musk a few years back dragged the price of Bitcoin from almost $60000 to what it is today.

 

[Flower]

Yeah, but it is also influenced by persons holding a significant size of the coin ( the whales). These persons can stir the market in their favor by creating artificial market forces. You can imagine how a tweet from Elon Musk a few years back dragged the price of Bitcoin from almost $60000 to what it is today.

Yes! We cannot dispute the fact that individual has influence in regulating the price movement of bitcoin because we've heard in the past of how people falsify demand and supply inorder to drive the price of bitcoin.

 

[Medo24]

I guess the crypto ecosystem has outgrown that era of fear of missing out (FOMO) orchestrated by celebrities, and other business moguls within and outside the crypto space. Market forces and government policies now determine or govern bitcoin prices.

 

[microunit]

Bitcoin and the cryptocurrency systems are all automated and nobody governs them unless the developer of a certain coin or token keeps changing the token or coin contract each time to benefit certain people or the developer/s although I'm not yet that knowledgeable on the latter part as I've only heard a couple of small tokens that keeps changing the content of their contract

 

[Medo24]

Of course, it is difficult to manipulate the Bitcoin algorithm but the money bags and other influencers are capable of determining the direction of the market. Other smaller coins can be manipulated by the developer because their algorithms differ.

 

[Japhnet]

Bitcoin is governed by its own set of rules, which is implemented by its network of computers all over the world. These rules determine how transactions are verified and added to the blockchain, how new bitcoins are created, and how the network is secured.

 

[Ming98]

Bitcoin is decentralized and not controlled by any single entity. Instead, the Bitcoin network is governed by a combination of computer code and consensus among its users. The Bitcoin protocol, or set of rules, is encoded in the software that runs the Bitcoin network. This software is open-source, meaning that anyone can view and modify it.