{Blog #2 : Bitcoin} Who Controls Bitcoin??

in bitcoin •  4 months ago

Who Controls Bitcoin??

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Bitcoin is not controlled by any single organization.

Computer programmers from all over the world work together on Bitcoin, however decisions about changes are made by the entire network.

People from all over the world contribute their computing power to process transactions on the Bitcoin netnetwork.

Transactions are processed and agreed upon by the majority of the network.
This makes it almost impossible to manipulate transactions, as transactions must be approved by the majority of the network.

This group oversight keeps the network safe and secure while controlling transactions that occur. In order to hack the network and gain control over Bitcoin, more than 50% of the computers must be controlled at the same time.

This would require hacking thousands of computers at once, which is almost impossible given the size of the Bitcoin network. The Bitcoin code is open source, so anyone can view the code and help make improvements to Bitcoin. When a change is suggested, the proposal is given to the Bitcoin network.

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The computers connected to the Bitcoin network, vote on whether to approve or reject a proposal.
If there is majority supsupport for a proposal then the change is implemented by the programmers.

When a change is made, a new version of the Bitcoin software is released. People connected to the Bitcoin network, can decide whether to upgrade their software or keep the old version.

If enough people on the network upgrade their version of the Bitcoin software, then that change becomes accepted by the majority of the network.

It is possible that the network is divided on a software change, which could result in part of the network making changes and upgrading their software while another part keeps the old version.

If enough people split off from the main network, this could potentially result in two different versions of Bitcoin along with two separate currencies.
This is known as a hard fork and will be covered later in the another Blog.

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1 ) {Blog #1 : Bitcoin} What is Bitcoin & Cryptocurrency???
Link : https://steemit.com/bitcoin/@hundted/what-is-bitcoin-and-cryptocurrency

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