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Who controls Bitcoin?

Since we know that fiat money is controlled by governments and banks, who controls Bitcoin is the next question. This is simply answered through its decentralized nature: nobody and everybody at the same time.

There is no authority that makes decisions in regards to the network; instead, everyone gets to call the shots. There is no hidden, evil mastermind who really controls Bitcoin behind it all.

This is who controls Bitcoin: majority vote. Since all nodes in the network are equal, if the majority decides something, it will happen.

But who controls the Bitcoin network? One might say that it is developers, who discuss how the network should be developed and improved. But again - it must be the majority who decides on the future of Bitcoin, as there are no nodes, or participants, that get any special or preferential treatment.

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Bitcoin History

Public Bitcoin history begins on 18 August 2008, when the domain name bitcoin.org was registered. Later that year on 31 October, a link to a paper authored by mysterious Satoshi Nakamoto titled “Bitcoin: A Peer-to-Peer Electronic Cash System”...

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Countries in which Bitcoin is banned or legal

When preparing to buy Bitcoin, one of your first steps should be to find out whether it is legal in your country or not. If you already know the state of your own country but are curious for the rest of them, read on! Bitcoin is not just legal or...

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How does bitcoin work?

If you are wondering how to use Bitcoin, studying its inner workings might help, too. You may have discovered that the questions about Bitcoin more often refer to what it is, rather than how does Bitcoin work. In fact, these two are inextricably...

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Should I buy Bitcoin?

Ever since Bitcoin almost reached USD 20,000 in December 2017, “Should I buy Bitcoin?” has been among the most popular questions, closely followed by, “Should I buy Bitcoin now or am I too late?” To preface this, we must say that we are...

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Bitcoin cold storage

What is cold storage for Bitcoin is one of the most often asked questions due to the rising popularity and people’s need to keep their coins secure. The storage (or a wallet) safeguards the secret code you need to use your bitcoins and helps...

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How to buy and sell Bitcoin in UK?

As the cryptocurrency industry overcomes boundaries and country borders, it gets easier to buy Bitcoin in the UK, and not much different than buying it from, say, Canada. If you’d prefer to use businesses that are from the UK, among the leading...

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