The short answer is No One!
Yeah, we know this answer might be difficult to understand.
So how is it possible that nobody owns Bitcoin and why is it important it stays that way?
In this article, we explain the reason why nobody owns Bitcoin which is a concept called decentralization, and why it’s one of Bitcoin’s biggest benefits.
What is Decentralization?
Decentralization is the process of distributing and dispersing power away from a central authority.
So just like the Internet, no one owns or controls Bitcoin. Nobody has ultimate power over it. No one can shut Bitcoin down, or change its mode of operation to suit their own purposes. But there is a disclaimer, we are not saying it is not possible, but we just want you to know that no single person or a group of people has the power to do them.
As the Bitcoin website FAQ explains:
It says nobody owns Bitcoin Network, the same way nobody owns the technologies behind sending mails. It is controlled by all traders around the world. Developers might be improving the software but they don’t have the ability to force any change in Bitcoin modes of operation.
Everybody involved in Bitcoin trading and transactions have the right to choose whatever software they want to use and whichever version they want to use. But in order to stay in sync, all users must comply with the same rules. Bitcoin only works when there is a consensus among traders and investors.
This right here is one of the most significant features and advantages Bitcoin has over the traditional currencies.
So just like the internet, Bitcoin is always compared to it, because the two can’t be controlled by anyone. they are managed by its surrounding ecosystem, which includes:
- Users – people who buy, sell, transact and store Bitcoin
- Miners – people who process Bitcoin transactions, mine new Bitcoin, and always keeping the network running
- Developers – Software Engineers who work on improving the Blockchain network
- Companies and their shareholders like YuanPay Group, who enable users to trade their Bitcoin, access Bitcoin, and keep it safe.
One key advantage of decentralized systems is that they have no single point of failure. But this doesn’t mean these systems are indestructible. However, they will be very difficult to attack.
Bitcoin being a decentralized system means that everyone involved in its trading or transactions, this include, the users, the miners, the developers, the companies, and also the shareholders – has ‘skin in the game.’ This means they are obligated to do what they think or know is best for the network, and they are all taking on the big risk if something goes wrong.
Since its introduction to the financial market, Bitcoin business has made its adoption very encouraging, as it is simple to use Bitcoin, and it wants the industry to grow in a very healthy way, because the more people buy, sell, trade, store, and learn about Bitcoin, the more they benefit.
Miners are the most influential party of the Bitcoin network, they will always want to profit from the continued growth of the network, as they are the ones that take on the most risk by investing their money and time into their equipment, they have a strong incentive to keep it going.
Also, we see developers pushing for the growth and improvement of Bitcoin. Whether that is for political, financial, or social gain. Maybe they enjoy the challenge.
And lastly, Users want the benefits that Bitcoin has to offer which include: high security, great transparency, lower costs, profit from investing, more control of their money, and many more.
Bitcoin Decentralisation Means it Offers True Financial Freedom
The real implications of this might be difficult to understand, especially if you are a citizen of a country with a good and stable economy, you might have access to financial services that meet your needs, but some people don’t have that luxury.
As Bitcoin is Decentralised, it is independent of all sorts of centralized control. There are some serious problems with the traditional and local currencies, Bitcoin is largely immune to them.
Some of these Problems are:
- Bitcoin can not be shut down on compulsory holidays by the government which leaves people without access to vital monetary services.
- Bitcoin is not influenced and can’t experience hyperinflation issues due to any badly managed monetary policies.
- Bitcoin can not be suddenly withdrawn.
- Nobody can seize Bitcoin from your account to bail out failing institutions which is known as a bail-in.
- Bitcoin can not be taken away by international sanctions.
- And finally, Bitcoin can not be censored or banned.
As this YuanPay group review explains that decentralized Bitcoin is going to upgrade the world to a better digital system, this will be open and everybody will have equal access to it.
In conclusion, Bitcoin belongs to you as much as it belongs to anybody else.