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Who controls the Bitcoin network

Nobody owns the Bitcoin network, much like no one owns the technology behind email. All Bitcoin users around the world control Bitcoin. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. To stay compatible, all users must use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a solid incentive to protect this consensus.

Nobody owns the Bitcoin network, much like no one owns the technology behind email. All Bitcoin users around the world control Bitcoin. While developers are improving the software, they can't force a change in the Bitcoin protocol because all users are free to choose what software and version they use. To stay compatible, all users must use software complying with the same rules. Bitcoin can only work correctly with a complete consensus among all users. Therefore, all users and developers have a solid incentive to protect this consensus.

Why do people trust Bitcoin

The trust in Bitcoin comes from the fact that it requires no trust at all. The Bitcoin code is fully open-source and decentralized. That means anyone can access the entire source code at any time. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoin issued can be transparently consulted in real-time by anyone. Every Bitcoin payment can be made without reliance on a third party. The whole system is secured by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can't be trusted.

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The trust in Bitcoin comes from the fact that it requires no trust at all. Bitcoin is decentralized and fully open-source. That means anyone can access the entire source code at any time. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoin issued can be transparently consulted in real-time by anyone. Every Bitcoin payment can be made without reliance on a third party. The whole system is secured by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.

​How does Bitcoin work?

From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows users to send and receive bitcoin. 

Behind the scenes, the Bitcoin network shares a public ledger called the "blockchain." This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is secured by digital signatures corresponding to the sending addresses. This allows all users to have complete control over sending bitcoin from their Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a bitcoin reward for this service. This is called "mining."

​Is Bitcoin Legal

To the best of our knowledge, Bitcoin has not been made illegal by legislation in most jurisdictions. However, some jurisdictions (such as Argentina) severely restrict or ban foreign currencies. Other jurisdictions (such as Thailand) may limit the licensing of certain entities, such as Bitcoin exchanges.

Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on integrating this new technology with the formal, regulated financial system. 

From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and allows users to send and receive bitcoin. 
Behind the scenes, the Bitcoin network shares a public ledger called the "blockchain." This ledger contains every transaction ever processed, allowing a user's computer to verify the validity of each transaction. The authenticity of each transaction is secured by digital signatures corresponding to the sending addresses. This allows all users to have complete control over sending bitcoin from their Bitcoin addresses. In addition, anyone can process transactions using the computing power of specialized hardware and earn a bitcoin reward for this service. This is called "mining." 

​Bitcoin vs bitcoin

Bitcoin is the software, and bitcoin is the currency. Bitcoin with a capital B is the software; bitcoin without the capital is generally the currency.


​How does Bitcoin work?

Bitcoin is designed to allow users to send and receive payments with some degree of privacy. However, Bitcoin is not anonymous and cannot offer the same level of privacy as cash. The use of Bitcoin leaves extensive public records stored on the public blockchain. Various mechanisms exist to protect the privacy of users, and more are in development. However, there is still work ahead before most Bitcoin users use these features.

Some concerns have arisen that private transactions with Bitcoin may be used for illegal purposes. However, it is worth noting that Bitcoin will likely face similar regulations that existing financial systems follow. Bitcoin cannot be more anonymous than cash, and it is not likely to prevent criminal investigations from being conducted. Bitcoin also prevents financial crime because funds can be followed through the public blockchain

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Bitcoin is the software, and bitcoin is the currency. Bitcoin with a capital B is the software; bitcoin without the capital is generally the currency.