Bitcoin operates without a central authority, like a bank or government. Instead, its network is decentralized, meaning it's run by a distributed network of computers (nodes) across the globe. This design ensures that no single entity controls Bitcoin, making it resistant to censorship and single points of failure. Transactions are verified and recorded on a public, distributed ledger called the blockchain, maintained by these nodes through a consensus mechanism. This decentralized nature is a core tenet of Bitcoin, offering users greater autonomy and security compared to traditional financial systems.