$BTC Who controls the bitcoin network?
Although Bitcoin has developers who act as spearheads, no one controls the digital currency just as no one can control the development of email in the sense that it does not have a single owner.
Programmers can improve Bitcoin software, but they cannot impose a change in the protocol. This must follow the same rules for everyone and these are created by consensus among all users with their decisions on which platforms they choose to operate, for example.
In fact, when discrepancies arise about Bitcoin, they are resolved among the entire community. From there, the control of transactions is carried out by the users themselves, who are the ones that validate the blocks of the chain and the security of the transaction. Given that this chain cannot be altered because it is present on thousands of computers around the world and everyone must approve each change, the real control lies with the bitcoin users.
How does Bitcoin work?
For the end user, Bitcoin is just another means of payment, like the euro, and an asset to invest in, like a stock or oil. So, is it safe to invest in Bitcoin or not? In response to this question, it is important to know that behind this entire market there is a technology that allows the system to be reliable. This is the blockchain technology, which, among other things, prevents the double spending of the currency, meaning that someone can spend the same bitcoin again.
In very short terms, the Bitcoin network is a public accounting system of which each user keeps a copy. Each time someone makes a transaction, it is stored on the users' computers, thus preventing what is known as double spending.
Javier Molina, an expert in cryptocurrencies, explained in this video how Bitcoin and other cryptocurrencies work, their strengths and weaknesses:
