Who Controls Bitcoin? $BTC Spoiler: No one.


One of the most common questions (and a sign of a poor understanding of Bitcoin) is: "But who controls it? If Satoshi comes back, can he change the rules?" The answer is simple: Bitcoin cannot be controlled by anyone, not even its creator.

In the previous oneitem, I have tried to explain in simple words, how no entity can exercise control over Bitcoin. Now I would like to delve into why the fundamentals of$BTC are immutable, even in the face of a hypothetical return of Satoshi Nakamoto.

Bitcoin's code is immutable by design

Bitcoin runs on an open-source, decentralized protocol, where the fundamental rules – such as the maximum supply of 21 million BTC – are hard-coded into the network itself. This means that:

  • No one can change the supply or protocol without the consensus of the entire network.

  • Nodes validate every transaction and would automatically reject any illegitimate modification attempts.

  • Even if a powerful entity (Satoshi, a government, a bank) wanted to change Bitcoin, it would have to convince the vast majority of the network to accept it.

Why Not Even Satoshi Could Change Bitcoin?

Satoshi Nakamoto, if he ever came back, would just be another user on the network. Even if he still had access to his millions of BTC, he would have no decision-making power over the protocol. To change something he would have to:

  • Propose a code update– But whoever owns and manages a node could simplyrefuse to adopt it.

  • Convincing the miners– Even if miners followed his modification,if the nodes don't accept it, it's useless.

  • Attempt a hard fork – But that would just create a new, separate blockchain, like Bitcoin Cash. The real Bitcoin would remain unchanged.

    By Andor Elekes - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=112023036

Bitcoin belongs only to the network

Unlike fiat currencies (controlled by central banks) and many centralized cryptocurrencies, Bitcoin cannot be manipulated, censored, or inflated. Its value lies precisely in this: it is immutable, censorship-resistant, and decentralized.

Bitcoin's security and immutability comes from its distributed network of nodes. These nodes are computers that run the Bitcoin software, maintaining a complete copy of the blockchain and validating every transaction according to the rules of the protocol. This structure ensures that no single entity can alter the rules or manipulate the network.

Bitcoin is designed to be completely decentralized, which means that:

  • No government, bank or individual can change the rules.without consent.

  • Transactions are validated by a global network of nodes, not by a central authority.

  • The code is public and anyone can check it., ensuring absolute transparency.

To understand the robustness of the Bitcoin network, let's consider some data:

  • Number of active nodes: It is far superior to all other cryptocurrencies and currently has around 20,000 nodes.

    However, this number does not include nodes hidden under Tor. The most reliable estimates put the total nodes in the network at around 73,000.

  • Geographic distribution: These nodes are present in 5,773 cities worldwide, spread across 134 countries.

Bitcoin nodes guarantee the decentralization and trustless operation of the network, allowing each user to independently validate transactions, without having to depend on third parties, unlike the traditional financial system, where everything passes through Central Banks.

The Role of Open Source Code

The Bitcoin protocol is open source, meaning its code is public and can be examined by anyone. Any proposed changes must be accepted by the majority of the community, including developers, nodes, and miners. Even if Satoshi Nakamoto came back and proposed changes, they would only be implemented if the community approved them.

The Bitcoin code guarantees the maximum cap of 21 million BTC through the GetBlockSubsidy() function, which regulates the issuance of new bitcoins. This function determines the block subsidy, or the reward for miners, and provides for its periodic reduction through 33 pre-programmed halvings. When the subsidy drops to zero, the total supply will be completely issued, making it impossible to create new BTC.

the function of bitcoin code that determines the block grant


While Bitcoin is primarily used as a store of value, its ecosystem is evolving to facilitate its use as a currency of exchange as well. Layer 2s, such as the Lightning Network, are capturing an increasing number of BTC, enabling fast and cheap micro-transactions.

The Lightning Network, the first and most developed Layer 2, has reached a new high with over 5,200 BTC locked, worth over $350 million. Liquid Network also continues to grow, with nearly 4,000 BTC on the network, demonstrating that Bitcoin is becoming more widely adopted as a means of payment.



Article: Who Controls Bitcoin?

#Bitcoin #decentralization #Immutable