Bitcoin Blockchain is a truly decentralized system that has no CEO, no board of directors, nor does it have any sort of centralized control.
Background:
As Bitcoin ETFs gains approval from SEC for everyday investors in Jan of 2024, there has been renewed interest in Bitcoin cryptocurrency as a commodity and as a speculative asset. Our primary interest in Bitcoin focuses on the “Bitcoin Blockchain” aspect vs. the commodity/asset/currency/cryptocurrency aspect.
We believe Bitcoin Blockchain is potentially the world’s most secure computer network due to its truly decentralized nature. Regardless of the increase or decrease in the Bitcoin cryptocurrency value, the fundamentals of Bitcoin Blockchain remains the same.
This article focuses our attention on this decentralized fundamental aspect of the Bitcoin Blockchain.
Analysis:
There is no CEO, board of directors or centralized control of some sort for the Bitcoin Blockchain.
In other words, Bitcoin and Bitcoin Blockchain are not controlled by a single person, a few people, a company, an entity or a few entities. Said differently, an individual cannot wake up one day and decide to change the Bitcoin Blockchain or the consensus mechanism of the Bitcoin Blockchain. Similarly, a few friends, a few interested parties, many friends, many interested parties cannot collude to change the Bitcoin Blockchain or the consensus mechanism of the Bitcoin Blockchain.
This “anti-collusion” aspect provides, to a certain extent, peace of mind to the users, since no one has the ability to change history, erase transactions, alter past events, or deny the existence of past transactions/events.
Another example that illustrates this inability to collude is documented in the
book called “Blocksize Wars”. Without debating the merits of each side of the
Blocksize war, it is important to note that the outcome demonstrated in the
Blocksize War illustrates the inability for powerful/engaged/interested parties to
get together as a group and change things easily on the Bitcoin Blockchain,
without the consensus of extremely large number of nodes.
Said differently, the Bitcoin Blockchain cannot be strong-armed.
Reference:
“The Blocksize War: The battle over who controls Bitcoin’s protocol rules” written by Jonathan Bier.
Disclaimers:
This article does not constitute medical advice, financial advice or any advice at all. Please consult your healthcare provider for information concerning specific medical condition. Lifestyle choices are individuals’ choices.
This article is also not intended to provide any investment, financial, legal, regulatory, accounting, tax, medial or other advice, and nothing in this article should be construed as a recommendation, by Eggschain, its affiliates or any third party, to acquire or dispose of any investments or security, or cryptocurrency, or to engage in any investment strategy or transaction. One should consult one’s own doctor, investment, legal, tax and/or similar professionals regarding one’s specific situation and any specific decisions.
