Bitcoin Forum

The Electronic Currency which is the basis or basis of the currency is the existing currency we know today (such as the dollar, euro, rupiah) which has the physical form and legal status in the eyes of the law. Whereas the base of Crypto Currencies comes from the computer programming language they develop. For this reason, there are various other fundamental differences between Electronic Currencies and Crypto Currencies, among them are. Crypto Currencies do not involve conventional actors in the financial world such as the central bank, and the publisher of Crypto Currencies is also not a financial institution, so there is no oversight institution that has so far sheltered it.

The answer to your question is simple, and it happens to be the fact that the bitcoin and other cryptocurrencies are decentralized,now what does that mean?, it simply means there is no body,rules,organization,government,insurance company nor Central Bank that acts as an overseer over this network/currency

This network/system/currency Is controlled only by the Individuals,users,enthusiast,investors etc in the system,only them can affect and influence the price/value in many ways, all depends on the demand/supply of the particular cryptocurrency coin
The blockchain technology happens to be the only institution/tecnology that has played this role somewhat as it is the technology on which this system is built,making use of cryptography and confirms/stores all transactions that take place on this network...The blockchain technology is the only indispensable institution of the BITCOIN
 

Exactly, and that's why its impossible to know the exact circulation of bitcoin or any other coins since no one knows how many bitcoins have been lost due to failure of PCs, crashing of hard drives having bitcoin wallet or private keys. Nobody rules these decentralized currencies and that's why no one can help you when your coins are lost of stolen.

right. But it is guarded underground by the dark forces and the Bitmans. This is one of the things that makes bitcoin prices go up or down erratically. They always have a huge amount of money to keep the value of Bitcoin always high and use that money to make money from other traders.

Crypto currency is decentralized. So there is no organization or institution or Government to be in charge of it. If there were some oversight institution that would defeat the purpose of it being centralized.

there are "institutions" that have that "oversight" over bitcoin. it just happens that they are plural instead of being 1 centralized "institute" controlling everything. and they are called full verifying nodes. at the heart of it, the concept is the same. these nodes are doing the verification and in short enforcing the rules just as 1 governing body would do in a centralized system.

But it's decentralized right? why will all the sites on the internet say its decentralized when its not? If this true then I have believed a stereotypes all these while. But wouldn't it be cool to be if had people we could hold responsible if a transaction didn't get passed the block chain?

Base on deportment exhibited by this technology called Blockchain, it doesn't feed in an entity to mediate in it transaction, so therefore, the process will not be called decentralize if individuals or group of people are now standing in between it transaction.

Yeah makes sense. But still its very much surprising how things work so smoothly even when the decentralised institutes with no name and agenda work together to make it unified system. I am not sure about how the real mechanism works in verifying the nodes (I guess blocks mining and embedding into chain ?? ) but it does happen with smooth algorithm via these institutes.

Would love to know in depth, what does it mean when you say "full verifying nodes".

Crypto currencies were developed to be independent from centralized institutions, so I do not see why people are still hanging onto traditional requirements and old outdated systems. We do not want governments or Banks to manipulate Crypto currencies and we achieved our goal with this, so people should just accept that Bitcoin is the new way of doing business.

Satoshi created and designed Bitcoin to run without centralized oversight or control and this is exactly what we wanted. No toilet paper money will be created with Bitcoin.  ;D

that is the whole power of a decentralized currency!

it doesn't rely on a centralized "institution that protects" anything. instead it relies on its users, or more precisely on the network and the participants of that network which are the nodes. this in my opinion is a great design and gives bitcoin the power that is making it stay number one and still grow.

Being decentralized, It would be a mockery of some sort if an agency somewhere oversees the issuance/distribution of $Bitcoin. Since a conscensus is reached through distributed systems mining $Bitcoin, everyone is welcome to the party if only you can afford the hardware and energy needed! Everyone mining $Bitcoin is a distributed of $Bitcoin. The only time any agency can monopolize the distribution of $Bitcoin, would be when they have 85% of the Hashing power.

The circulation amount is already set by the code, it can't be changed without a fork.  This is one of the reason bitcoin continues to grow in value.  While adoption increases the inflation rate becomes lower with each halving.  The miners are the ones that generate the coins but over 70% of them are located in China.

Because of the decentralized nature of cryptocurrency, no institution can regulate it. Even the government cannot control it

No institution or organization runs bitcoin for us, the whole circulation of bitcoin is simply decentralized and we don't need any institution to run it for us. The basis of blockchain technology has always been decentralized so we in the Crypto ecosystem controls the circulating volume.

bitcoin has no leader from any institution, bitcoin is only controlled by market traders to create a value, and about the protection and security of bitcoin has created many systems from the market or bitcoin wallet

Fiat currencies can also be digitally installed into your phone or debit card and you can carry that about without actual bank notes.

But you do not have the level of control in crypto as you are allowed in the banking system. Cause cryptocurrency is not regulated or controlled.

As the bitcoin is anonymous and decentralised, it's supposed to stay away from any kind of authority. But there might be some authority or whales who has the power to manipulate the coin, but still no specific authority has been seen yet.

Blockchain technology is the only platform or in this case an "institution" that is in a way responsible for for the protection of the circulation of Bitcoin. This has always been the case.

As we all know the cryptocurrencies works in a decentralized blockchain system, it is an engineered program to sort all the problems that normal transactions have. So there goes your answer to the question that, NO, there is nothing sort of institution that regulates Bitcoin or cryptocurrencies.

Bitcoin is decentralized, which is totally opposite to fiat currency. That means no govenment or bank is responsible for anything that happens to bitcoin. It completely depends on the users and investors of bitcoin.

But what if that group of full verifying nodes "gets into the hands" of some institution that aims to enforce the rules? In that case that institution would effectively have said powers. Whether this is an official institution or a non-official group of people, I believe this has happened already in the crypto space before, right?

As we know that BTC is a decentralized currency. There is no institute that protects the circulation of BTC. Obviously BTC entire process include trading depends on individuals.  But there is a big act of Blockchain involved in Bitcoin trading.

Based on the satoshi whitepaper that bitcoin has no control of a state or business institutions. It's true that Bitcoin is decentralized but we know that the business world needs control for every transaction of its users and I think if someday in the future there will be institutions that can control the circulation of bitcoin based on blockchain demographics. So the government can control through the KYC system and transactions based on the IP they use.

Governments are not able to control transactions. There are many transactions made daily without any 3rd party. Governments are only trying to know people using some services like exchanges. They are always some ways for the people who don't want their identity to be revealed. 

I don't think that there is any organization that does this because as far as I know btc is the decentralized coin. To my mind, it is better to hold it now because the future will show what will happen on the market

I am sure that this does not exist and for the foreseeable future it will never exist, because from the beginning the goal of crypto was also to become a decentralized exchange, so that if there is indeed an institution that manages, then it is no different from the Bank

I have never found any sources about an institution protecting the circulation of Bitcooin, but the discussions for making regulations to protects Crypto and bitcoin are take by several financial services authority or the stakeholders. Protecting regulations should probably be made for the pleasure and safe transactions.
We know that since bitcoin was created, it has been progressing well. For a decade bitcoin now is mostly recognized by all countries around the world. Let support and make it bigger. 

There is nobody, government or group of people that control the circulation of bitcoin. This attribute makes it different from the fiat currency that is control by the central banks of nations

We see only a visible part of an iceberg. All were told that everything is decentralized also all so think. (it can so and is) But as spoke Karl Marx-all now questioned by.The very principle of the existence of Bitcoin implies the absence of regulation.I still believe that bitcoin is decentralized and not subject to control.

They still can't trick legitimate nodes into accepting bogus transactions, so no. This is called a Sybil Attack (https://en.bitcoin.it/wiki/Weaknesses#Sybil_attack). I have no idea if altcoins have been attacked this way, but it has never happened to Bitcoin as far as I know. The only way to really attack it is a 51% attack, which would be incredibly difficult to pull off.

Well, i dont think there is any. Bitcoin is decentralized, the circulation of bitcoin will depends only from the holders of bitcoin itself.
If you want to move your bitcoin from your wallet to exchange wallet, there will be no one can prevent you, right ?
So, the circulation volume will depend on the holders.

Currently we see that only blockchain is software circulating between them, and even now governments or organizations do not stand out, only bitcoin blockchain and hierarchy go together, forming the guard ring absolute bitcoin.

A 51% attack is not entirely impossible lately, with a lot of the total hashing power being in the hands of the Chinese. They are currently more interested in making money, than using that hashing power to sabotage the cow that gives them milk.  ;)

The Chinese government can use this as a weapon if they seize control of that hashing power, but I see no reason to do that, if this is generating foreign income on a large scale for them.  ::)

As the states legalize cryptocurrency, they determine its official status and, according to this status, take it under their protection, including judicial protection. Therefore, after the legalization of cryptocurrency, all of its owners, in the event of a violation of their right to own or use a cryptocurrency, can officially apply to law enforcement or judicial authorities to protect their right.
A cryptocurrency does not have its own defense authority, however, as a property, means of payment, property, securities, and so on, according to the recognized status, it is subject to general protection by the state.

So bitcoin is made for its owner to control it, and not some organs.

Owner???
It depends on what you mean by owner
The users of the system are the actual body of controllers,as there is no government or regulatory body, users/investors pilot the affairs of the system through the demand and the supply for the currency..

There are developers that come up with additions to better the system and eliminate some of its underlying issues, but they have no control over the system

The system is decentralized(thats the key word)

I don't think there is a legal entity that can protect our bitcoin assets especially in my country, which the government has not fully even prohibited direct transactions using bitcoin. I don't think the law will take sides for now.

I think there are on institution that protect circulation of bitcoin, because we see it is not published or make it public. But maybe some big people are behind it. If not they can't control bitcoin circulation and supply/ demand can't controlled.

Well yeah I did say incredibly difficult lol.

I don't buy the theory that China can take control of Bitcoin's hashpower. They would have to take over multiple big companies for no reason, and while I know that their government can get away with pretty much anything, I'd like to believe that even they have their limits. It's a risky power move which can potentially cause a lot of backlash that wouldn't even be beneficial for them. Chinese miners are also starting to distribute their hashpower, so there may come a time when this would be a complete non-issue anymore.

I think what wrong here is your mindset about Bitcoin and the spirit also philosophy that is brought with it, for the circulation itself it can be set in code while for circula (http://yubster.com)tion using it on the transaction back to the user and community itself, here the government should fill its role as a regulator so there's no unwanted things happened, especially crimes.

I think what's wrong here is your mindset about Bitcoin a (http://renovasi-rumah.net)nd the spirit and philosophy brought along with it, for the circulation itself it can be arranged with code while for the circulation of transaction is depends to the user itself, the government should be a regulator so there will be no inappropriate actions.