Who controls the Bitcoins?

[ilovefeetsmell]

Who in the world controls the bitcoin? I don't understand where it appeared and how it began to be one of the official currencies?
Who controls the course of Bitcoin?

No one controls the bitcoin. It’s the whole Bitcoin community control it altogether. Satoshi Nakamoto developed the concept of Bitcoin but he never had full control it. Bitcoin is decentralized, even the banks and government couldn't control it.

[roomfirst]

Who in the world controls the bitcoin? I don't understand where it appeared and how it began to be one of the official currencies?
Who controls the course of Bitcoin?

I think no one can control the bitcoin, i mean all people who have bitcoins can do anything with their coins. Even satoshi can't control bitcoin ? CMIIW. Actually The "whale" people can control the bitcoin at the price, i mean people who have many bitcoins on their wallet, like 1k - 10k bitcoins or even more. They can give a big significant about up and down on the price of bitcoin.

[Fatanut]

I'd say no one really. It's decentralized but as for it's value that could be determined from a large range of factors: miners and the market. On another point, however, while you technically can do whatever with your Bitcoins, if they're in an exchange or wallet or whatever that's been ceased, hacked, or shut down, your control tapers off as what happened with Mt. Gox and China exchanges right now.

it is decentralized indeed , but how about the 51% attack?
do you think it will still make bitcoin uncontrollable?
i don't think so , at this point it was bitcoin weakness ,
and it could happened anytime , some people can control bitcoin.

I don't you have to worry about 51% attack at all. Mining farms nowadays cost billions of dollars. I don't think someone will invest much more than the best mining farms just to attack bitcoins. It would be much better if he's just going to mine bitcoins as well instead of attacking the network since attacking the network will decrease the price of bitcoins[1]. When bitcoin goes mainstream, there would be investors that will invest even more than the best mining farms of today.

[1] It will decrease the price of bitcoins because the investors will see that it's under attack. Thus, selling their coins.

[Kabul]

I'd say no one really. It's decentralized but as for it's value that could be determined from a large range of factors: miners and the market. On another point, however, while you technically can do whatever with your Bitcoins, if they're in an exchange or wallet or whatever that's been ceased, hacked, or shut down, your control tapers off as what happened with Mt. Gox and China exchanges right now.

it is decentralized indeed , but how about the 51% attack?
do you think it will still make bitcoin uncontrollable?
i don't think so , at this point it was bitcoin weakness ,
and it could happened anytime , some people can control bitcoin.

I don't you have to worry about 51% attack at all. Mining farms nowadays cost billions of dollars. I don't think someone will invest much more than the best mining farms just to attack bitcoins. It would be much better if he's just going to mine bitcoins as well instead of attacking the network since attacking the network will decrease the price of bitcoins[1]. When bitcoin goes mainstream, there would be investors that will invest even more than the best mining farms of today.

[1] It will decrease the price of bitcoins because the investors will see that it's under attack. Thus, selling their coins.

I agree. 51% attack will cause negative effect not only on people who have bitcoin but also on the attackers. This event can lower the prices of bitcoin into 4 or even 10 times and it will make BItcoin worthless. Therefore,I think no one is insane enough to start this war

[nillohit]

Who in the world controls the bitcoin? I don't understand where it appeared and how it began to be one of the official currencies?
Who controls the course of Bitcoin?

Nobody controls the Bitcoin. It's fully decentralized 

[deisik]

I'd say no one really. It's decentralized but as for it's value that could be determined from a large range of factors: miners and the market. On another point, however, while you technically can do whatever with your Bitcoins, if they're in an exchange or wallet or whatever that's been ceased, hacked, or shut down, your control tapers off as what happened with Mt. Gox and China exchanges right now.

it is decentralized indeed , but how about the 51% attack?
do you think it will still make bitcoin uncontrollable?
i don't think so , at this point it was bitcoin weakness ,
and it could happened anytime , some people can control bitcoin.

I don't you have to worry about 51% attack at all. Mining farms nowadays cost billions of dollars. I don't think someone will invest much more than the best mining farms just to attack bitcoins. It would be much better if he's just going to mine bitcoins as well instead of attacking the network since attacking the network will decrease the price of bitcoins[1]. When bitcoin goes mainstream, there would be investors that will invest even more than the best mining farms of today

You seem to be confusing billions with millions

The whole market cap of Bitcoin is below 20B dollars at present, so there is no way some miner (or even all miners combined) could have invested that much in the mining equipment. Apart from that, there may still be a viable reason to perform (or make an attempt at performing) a 51% attack. If miners have already earned decent profits, they may collude to try this attack (basically, pretend to attack) to bring Bitcoin prices down to buy up cheap bitcoins (again). Besides, this is what we could well expect next from the Chinese authorities in the their ruthless fight with Bitcoin in China (and a lot more)

[nyanhtet]

Miners control bitcoin. Network in their hand and most from china. And they also control price. 

[Fatanut]

I'd say no one really. It's decentralized but as for it's value that could be determined from a large range of factors: miners and the market. On another point, however, while you technically can do whatever with your Bitcoins, if they're in an exchange or wallet or whatever that's been ceased, hacked, or shut down, your control tapers off as what happened with Mt. Gox and China exchanges right now.

it is decentralized indeed , but how about the 51% attack?
do you think it will still make bitcoin uncontrollable?
i don't think so , at this point it was bitcoin weakness ,
and it could happened anytime , some people can control bitcoin.

I don't you have to worry about 51% attack at all. Mining farms nowadays cost billions of dollars. I don't think someone will invest much more than the best mining farms just to attack bitcoins. It would be much better if he's just going to mine bitcoins as well instead of attacking the network since attacking the network will decrease the price of bitcoins[1]. When bitcoin goes mainstream, there would be investors that will invest even more than the best mining farms of today

You seem to be confusing billions with millions

The whole market cap of Bitcoin is below 20B dollars at present, so there is no way some miner (or even all miners combined) could have invested that much in the mining equipment. Apart from that, there may still be a viable reason to perform (or make an attempt at performing) a 51% attack. If miners have already earned decent profits, they may collude to try this attack (basically, pretend to attack) to bring Bitcoin prices down to buy up cheap bitcoins (again). Besides, this is what we could well expect next from the Chinese authorities in the their ruthless fight with Bitcoin in China (and a lot more)

Oh, sorry. Anyway, you were right that after these miners have made profit or at least have got their ROI back, they might attack the bitcoin for that strategy or maybe it was their ulterior motive right from the start. We don't see anyone doing it right now (because if so there would be floods of articles about the 51% attacker). Maybe the ones that have invested the most haven't got his ROI yet or simply mining more bitcoins would be a far better move than attacking the network to lower the price and buy at low price or they simply don't have any intention to attack bitcoins at all. Regardless, if someone big does 51% attack, other miners will be aware of these (along with other attacks) and use it as a part of their strategy.

[TelolettOm]

Who in the world controls the bitcoin? I don't understand where it appeared and how it began to be one of the official currencies?
Who controls the course of Bitcoin?

The person who controls the largest bitcoin bitcoin is the holder. they can make the price to go up and down. but it is not very significant

[danherbias07]

Who in the world controls the bitcoin? I don't understand where it appeared and how it began to be one of the official currencies?
Who controls the course of Bitcoin?

The person who controls the largest bitcoin bitcoin is the holder. they can make the price to go up and down. but it is not very significant

I am trying to understand what you said but it seems like there is no solution to it. 
If you mean the most holder of bitcoin then they are still not in control. He will only have a percentage of the entire bitcoin that have been mined which is scattered to every person. We dont even know how much is still alive and how much are buried in computers of the past miners who quit early. It will need a group of people who have large amount to make a wave but not control.

[emezh10]

Who in the world controls the bitcoin? I don't understand where it appeared and how it began to be one of the official currencies?
Who controls the course of Bitcoin?

The person who controls the largest bitcoin bitcoin is the holder. they can make the price to go up and down. but it is not very significant

I am trying to understand what you said but it seems like there is no solution to it. 
If you mean the most holder of bitcoin then they are still not in control. He will only have a percentage of the entire bitcoin that have been mined which is scattered to every person. We dont even know how much is still alive and how much are buried in computers of the past miners who quit early. It will need a group of people who have large amount to make a wave but not control.

Who control the bitcoin? The answer for that is us the people who are using bitcoin because the bitcoin life is depend at the people who will use it. It's just simply law of supply and demand If the people are using bitcoin and then the users is growing and growing the price of the bitcoin will pump and pump. And if the people stop using bitcoin I mean all of people will not use it the bitcoin price will drop to 0$ the price and the bitcoin itself is depends on the user.

[Lecam]

I think the stakeholders of bitcoins is the one who controls the bitcoin, because he or she can ise the bitcoin as he or she wanted. And because of the influences of many people who owns bitcoin it becomes more valuable.

[Xenophoto]

I think the stakeholders of bitcoins is the one who controls the bitcoin, because he or she can ise the bitcoin as he or she wanted. And because of the influences of many people who owns bitcoin it becomes more valuable.

Did you mean stockholder/shareholder? Because stakeholder is a another thing. Stakeholders don't have any share on the company, they simply depend on the company that if the company closes down, their business will close down as well. Since bitcoin is built by the market, stakeholders don't control bitcoin at all.

If you look at it, we're all stockholders here because we all have a small chunk of the total bitcoin. But it in actuality, average guy like me don't matter at all as an individual. If I sell all my coins, no one will ever notice. Only ones that will have an effect on bitcoins if they pull out their money are the whales. They do have the ability to control bitcoins but since people know that someone selling a lot of coins every now and then is normal, they will not panic at all. Only problem is when the whales sell together just like what has happened in China.

[deisik]

I think the stakeholders of bitcoins is the one who controls the bitcoin, because he or she can ise the bitcoin as he or she wanted. And because of the influences of many people who owns bitcoin it becomes more valuable.

Did you mean stockholder/shareholder? Because stakeholder is a another thing. Stakeholders don't have any share on the company, they simply depend on the company that if the company closes down, their business will close down as well. Since bitcoin is built by the market, stakeholders don't control bitcoin at all

I understand what you mean to say

But you are evidently misusing the term "stakeholder". As per dictionary, a stakeholder is "a person or group owning a significant percentage of a company's shares". I think the proper term to use here is affiliated or just dependent company. Nevertheless, shareholders and stakeholders (as you mean it) are basically in the same boat. If you are a small shareholder you are as irrelevant as a small stakeholder. On the other hand, even if you as a company depend on some other company, the latter can be heavily depending on you as well. For example, if you are a major consumer, your supplier may have serious issues too if you decide to change it

[wuvdoll]

Many people say that the Chinese control the bitcoin, looks like I agree because after much reading the reference then it is evident that the market bitcoin china is the biggest, so I am sure the Chinese control the bitcoin.

They control most part of the mining, and probably even most part of the price because they are over 1 billion citizens in the country and so there is the highest percentage of BTC users in the world. They do not "control" it totally, just partially.

In as much as we do not want to agree with facts, truth of the matter is bitcoin is controlled by the chinese. China has the most users of BTC with a ready market for its adoption and investment. To show that china really controls BTC is  any unfavorable regulations introduced in china are not only felt their but to the whole crypto wold...which goes to show china is driving bitcoins.

I don’t think if a country has a more number of user, it is controlling it. I think if we see the population of china which is in the huge number almost 1/7 to the whole world and china is pretty advanced in technology so, its not matter china is the next super power and if it has a number of user which are involve in mining it doesn’t mean it is controlling it.

[Mbah Tyo]

I think network of bitcoin who control bitcoin 

a little different with me, if I see that control the price of bitcoin is the users themselves, which makes the effect is simultaneously they sell and they buy in bulk as well end it often gives a surprising effect for users of bitcoin

[kidoseagle0312]

Who in the world controls the bitcoin? I don't understand where it appeared and how it began to be one of the official currencies?
Who controls the course of Bitcoin?

There are some member here they says China is the one who controls Bitcoin, Due to China owned the biggest percentage of bitcoin mining farms, and their the one also holding a biggest average percentage of bitcoin in the whole world. But for me Bitcoin be control by any country.

[sportis]

Miners control bitcoin. Network in their hand and most from china. And they also control price. 

I partially agree with you. The miners are securing the bitcoin because users give value to this. So my view, even though how to control something which is unregulated, is devs because maintain the code, miners because secure the network during mining process, full nodes because they validate the transactions and blocks from miners, and relay them to other full nodes and the normal users because promote the currency, thus increasing the value of it. So imo the bitcoin community controls bitcoin

[romero121]

Miners control bitcoin. Network in their hand and most from china. And they also control price. 

I partially agree with you. The miners are securing the bitcoin because users give value to this. So my view, even though how to control something which is unregulated, is devs because maintain the code, miners because secure the network during mining process, full nodes because they validate the transactions and blocks from miners, and relay them to other full nodes and the normal users because promote the currency, thus increasing the value of it. So imo the bitcoin community controls bitcoin

The bitcoin community as a whole control the bitcoin. As quoted miners are much important as they are responsible group to generate and secure the coins. This is followed by the developer team who support with the perfect systematic process for miners as well the user community who are the sole responsible group for speculating more about the move and make it successful.

[youdacapt]

Miners control bitcoin. Network in their hand and most from china. And they also control price.  

I partially agree with you. The miners are securing the bitcoin because users give value to this. So my view, even though how to control something which is unregulated, is devs because maintain the code, miners because secure the network during mining process, full nodes because they validate the transactions and blocks from miners, and relay them to other full nodes and the normal users because promote the currency, thus increasing the value of it. So imo the bitcoin community controls bitcoin

The bitcoin community as a whole control the bitcoin. As quoted miners are much important as they are responsible group to generate and secure the coins. This is followed by the developer team who support with the perfect systematic process for miners as well the user community who are the sole responsible group for speculating more about the move and make it successful.

Bitcoin separate into two types of miners/developers: bitcoin core and bitcoin classic. This has already happened with ethereum, I think these two groups will compete to controlling bitcoin on trade market in future. Government also has the potential to control with the provisions of tax laws, because they certainly don't want to miss getting wealth of their people.