Is there an institution that protects the circulation of Bitcoin?

[bahula33]

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.

[Hivalley]

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

so there is no oversight institution that has so far sheltered it.

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
 

[MadCryptoLover]

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 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

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.

[tadpole_bitfrog]

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.

[Cajor]

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.

[pooya87]

~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

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.

[Planeparke]

~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

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?

[Bagaji]

~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

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 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.

[darthmaul]

~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

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.

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".

[Kakmakr]

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.

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. 

[Pursuer]

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.

[xbossJ]

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.

[Indamuck]

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.

[towi078]

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

[rosemary4u]

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.

[geminiboy]

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

[Marcel555]

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.

[Aidenpeters]

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.

[Micronometer]

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.

[Angleworm]

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.