Who controls Bitcoin?

00:02 Who controls Bitcoin? That is the beauty
00:04 of Bitcoin. Nobody controls Bitcoin.
00:06 It’s just like the internet where no
00:08 single entity, no company, no person is
00:10 in charge. It’s just everybody
00:12 connecting their computers together, all
00:14 talking to each other and the computers
00:16 are all communicating. And that is how
00:18 Bitcoin works. And not only but anybody
00:20 who wants can have a veto power over
00:22 anyone changing anything about the
00:25 Bitcoin network. And you do that by
00:26 running what’s called a Bitcoin node.
00:29 Now, the average person does not need to
00:30 worry about that because more than
00:32 100,000 people in the world already run
00:35 Bitcoin nodes. Bitcoin nodes are running
00:37 on satellites. Bitcoin nodes are running
00:39 in every country, every continent, every
00:41 square inch of the earth. So, and
00:43 they’re run by very hardcore people like
00:45 me that want to make sure nobody changes
00:48 anything about Bitcoin that has to do
00:50 with its monetary properties, for
00:52 example. So if somebody magically wanted
00:54 to make 22 million Bitcoin instead of 21
00:57 million Bitcoin, literally they would
00:59 need to get 100% of the people running
01:02 Bitcoin nodes to upgrade to a new
01:04 version that allowed 22 million Bitcoin.
01:07 And nobody’s going to do that. It’s
01:08 open- source software, which means
01:10 everybody can look at the software code
01:12 before they run it on their own
01:14 computers. So Bitcoin is what’s called
01:16 decentralized. A centralized company is
01:19 a company like Amazon or Apple or Google
01:21 or Microsoft uh where you could actually
01:23 go, you can knock on the door, you can
01:25 shut it down. Bitcoin is decentralized
01:27 like the internet where there’s no one
01:29 place you could go to shut it down. And
01:31 in the case of Bitcoin, Bitcoin was
01:33 actually designed to be even more
01:35 decentralized than the internet. So, not
01:38 only that, but there’s like all the
01:40 Bitcoin computers are talking to all the
01:41 other Bitcoin computers all over the all
01:44 over the world and there’s no way to
01:46 track down even where they are or who
01:48 which ones are connecting to which ones
01:50 and if you take one of them offline, all
01:52 the others keep talking to each other.
01:54 So, Bitcoin is beautifully decentralized
01:56 and it was designed that way so that
01:58 nobody could change the rules and so
02:00 that nobody could shut it down. And so,
02:03 who controls Bitcoin? Nobody controls
02:05 Bitcoin. It’s decentralized, which is
02:07 the entire reason it works. It’s the
02:10 entire reason it was designed that way
02:12 to keep anyone from changing the rules
02:14 of the money. And it’s just a beautiful,
02:16 beautiful, beautiful thing. And
02:18 something that humans, we have never
02:20 figured out how to do uh decentralized
02:23 money until the invention of Bitcoin,
02:24 which is really a miracle. I mean, it’s
02:26 absolutely a miracle that human
02:28 ingenuity was able to come up with the
02:30 concept of Bitcoin, unleash it for the
02:33 world, and now we can all run Bitcoin
02:35 software and nobody’s in charge. And
02:37 it’s that’s just a beautiful, beautiful
02:39 thing for money. Have a great day
02:40 everyone.