Bitcoin (BTC), is the world’s first digital currency, used by billions of individual users and businesses across the globe due to its secure cryptography technology, making it one of the most innovative payment system in modern Internet era. And has become the money for the Internet.
Those who are new to this digital currency of the future, might be thinking about what is Bitcoin, or wondering about who created it? Might be trying to know who controls the Bitcoin network and how does it work? In this article tried to share the knowledge!
Who Controls the Bitcoin Network?
To be simple, presently nobody controls Bitcoin, just, like no one owns the technology behind email. Bitcoin networks is controlled by it’s worldwide bitcoin users. While developers are still improving this technology, so a change in the network protocol can’t be enforced because all users are free to choose the software and use.
In order to stay compatible with the network, all users need to use software complying with the same standard rules. Bitcoin can work correctly with a complete consensus among all users. Therefore, all users and developers have a strong incentive to protect this consensus network.
How Does Bitcoin Network Works?
From a general user perspective, a Bitcoin is nothing more than a mobile app or computer software, which provides a personal BTC wallet and allows any user to send and receive bitcoins with them. This is how the innovative Bitcoin network works for most users across the borders.
Behind the scenes, the secure Bitcoin network is sharing a public ledger called the “block-chain” for better transactions transparency. This public ledger contains every transaction ever processed, by allowing a user’s computer to validate and verify each transaction.
In bitcoin technology, the authenticity of each transaction is protected by secure digital signatures corresponding to the sending addresses, and allowing all users to have full control over sending BTCs from their own Bitcoin addresses anywhere, anytime.
In addition to this, anyone can easily process bitcoin transactions using the computing power of specialized hardware and earn amazing reward as BTCs for this service. This is often called “bitcoin mining“.