Who governs Bitcoin?

Bitcoin is not a company, so no one can govern the Bitcoin. Bitcoin is decentralized digital money that is issued and managed without any centralized authority. It is created as a reward in a competition in which miners who own the specialized computer offer their computing power to verify and generate new Bitcoins. They are also responsible for maintaining the security of the network into the blockchain. The activity of creating a bitcoin is known as mining, and every successful miner gets a reward with newly created bitcoins and transaction fees.

 

Bitcoin operates on a decentralized network, and it is not governed by any single entity or central authority. Instead, it relies on a consensus mechanism through a distributed network of nodes. The development and maintenance of the Bitcoin protocol are carried out by a community of developers who contribute to its open-source code. Changes to the Bitcoin protocol are proposed, discussed, and implemented through a consensus-building process within the community. Therefore, Bitcoin is governed by the collective actions and decisions of its user base and development community rather than a centralized authority.