Comment: I'm upvoting this topic

(See in situ)

In post: Bitcoin

I'm upvoting this topic

I'm upvoting this topic despite the misinformation simply to help dispell some of the Bitcoin ignorance around these parts.

Here is the NUMBER 1 MOST IMPORTANT FACT ABOUT BITCOIN:

It can not be controlled by any one entity.

As a 'peer-to-peer' (P2P) network, all users of Bitcoin _MUST_ agree to a common protocol. This includes details such as the scheduled roll-out of coins, the encyption used, even how much everyone has available to spend (though the leger provides for anonymity).

The beauty of the system is that no single user can change this protocol. Not even a handful of users can change it. It will take a consensus of users to agree to a new protocol of Bitcoin... a highly unlikely occurrence, especially given that the reason many of us are using Bitcoin is to escape from tyrannical centrally-controlled money.

Users vote for a new protocol via their client (essentially, the payment app) they choose to use. If someone nefarious writes a client app which threatens the properties of Bitcoin that make it a unique and valuable currency, users simply will not use the client.

Needless to say, it is very, very difficult to make any changes to Bitcoin's rules.

-Jix