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.