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The people in charge of Bitcoin

Bitcoin Reddit

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Bitcoin has no boss. No foundation that votes on changes, no CEO who decides the roadmap, no shareholders' meeting, no token-holder vote.

But the protocol does evolve. Slowly, contentiously, through a process nobody designed but everybody recognizes. Five stakeholder groups hold the real power β€” not by decree, but by veto. Any one of them can kill a change by refusing to participate.

Developers: refuse to write or merge
Miners: refuse to signal
Nodes: refuse to upgrade
Businesses: recognize the other chain
Hodlers: sell the new chain

Successful proposals have taken years to activate. Proposals that lacked broad alignment died at exactly these steps.

The "people in charge" of Bitcoin are everybody and nobody. A monetary system whose rules are easy to change is not a credible monetary system. The procedural friction that makes shipping new code hard is the same friction that makes it hard for anyone (government, corporation, or coordinated developer group) to weaken consensus.

Rough consensus is a feature.

Deeper understanding of governance: https://learnbitcoin.com/glossary/bitcoin-governance

Miner Activation (versionbits / BIP-9 / Speedy Trial): https://learnbitcoin.com/glossary/miner-signaling

submitted by /u/LearnBitcoinCom
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