Why Bitcoin's Still Decentralized
February 22 2019 - 11:24AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
February 22, 2019 -- ADVFN Crypto NewsWire -- Yes, part of the
network did become Bitcoin Cash. Yes, forks occur all the time with
names like Bitcoin Gold, Diamond, and Private. Despite this, the
Bitcoin network is still decentralized. Why this is the case boils
down to statements that were made by Wladimir van der Laan for a
CoinDesk article that was released today.
If you don’t know who Wladimir van
der Laan is yet, then you should, if only because he holds one of
the most important positions that it is possible to hold in terms
of maintaining the world’s most powerful cryptocurrency. Even
though the Bitcoin website reportedly describes what he does as
“janitorial,” his responsibilities are more akin to those of a lead
developer that consistently works to maintain a network after it
launches.
What he said in the aforementioned
article from CoinDesk was that Bitcoin’s monetary supply should
never and actually, could never really be altered due to its’
status as the closest thing to decentralized on the crypto
market.
Knowing this, what you might
logically wonder is: how has Bitcoin achieved and maintained this
status despite the volatile and rapidly shifting nature of the
cryptocurrency industry? Beyond the fact that it is harder to
change because it is the industry’s first mover, there is another
fact that lies a bit below the surface.
Bitcoin can never even get close to
being changed without a lot of objections and subsequent
discussions from its’ powerful community. This comes from Van der
Laan in today’s article, along with the idea that any proposal to
change Bitcoin’s core rules including how its’ money supply is
determined, should never be followed.
In a sense, resisting the proposed
changes of centralized development communities does lead to
continuous decentralization. In the end, however, does it
also promote continuous adoption?
By: BGN Editorial Staff
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024