Ninjastic
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Board Bitcoin Discussion
Re: Is there an institution that protects the circulation of Bitcoin?
by
Bagaji
on 20/10/2018, 07:20:06 UTC
Quote from: Planeparke on October 20, 2018, 03:55:24 AM
Quote from: pooya87 on October 20, 2018, 03:09:15 AM
Quote from: bahula33 on October 18, 2018, 04:56:51 PM
~ is also not a financial institution, so there is no oversight institution that has so far sheltered it.

there are "institutions" that have that "oversight" over bitcoin. it just happens that they are plural instead of being 1 centralized "institute" controlling everything. and they are called full verifying nodes. at the heart of it, the concept is the same. these nodes are doing the verification and in short enforcing the rules just as 1 governing body would do in a centralized system.

..........But wouldn't it be cool to be if had people we could hold responsible if a transaction didn't get passed the block chain?
Base on deportment exhibited by this technology called Blockchain, it doesn't feed in an entity to mediate in it transaction, so therefore, the process will not be called decentralize if individuals or group of people are now standing in between it transaction.