~ 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.
Yeah makes sense. But still its very much surprising how things work so smoothly even when the decentralised institutes with no name and agenda work together to make it unified system. I am not sure about how the real mechanism works in verifying the nodes (I guess blocks mining and embedding into chain ?? ) but it does happen with smooth algorithm via these institutes.
Would love to know in depth, what does it mean when you say "full verifying nodes".