Who Owns Bitcoin?

This is hard to digest at first but Bitcoin is not operated by any single entity or company.  It is operated by the thousands of people running the Bitcoin software all over the world who share a Bitcoin ledger of transactions in a database called the “Blockchain.”  It is shared using peer-to-peer software, the same type of software used to share music files.

New users sometimes find this a little scary.  If something goes wrong there is no recourse, nobody to complain to, and usually nobody to sue.  New users should proceed with caution and use small amounts while getting used to the system.  New services are coming online all the time to make things easier for the end user.  One of the great things about it is that there are 8 decimal digits in Bitcoin so dealing with small amounts such as milliBitcoins (MillyBits) is very easy.  If Bitcoin traded for $500 then a MillyBit is worth 50 cents.

There is a Bitcoin Foundation that promotes Bitcoin and pay some of the developers but they have no official status.

 

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