- March 17, 2021
- Posted by: Bislab
- Category: Blockchain, Review
Given the decentralized nature of cryptocurrency, it is safe to say it is not controlled or regulated by an entity. It is a network that has various points of control, with no central planning medium. However, this does not mean there are no plans or structures to restrain it from being governed like other centralized currencies. So who are those involved in regulating this structure? This article will give you answers to that question.
A specific group of people called “stakeholders” are involved in maintaining a coordinated outcome for bitcoin and other cryptocurrencies. These stakeholders are the ones who hold the cryptocurrency; they are also called “users. “Bitcoin and all other cryptocurrencies can only work correctly with a consensus amongst these users.
Every user has some elements of control, and everyone has a say. These users include developers, cryptocurrency miners, traders, and holders.
The developers for Bitcoin and other cryptocurrencies can also be called computer programmers. They are usually experts in coding languages such as java, python, ruby on rail, PHP, etc. They are used in computer interfaces to connect mobile apps and web services with the blockchain of cryptocurrency.
Bitcoin and etherium developers are particularly in high demand due to the ever-growing popularity of these two cryptocurrencies. Their significant responsibilities include:
Making use of the best crypto explorers and tools to improve cryptocurrency development projects.
Understanding the complete process of crypto mining and implementing the required features into the application and software.
Maintenance of the application to ensure that it runs smoothly.
Developing the application based on blockchain technology and many more.
In the image used to depict Bitcoin and other cryptocurrencies, there is an existing connection between all computers. Data is received, created, stored, and sent from persons to persons.
This network can not be trusted because transactions are anonymous, For coordinated actions to be achieved in making transactions, receiving, verifying, and transmitting. We need the service of the miners.
The miner is a node of the network that receives transactions and organizes them into blocks. Their primary responsibility is to validate and verify all transactions before assembling them into blocks. The miners are the backbone of bitcoin and other cryptocurrency networks.
Cryptocurrency traders are those involved in the act of speculating the price movement of cryptocurrency by CFD trading accounts and also buying and selling underlying coins through an exchange. CFD trading enables traders to assume either the rise or fall of prices in the cryptocurrency market, helping them decide whether they buy or sell a particular cryptocurrency.
Traders buy or sell cryptocurrency via an exchange. Exchange is the act of buying or selling Bitcoins or another cryptocurrency through other currencies or alternative coins. The exchange market matches buyers and sellers, where traders opt to buy or sell following a laid-out procedure.
This particular network of people is also called the “investors.”They are people who allocate a certain amount of capital into cryptocurrency, expecting a return or gain to their advantage.
It is a network of companies, groups of people, or individuals with general knowledge of cryptocurrency. They take risks and make investment decisions considering the volatility of the cryptocurrency market.
The cryptocurrency most invested in currently is Bitcoin. The most prominent owner is the founder, an unknown person or group–nobody knows for sure– nicknamed “Satoshi Nakamoto.”The number of bitcoin he owns is said to be around 1.1 million in worth. Asides from this individual, a large number of people have a considerable amount of investment in Bitcoin.
Many people continue to invest in Bitcoin and other cryptocurrencies as it is said to be the future of digital currency.