Bitcoin as a Global Asset Requires Consensus for Protocol Changes, States Blockstream CEO

AI Summary

Bitcoin's universal nature necessitates user agreement for changes, indicating its enduring significance in global finance.

Adam Back, CEO of Blockstream and renowned cryptography expert, recently emphasized that Bitcoin belongs to humanity as a global asset rather than any single entity or developer group. According to industry reports, Back clarified that protocol developers merely serve as guardians of the code, while any substantial protocol modifications require broad user consensus across the network.

The Blockstream executive highlighted Bitcoin's critical position in the financial realm, stating that the blockchain should remain focused solely on essential monetary functions without irrelevant information. Back also noted the significant influence that default settings in the Bitcoin Core reference client have on maintaining the network's stability and direction.

This perspective underscores the unique governance model that has helped Bitcoin maintain its position as the leading cryptocurrency, where changes are driven by user adoption rather than centralized decision-making.

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