Where the real power lies in Bitcoin? As a decentralized system by design, it can be difficult to see it. There are a number of players with more or less incidence (e.g. miners, holders, exchanges, developers), but one of them has more power than the others in terms of what types of protocol improvements will be made.
The holders have the biggest impact on the bitcoin price due to the effect they have on the supply of available Bitcoin. They also have the largest amount of power in terms of what types of improvements are made to the Bitcoin protocol; everyone in the system is incentivized to make the native tokens on the platform as valuable as possible.
Miners are incentivized to mine the most profitable chain for their business, which means the chain with the highest valuation and level of activity. So, they’ll do what holders tell them to do. In other words, investors are the ones who control Bitcoin.
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