Alright, in our previous discussion, we learned how the Bitcoin market system works. But have we ever stopped to think about what Bitcoin actually is? Who invented it? Earlier, we also learned that Bitcoin is decentralized. But why is it decentralized? Let’s explore the real history and mystery behind it.
Bitcoin is a digital currency created based on mathematical principles and cryptographic algorithms. Since mathematics follows fixed universal laws, Bitcoin’s core structure is also fixed. Because of this, no unlimited new Bitcoin can simply be created whenever someone wants.
There will only ever be 21 million Bitcoins in existence. Around 20 million have already been brought into circulation through mining, while mining the remaining portion may continue until around the year 2040. That is why Bitcoin is considered a limited asset, and today it is gradually becoming a global asset.
It is important to understand that “mining” does not actually mean creating brand-new Bitcoin from nothing. Rather, it refers to unlocking Bitcoin from the fixed total supply that already exists within the network. Satoshi Nakamoto designed the system in such a way that these Bitcoins are gradually released into circulation through mining and halving mechanisms.
Mining a Bitcoin block takes approximately 10 minutes on average, and due to Bitcoin halving, this process becomes increasingly difficult over time.
In 2008, a person or group using the pseudonym Satoshi Nakamoto published the Bitcoin Whitepaper in a cryptography mailing list titled Bitcoin: A Peer-to-Peer Electronic Cash System.
In 2009, Bitcoin officially came into existence, and the first “Genesis Block” was mined. The first Bitcoin transaction took place between Satoshi Nakamoto and Hal Finney.
In 2010, Bitcoin was first used in a real-world purchase when 10,000 Bitcoins were exchanged for two pizzas. This event is now celebrated worldwide as the Bitcoin Pizza Day.
In 2011, Bitcoin’s value reached parity with 1 US dollar for the first time. In the same year, Satoshi Nakamoto disappeared from public view after handing the project over to other developers. To this day, nobody knows his true identity.
This naturally raises an important question: if the creator disappeared, could he secretly return one day and change Bitcoin’s code to create more Bitcoin for his own benefit?
The simple answer is: No.
Even Satoshi Nakamoto himself can no longer control or change Bitcoin alone. Here’s why:
In 2009, Satoshi uploaded Bitcoin’s source code to an open-source platform called SourceForge. It was publicly available, meaning anyone in the world could view and download the code for free.
Later, Bitcoin’s code was moved to GitHub, where it became known as Bitcoin Core. GitHub is one of the world’s largest open software platforms. Anyone with an internet connection can access and copy the code.
The code is not only visible — anyone can run it. You can download Bitcoin Core today from Bitcoin’s official website and run it on your computer. Once you do, your computer becomes a part of the Bitcoin network, known as a Node.
Bitcoin was released under the MIT License. This means anyone can freely use, modify, or even build commercial applications with the code. No single person owns Bitcoin.
However, no one can change Bitcoin alone, because millions of people collectively maintain and verify the network.
In simple words, Satoshi did not hide Bitcoin’s code inside a secret vault. He left it in a public digital library so that ordinary people around the world could become its owners.
This proves that Bitcoin is no longer under Satoshi Nakamoto’s control. It now belongs to everyone, and when something is controlled by millions of people together, it effectively becomes uncontrollable by any single authority.
Imagine a treasure chest protected by 10 different locks, with 10 different people holding one key each.
Now suppose one person among them tries to open the chest with bad intentions. Can he open it without the permission of the other nine?
Of course not.
Even if he unlocks his own lock, the remaining nine locks still keep the chest sealed.
Bitcoin works in a very similar way.
If one node in the network tries to change Bitcoin’s rules or code, the other nodes simply reject those changes. Even if that person runs the modified code on their own computer, the original Bitcoin network remains unchanged. Instead, a separate chain is created, known as a Hard Fork.
We will understand this more clearly after learning what Blockchain and Nodes actually are.
Blockchain is a decentralized, immutable digital ledger system.
In blockchain technology, transaction data is stored inside small units called “blocks,” and these blocks are cryptographically connected together like a chain.
There is no central bank or central server controlling the system. Once information is recorded on the blockchain, nobody can secretly alter or remove it.
A Node is any independent computer or device connected to the blockchain network and running the same software, such as Bitcoin Core.
The main responsibility of nodes is to verify transactions and newly created blocks to ensure they follow Bitcoin’s rules.
Nodes also store a complete copy of the blockchain, helping secure and preserve the network’s integrity.
A Miner is a specialized participant in the blockchain network who uses powerful hardware such as ASICs or GPUs to solve complex mathematical puzzles through a system called Proof of Work.
By solving these puzzles, miners create new blocks and add them to the blockchain.
As a reward for their computational work and electricity costs, miners receive newly released Bitcoin and transaction fees.
Bitcoin operates through a P2P (Peer-to-Peer) network and a system known as the Gossip Protocol.
When someone installs Bitcoin Core, the software first connects to a few known nodes through DNS Seeds. After joining the network, each node shares newly received transactions or blocks with nearby nodes, and those nodes spread the information further.
Within seconds, the information reaches millions of computers worldwide — much like how news or rumors quickly spread through a neighborhood.
The simple answer is: No.
Because Bitcoin has no central server.
Even if hackers attack thousands of nodes using methods like DDoS attacks, the remaining active nodes continue operating the network.
To completely destroy Bitcoin, someone would need to simultaneously shut down millions of computers across the world and permanently disable the global internet itself — which is practically impossible.
Even if internet access is partially disrupted, Bitcoin data can still be synchronized through satellite systems like Blockstream Satellite or through radio communication.
As long as even a portion of the nodes remain active, the Bitcoin network survives.
If someone modifies Bitcoin Core’s rules and runs that altered version, they immediately separate themselves from the real Bitcoin network.
This is called a Hard Fork.
The rest of the network simply rejects the modified rules and stops communicating with that altered chain.
As a result, the person creating the modified chain ends up isolated with a separate cryptocurrency that may have little or no real market value unless people willingly adopt it.
A famous example is Bitcoin Cash, created on August 1, 2017.
The original Bitcoin block size was limited to 1 MB. As usage increased, transactions became slower and fees became higher.
One group wanted to increase the block size to 8 MB for faster transactions. Another group believed larger blocks could weaken decentralization and security.
Since both sides could not agree, the network split into two chains:
Before the split, both chains shared the same transaction history. That’s why anyone holding 1 BTC before the fork automatically received 1 BCH after the split.
Later, Bitcoin Cash itself experienced further forks, creating projects like Bitcoin SV and eCash.
However, despite these forks, the original Bitcoin chain remained dominant because people continued trusting its decentralization and security.
That is why many people today call Bitcoin the true “Digital Gold.”
In traditional internet systems like Facebook or YouTube, there is a central server that delivers data to users.
This is known as the Client-Server model.
But in a P2P network, there is no central master server.
Every participant acts both as a client and a server. Each computer communicates directly with others without relying on a middle authority.
If a company’s main server fails, the whole service stops working.
But in a P2P network, millions of independent computers keep the system alive.
Destroying one or even thousands of computers does not stop the network.
Bitcoin nodes exist worldwide — across America, Europe, Asia, and remote regions.
Even if one government bans Bitcoin locally, nodes in other countries continue operating.
If many nodes suddenly disappear, the remaining nodes automatically reconnect with new active nodes.
The network repairs itself naturally.
Governments can block websites by targeting domains or IP addresses.
But Bitcoin traffic flows between millions of ordinary computers worldwide, making it extremely difficult to fully identify or block.
From all the discussions above, we can understand that Bitcoin is not just a digital currency. It is also a powerful technology for financial freedom, security, and decentralization.
Because of its scarcity, transparency, and decentralized structure, many people today consider Bitcoin to be digital gold.
Its influence on future economics and geopolitics may become even greater in the coming years.
In the next discussion, we will explore why Bitcoin’s demand may continue rising and how it could impact the global balance of economic power.