7 Who’s In Charge of It?
In two words: no one. Bitcoin is a decentralized currency, that means that it’s not backed or controlled by any single government or entity. That means that it’s not limited by geographical boundaries. It also means that the value bitcoin is determined, essentially, by how much people are willing to pay for it.
On a similar note, bitcoin is also a peer-to-peer payment system. That means that it doesn’t need a third party, like a bank or a payment processor, to verify transactions. It’s worth noting that this doesn’t mean that Bitcoin is untraceable, as you’ll see in a bit.