The bitcoin network has been operating in a decentralized manner since its inception, perhaps one of the reasons why it has been an appealing industry or mode of transaction for many. However, there have been several issues concerning the system that might require some form of governance or oversight.
For one of the lead bitcoin developers Gavin Andresen, there is a difference between governance and government in the cryptocurrency arena. In his podcast for Epicenter Bitcoin, Andresen pointed out that while the development has been limited to a few people, there are several stakeholders such as companies, miners, payment processors, and everyday users involved.
On Bitcoin Governance
“When I say governance, I don’t mean government. We’re governed by all sorts of things,” Andresed clarified in the podcast with hosts Brian Fabian Crain and Sebastien Couture. “We’re governed by our government, we’re governed by the laws of physics, we’re governed by social norms. There are all sorts of things that affect our behavior.”
Recall that the bitcoin network was recently subjected to a hard fork, wherein two separate versions of the software are being run. This was done to enable the network to choose which version to favor – Bitcoin Core