Bitcoin is a set of rules without rulers, it’s just a protocol.
Bitcoin is unique among cryptocurrencies in that it’s laser-focused on being
unstoppable (through decentralization and game theory) and consistent (in supply schedule, economic and consensus rules, uptime, and treatment of participants). Bitcoin knows no favorites; it treats teens from Nigeria the same as powerful members of the Federal Reserve. Bitcoin is by far the least stoppable and most consistent money that can be used online due to its decentralization, network effects, developmental stage, ethos and lack of leadership.
Bitcoiners love this lack of control over Bitcoin because it keeps the system from being fixed in favor of the already rich and powerful. Within fiat, on the other hand, there is a well-observed phenomenon of those with control over the money supply disproportionately allocating new money to those they favor (the elite): It’s known as the
Cantillon effect and exacerbates inequality. However, most of academia views the fiat system of centralized control over money to be legitimate, good and necessary.
bitcoinmagazine.com
