Part 12/17:
A recurring theme is the paradoxical nature of Bitcoin: a man invents a decentralized monetary system but at inception, a single individual controls much of its code and early development.
The question then arises: can Bitcoin truly be decentralized when its origins involve such concentrated control?
The researcher points out that over time, Bitcoin’s governance has been transformed—initially leader-centric into a more diffuse, community-led model. This evolution is ongoing, and the project continues to grapple with the tension between decentralization and practical governance.
He suggests that this inherent contradiction—an invention of decentralized money initiated and initially steered by a single person—is part of what makes Bitcoin unique and complex.