The term "open source code" refers to code that is made publicly available online.
You are free to use the code, fix bugs, or propose new features.
Bitcoin, Ethereum, and many other cryptocurrencies are built on open source code.
Cryptocurrencies like Bitcoin don't have a central authority that can control transactions or block transactions.
Online financial systems today require people to trust third parties with their money, such as banks.
In order to achieve its goal of removing the middleman while maintaining trust, Bitcoin must use a decentralized method of distribution.
Open Source in Crypto is important for number of reasons.
Anyone can download the Bitcoin software and run it - no permission is needed from a company or government.
#1: Anyone can run it
The software can be scanned by outside developers to verify that it does what it says.
The openness of the code can make it more secure and battle-tested.
The project is open to anyone who wants to add their own features, it is done through BIPS in bitcoin.
#4: Encourages project evolution
To build their own project, a developer can "fork" (or create a copy of) the program code if the project's maintainers reject their change.
#5: Allows efficient Spins Off
Since crypto is deeply rooted in open source, thousands of projects have been born, allowing extensive experimentation in the industry, and will continue to do so.