Well, it’s been a crazy 10 years for Bitcoin. Really it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they had been, they’ve had a prodiscovered effect on the world. They little doubt predicted that which is why they chose to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Hundreds of different crypto coins have come alongside since all making an attempt to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that may’t be replicated. Should you do not know why then let me explain.
In case you don’t know what Bitcoin is I am going to just provide you with a number of brief key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Forged
Not All Coins Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Different?
So what makes Bitcoin different to all of the 1000’s of other coins which have been invented since?
When Bitcoin was first invented it started to spread slowly amongst a small group of people. It grew organically. When people started to see the benefits of Bitcoin and the way the value would enhance on account of it’s fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of laptop all over the world. It has spread beyond the management of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this needs to be executed my consensus all through the entire Bitcoin network. No one single person can control Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are thousands of other cryptocurrencies available now however for example of what makes Bitcoin completely different I am going to use Ethereum as example. It’s a one of the biggest Alt coins proper now and has been since it was invented in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and basically has the ultimate say on any development that occurs on Ethereum.
Censorship And Government Interference
For this instance let’s imagine that Iran is sending billions of dollars to North Korea to fund their new nuclear weapons program. This is just not a great situation but it’s imagined to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this money to North Korea in USD. The US government say dangle on a minute, we have to freeze these transactions and confiscate the money.. Easy. They do this straight away and the problem is over.
Second example. The identical thing occurs once more however this time Iran use the Ethereum blockchain to ship the money to North Korea. The US authorities are see what is happening. A phone call is made.
“Get Vitalik Buterin in Right here NOW”
The US government “puts some pressure” on Vitalik they usually make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has really been rolled back before when a hacker stole a significant quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an example, however it’s true for every different cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.
There is no such thing as abody to call. There is nobody to put pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there has been created by someone or some company and that will always be the purpose of failure. They are still centralized.
Another instance can be if Vitalik’s household were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest funding on the planet.
Learn The best way to Use Bitcoin
Everyone ought to own some Bitcoin. It isn’t without it’s harmful though. If you happen to’re new to Bitcoin then you need to be taught as much a lot as you can before you make investments any money. Owning Bitcoin comes with a lot of responsabilty. Discover ways to use Bitcoin safely.
For people just entering the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash till you know what you are doing!
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