Well, it’s been a crazy 10 years for Bitcoin. Truly it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they were, they’ve had a profound impact on the world. They no doubt predicted that which is why they selected to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Hundreds of other crypto coins have come alongside since all attempting to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that may’t be replicated. If you do not know why then let me explain.
Should you don’t know what Bitcoin is I will just provide you with a couple of brief key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most 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 is Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin totally different to all the 1000’s of other coins which have been invented since?
When Bitcoin was first invented it began to spread slowly amongst a small group of people. It grew organically. When individuals started to see the benefits of Bitcoin and how the price would increase as a consequence of it’s fixed provide, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer all around the world. It has spread past the management of any government. It’s creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this has to be executed my consensus all through the entire Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin unique and not possible to replicate.
There are literally thousands of different cryptocurrencies available now however as an example of what makes Bitcoin different I’ll use Ethereum as example. It is a one of many 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 final say on any development that occurs on Ethereum.
Censorship And Authorities Interference
For this example let’s imagine that Iran is sending billions of dollars to North Korea to fund their new nuclear weapons program. This will not be a great situation however it’s purported to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money to North Korea in USD. The US government say cling on a minute, we need to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.
Second example. The identical thing occurs again but this time Iran use the Ethereum blockchain to send the cash to North Korea. The US government are see what is happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US authorities “puts some pressure” on Vitalik and so they 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 amount of funds).
Problem solved. Unfortunately Ethererum’s credibility could be ruined alongside with it’s price.
Ethereum is just an instance, however it’s true for each other cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t abody to call. There is nobody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there has been created by somebody or some company and that will always be the point of failure. They are still centralized.
One other instance would be if Vitalik’s family had been taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest investment on the planet.
Be taught Easy methods to Use Bitcoin
Everybody ought to own some Bitcoin. It’s not without it’s dangerous though. In case you’re new to Bitcoin then you must be taught as much a lot as you’ll be able to before you invest any money. Owning Bitcoin comes with a whole lot of responsabilty. Learn to use Bitcoin safely.
For individuals just entering the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned money until you know what you are doing!
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