Well, it’s been a loopy 10 years for Bitcoin. Actually 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 little question predicted that which is why they chose to disappear from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Hundreds of different crypto coins have come along since all trying 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. If you happen to don’t know why then let me explain.
In the event you don’t know what Bitcoin is I will just provide you with a number of transient key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Forged
Not All Coins Are in Circulation But
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 Every four Years
What Makes Bitcoin 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 started to spread slowly among a small group of people. It grew organically. When folks started to see the benefits of Bitcoin and the way the price would increase due to it’s fixed provide, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer everywhere in the world. It has spread beyond the control of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this needs to be performed my consensus throughout the whole Bitcoin network. No one single individual can control Bitcoin. This is what makes Bitcoin distinctive and inconceivable to replicate.
There are millions of different cryptocurrencies available now however for instance 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 instance 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 very good situation but it’s presupposed to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the usual banking system and transferring this cash to North Korea in USD. The US authorities 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 Here NOW”
The US government “places some pressure” on Vitalik they usually make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has truly been rolled back before when a hacker stole a significant quantity of funds).
Problem solved. Sadly Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an instance, but it’s true for each different cryptocurrency.
Bitcoin Can’t Be Stopped
So the identical thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless 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 other cryptocurrency out there has been created by somebody or some company and that will always be the purpose of failure. They’re still centralized.
One other instance would be if Vitalik’s family have been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest funding on the planet.
Learn Easy methods to Use Bitcoin
Everybody should own some Bitcoin. It’s not without it’s dangerous though. If you’re new to Bitcoin then you need to study as a lot much as you may earlier than you invest any money. Owning Bitcoin comes with a whole lot of responsabilty. Discover ways to use Bitcoin safely.
For individuals just coming into the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned money till you know what you’re doing!
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