Well, it’s been a loopy 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 prodiscovered impact 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. 1000’s of other crypto coins have come along since all attempting to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that can’t be replicated. If you do not know why then let me explain.
For those who do not know what Bitcoin is I’ll just provide you with a number of temporary key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It is Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin different to all of the 1000’s of different 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 folks started to see the benefits of Bitcoin and how the price would increase due to it’s fixed supply, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of 1000’s of pc everywhere in the world. It has spread past the control of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this must be achieved my consensus throughout the entire Bitcoin network. No one single person can control Bitcoin. This is what makes Bitcoin unique and unimaginable to replicate.
There are thousands of other cryptocurrencies available now however for instance of what makes Bitcoin totally different I will use Ethereum as example. It is 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 isn’t a very good situation however it’s supposed to show you how your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the usual banking system and transferring this cash to North Korea in USD. The US authorities say hold on a minute, we need to freeze these transactions and confiscate the money.. Easy. They try this straight away and the problem is over.
Second example. The same thing occurs again but 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 “places some pressure” on Vitalik they usually make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has actually been rolled back before when a hacker stole a significant quantity 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 different cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are energyless to stop it.
There isn’t abody to call. There isn’t anybody to put pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there was created by someone or some firm and that will always be the purpose of failure. They’re still centralized.
One other example would be if Vitalik’s household were taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.
Be taught How to Use Bitcoin
Everybody should own some Bitcoin. It is not without it’s dangerous though. If you’re new to Bitcoin then it’s best to study as much much as you may earlier than you make investments any money. Owning Bitcoin comes with loads of responsabilty. Learn how to use Bitcoin safely.
For folks just coming into the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned money till you know what you’re doing!
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