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 were, they’ve had a prodiscovered effect on the world. They little doubt 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. 1000’s 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. When you do not know why then let me explain.
Should you don’t know what Bitcoin is I will just provide you with a few temporary key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Solid
Not All Cash Are in Circulation But
It Is Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin completely different to all of the thousands of different 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 people started to see the benefits of Bitcoin and how the price would improve because of it’s fixed provide, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of 1000’s of computer everywhere in the world. It has spread past the management of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this must be achieved my consensus throughout the whole Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin unique and not possible to replicate.
There are thousands of different cryptocurrencies available now but as an example of what makes Bitcoin completely different I will use Ethereum as example. It is a one of many biggest Alt coins right 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 Government 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 just isn’t a superb situation but it’s speculated to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this cash 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 this straight away and the problem is over.
Second example. The same thing occurs once more but this time Iran use the Ethereum blockchain to send 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 and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has actually been rolled back earlier than when a hacker stole a significant quantity of funds).
Problem solved. Sadly Ethererum’s credibility would be ruined along with it’s price.
Ethereum is just an example, however it’s true for each other cryptocurrency.
Bitcoin Can’t 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 is nobody to place pressure on. The Bitcoin is beyond 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 would be if Vitalik’s household have been taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest investment on the planet.
Learn Find out how to Use Bitcoin
Everyone should own some Bitcoin. It’s not without it’s dangerous though. For those who’re new to Bitcoin then you should study as a lot a lot as you’ll be able to before you invest any money. Owning Bitcoin comes with loads of responsabilty. Learn how to use Bitcoin safely.
For individuals just coming into the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned money until you know what you’re doing!
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