Well, it’s been a crazy 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 effect on the world. They no 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. Thousands of other 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 can’t be replicated. In the event you do not know why then let me explain.
For those who do not know what Bitcoin is I’ll just give you just a few temporary key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Cast
Not All Cash Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all of the hundreds 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 folks started to see the benefits of Bitcoin and the way the value would increase resulting from it’s fixed supply, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of pc all around the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this has to be carried out my consensus throughout the entire Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are millions of other cryptocurrencies available now but for instance of what makes Bitcoin different I will use Ethereum as example. It is a one of the 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 ultimate say on any development that happens 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 is not an excellent situation but it’s presupposed to show you how your money 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 hold 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 same thing happens once more but this time Iran use the Ethereum blockchain to send the cash to North Korea. The US authorities are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US authorities “places some pressure” on Vitalik and 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. Unfortunately Ethererum’s credibility would be ruined alongside with it’s price.
Ethereum is just an example, but it’s true for every other cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are energyless to stop it.
There is no such thing as abody to call. There isn’t anybody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there was created by somebody or some firm 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 past any of this and that is why it’s the safest funding on the planet.
Study Learn how to Use Bitcoin
Everybody should own some Bitcoin. It is not without it’s dangerous though. When you’re new to Bitcoin then you should study as much much as you can before you make investments any money. Owning Bitcoin comes with quite a lot of responsabilty. Learn how to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned cash until you know what you are doing!
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