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 have been, they’ve had a prodiscovered 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 different crypto coins have come alongside since all attempting 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. When you do not know why then let me explain.
Should you don’t know what Bitcoin is I will just offer you just a few transient key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Forged
Not All Coins Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Money
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Different?
So what makes Bitcoin totally different to all of the thousands of different coins which have been invented since?
When Bitcoin was first invented it began to spread slowly among a small group of people. It grew organically. When people started to see the benefits of Bitcoin and how the worth would increase due to it’s fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of laptop all around the world. It has spread beyond the management of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this needs to be achieved my consensus throughout the entire Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin unique and not possible to replicate.
There are millions of other cryptocurrencies available now however for instance of what makes Bitcoin completely different I will 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 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 just not an excellent situation but it’s speculated to show you ways your cash 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 hold 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 happens once more however this time Iran use the Ethereum blockchain to ship the cash 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 and they 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 can be ruined alongside with it’s price.
Ethereum is just an example, however 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 powerless to stop it.
There isn’t anybody to call. There is nobody to place pressure on. The Bitcoin is beyond censorship.
Every other cryptocurrency out there was created by someone or some company and that will always be the purpose of failure. They’re still centralized.
Another instance can 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 Learn how to Use Bitcoin
Everybody should own some Bitcoin. It isn’t without it’s dangerous though. If you’re new to Bitcoin then you must study as a lot a lot as you may before you make investments any money. Owning Bitcoin comes with a number 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 cash till you know what you are doing!
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