Well, it’s been a loopy 10 years for Bitcoin. Really it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they have been, they’ve had a profound effect on the world. They little doubt predicted that which is why they selected 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 don’t know why then let me explain.
For those who do not know what Bitcoin is I’ll just provide you with a couple of brief key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Cast
Not All Cash Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Money
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Different?
So what makes Bitcoin completely different to all of the 1000’s of other 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 folks started to see the benefits of Bitcoin and how the value would improve resulting from it’s fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of computer all over the world. It has spread past the management of any government. It is 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 entire Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are thousands of different cryptocurrencies available now however for example of what makes Bitcoin different I’ll 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 Authorities 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 a great situation but it’s alleged to show you how 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 government say hang 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 identical thing occurs once more but this time Iran use the Ethereum blockchain to ship the cash to North Korea. The US government are see what is happening. A phone call is made.
“Get Vitalik Buterin in Right here NOW”
The US government “puts some pressure” on Vitalik and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has truly been rolled back earlier than when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined along with it’s price.
Ethereum is just an instance, however it’s true for each other cryptocurrency.
Bitcoin Can’t Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are energyless to stop it.
There is nobody to call. There is nobody to put pressure on. The Bitcoin is past censorship.
Each other cryptocurrency out there was created by someone or some firm and that will always be the purpose of failure. They are still centralized.
Another instance can be if Vitalik’s family had been taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest funding on the planet.
Be taught Methods to Use Bitcoin
Everyone should own some Bitcoin. It is not without it’s harmful though. Should you’re new to Bitcoin then it’s best to be taught as a lot a lot as you’ll be able to earlier than you invest any money. Owning Bitcoin comes with lots of responsabilty. Learn to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned money till you know what you are doing!
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