Well, it’s been a crazy 10 years for Bitcoin. Truly 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 impact 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. 1000’s of different crypto coins have come alongside since all trying 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. In case you do not know why then let me explain.
If you happen to don’t know what Bitcoin is I am going to just offer you just a few transient key points:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Forged
Not All Coins Are in Circulation But
It Is Totally 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 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 started to spread slowly among a small group of people. It grew organically. When people started to see the benefits of Bitcoin and the way the value would increase as a consequence of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of laptop all around the world. It has spread past the control of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this must be finished my consensus throughout the entire Bitcoin network. Nobody single particular person can control Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are literally thousands of different cryptocurrencies available now however for example of what makes Bitcoin different I’ll use Ethereum as example. It’s 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 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 just not a superb situation but it’s supposed to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money 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 try this straight away and the problem is over.
Second example. The same thing occurs once more however this time Iran use the Ethereum blockchain to send the money to North Korea. The US government 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 really been rolled back earlier than when a hacker stole a significant quantity of funds).
Problem solved. Sadly 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 Can’t Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.
There is no such thing as abody to call. There is no such thing as abody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there was created by someone or some firm and that will always be the point of failure. They are still centralized.
One other example would be if Vitalik’s household had been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Learn Tips on how to Use Bitcoin
Everybody should own some Bitcoin. It is not without it’s harmful though. In the event you’re new to Bitcoin then it’s best to study as much a lot as you may earlier than you invest any money. Owning Bitcoin comes with a number of responsabilty. Learn 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 till you know what you are doing!
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