Well, it’s been a loopy 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 disappear 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 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. If you don’t know why then let me explain.
Should you don’t know what Bitcoin is I will just offer you a couple of brief key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Solid
Not All Cash Are in Circulation Yet
It Is Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s 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 completely different to all of the 1000’s of other coins which have been invented since?
When Bitcoin was first invented it started 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 worth would enhance due to it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread across hundreds of thousands of laptop all over the world. It has spread past the control of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this has to be finished my consensus all through the whole Bitcoin network. No one single person can control Bitcoin. This is what makes Bitcoin distinctive and not possible to replicate.
There are literally thousands of other cryptocurrencies available now but for instance of what makes Bitcoin completely different I’ll use Ethereum as example. It’s a one of the 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 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 will not be a great situation but it’s supposed to show you how 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 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 identical thing happens again but this time Iran use the Ethereum blockchain to ship 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 really 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 example, however it’s true for each different cryptocurrency.
Bitcoin Cannot 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 is no such thing as abody to call. There is nobody to put pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there has been created by somebody or some firm and that will always be the purpose of failure. They are still centralized.
Another example would be if Vitalik’s household have been taken hostage.. Bitcoin is past any of this and that is why it’s the safest investment on the planet.
Study How one can Use Bitcoin
Everyone should own some Bitcoin. It is not without it’s harmful though. Should you’re new to Bitcoin then it is best to be taught as a lot a lot as you may earlier than you make investments any money. Owning Bitcoin comes with numerous responsabilty. Learn to use Bitcoin safely.
For individuals just entering 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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