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 had been, they’ve had a prodiscovered effect on the world. They little 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 different crypto coins have come along since all trying 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. If you don’t know why then let me explain.
In case you don’t know what Bitcoin is I will just offer you a number of transient key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Cast
Not All Coins Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin totally different to all the thousands of different 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 how the price 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 pc all around the world. It has spread beyond 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 needs to be achieved my consensus all through the whole Bitcoin network. Nobody single individual can control Bitcoin. This is what makes Bitcoin unique and not possible to replicate.
There are literally thousands of other cryptocurrencies available now however for example of what makes Bitcoin completely different I am going to 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 occurs on Ethereum.
Censorship And Government Interference
For this instance 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 imagined to show you ways your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the usual banking system and transferring this money to North Korea in USD. The US authorities say grasp 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 occurs once more but this time Iran use the Ethereum blockchain to ship the money 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 „puts 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 earlier than when a hacker stole a significant amount 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 different cryptocurrency.
Bitcoin Can’t Be Stopped
So the identical 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 somebody or some company and that will always be the purpose of failure. They’re still centralized.
Another example could be if Vitalik’s family were taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest funding on the planet.
Be taught Find out how to Use Bitcoin
Everyone ought to own some Bitcoin. It’s not without it’s harmful though. For those who’re new to Bitcoin then you should study as a lot much as you possibly can before you invest any money. Owning Bitcoin comes with loads of responsabilty. Learn to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash until you know what you’re doing!
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