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 chose to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Hundreds 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. In the event you do not know why then let me explain.
For those who do not know what Bitcoin is I am going to just provide you with a few brief key points:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all the 1000’s of other 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 enhance attributable to it’s fixed provide, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of thousands of computer everywhere in the world. It has spread beyond the control of any government. It’s 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 entire Bitcoin network. No one single individual can control Bitcoin. This is what makes Bitcoin distinctive and not possible to replicate.
There are millions of different cryptocurrencies available now but for example of what makes Bitcoin different I am going to 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 final 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 just isn’t a very good situation but it’s alleged to show you how your money 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 dangle on a minute, we need to freeze these transactions and confiscate the money.. Easy. They try this straight away and the problem is over.
Second example. The identical thing occurs again 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 Right 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 really been rolled back earlier than when a hacker stole a significant quantity of funds).
Problem solved. Sadly Ethererum’s credibility would be ruined along with it’s price.
Ethereum is just an instance, but it’s true for each different cryptocurrency.
Bitcoin Cannot 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 isn’t anybody to call. There is no such thing as abody to place pressure on. The Bitcoin is past censorship.
Each other cryptocurrency out there has been created by somebody or some company and that will always be the purpose of failure. They’re still centralized.
Another example can be if Vitalik’s family had been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Be taught How to Use Bitcoin
Everybody ought to own some Bitcoin. It isn’t without it’s dangerous though. If you’re new to Bitcoin then it is best to study as a lot much as you can before you invest any money. Owning Bitcoin comes with a number of responsabilty. Learn how to use Bitcoin safely.
For people just getting into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned money till you know what you are doing!
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