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 prodiscovered 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. 1000’s of different crypto coins have come along since all trying to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that may’t be replicated. For those who do not know why then let me explain.
Should you do not know what Bitcoin is I’ll just give 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 But
It Is Totally Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Money
Anyone 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 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 people started to see the benefits of Bitcoin and how the value would increase resulting from it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of laptop 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 but this has to be accomplished my consensus throughout the entire Bitcoin network. Nobody single person can management Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are millions of different cryptocurrencies available now however for example of what makes Bitcoin totally different I will use Ethereum as example. It is 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 is just not a great situation however it’s purported to show you how your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing 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 this 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 government are see what’s 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 really been rolled back before 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 other 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 energyless to stop it.
There is no such thing as abody to call. There isn’t abody to place pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there has been created by somebody or some company and that will always be the point of failure. They are still centralized.
One other example would be if Vitalik’s family have been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Learn How one can Use Bitcoin
Everyone should own some Bitcoin. It’s not without it’s harmful though. Should you’re new to Bitcoin then you need to learn as much a lot as you may earlier than you invest any money. Owning Bitcoin comes with lots of responsabilty. Discover ways to use Bitcoin safely.
For individuals just coming into the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned cash until you know what you’re doing!
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