Well, it’s been a crazy 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 profound impact 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. Thousands of different crypto coins have come alongside since all attempting to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that can’t be replicated. In case you do not know why then let me explain.
In case you do not know what Bitcoin is I will just provide you with a few transient 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 Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin totally different to all the thousands of other coins which have been invented since?
When Bitcoin was first invented it began 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 enhance as a consequence of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of laptop all around the world. It has spread beyond the management 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 executed my consensus all through the whole Bitcoin network. No one single individual can control Bitcoin. This is what makes Bitcoin distinctive and inconceivable to replicate.
There are thousands of different cryptocurrencies available now but for example of what makes Bitcoin totally different I’ll use Ethereum as example. It’s a one of many 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 final say on any development that happens on Ethereum.
Censorship And Authorities 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 good situation but it’s speculated to show you the way your money 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 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 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 they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has truly been rolled back before when a hacker stole a significant amount of funds).
Problem solved. Sadly Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an example, but it’s true for every different cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical 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 nobody to put 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 instance would be if Vitalik’s family had been taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.
Study Find out how to Use Bitcoin
Everybody ought to own some Bitcoin. It is not without it’s harmful though. When you’re new to Bitcoin then you should learn as a lot much as you possibly can earlier than you invest any money. Owning Bitcoin comes with numerous responsabilty. Learn how to use Bitcoin safely.
For people just entering the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash till you know what you are doing!
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