Well, it’s been a crazy 10 years for Bitcoin. Truly 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 question predicted that which is why they selected to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have come along since all making an attempt 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 don’t know why then let me explain.
In the event you don’t know what Bitcoin is I will just provide you with a few temporary key points:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Forged
Not All Coins Are in Circulation Yet
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is 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 different to all the hundreds of different coins which have been invented since?
When Bitcoin was first invented it began to spread slowly among a small group of people. It grew organically. When individuals started to see the benefits of Bitcoin and the way the value would improve resulting from it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of thousands of pc all around 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 but this has to be performed my consensus throughout the entire Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are millions of different cryptocurrencies available now however as an example of what makes Bitcoin different I will 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 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 shouldn’t be a good situation but it’s speculated to show you the way your money 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 authorities 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 same 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 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. Unfortunately Ethererum’s credibility would be ruined alongside with it’s price.
Ethereum is just an instance, but it’s true for every different cryptocurrency.
Bitcoin Cannot Be Stopped
So the same 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 abody to call. There isn’t abody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there was created by someone or some company and that will always be the purpose of failure. They’re still centralized.
Another example could 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.
Learn The way to Use Bitcoin
Everybody ought to own some Bitcoin. It isn’t without it’s harmful though. If you happen to’re new to Bitcoin then you need to be taught as a lot a lot as you’ll be able to earlier than you make investments any money. Owning Bitcoin comes with a number of 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 money till you know what you are doing!
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