Well, it’s been a crazy 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 no doubt predicted that which is why they selected to disappear from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Hundreds 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 do not know why then let me explain.
In the event you do not know what Bitcoin is I’ll just provide you with a few temporary key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
Not All Coins Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all of the hundreds 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 how the value would increase as a consequence of it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of pc everywhere in the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this has to be performed my consensus all through the whole Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin unique and unimaginable to replicate.
There are thousands of different cryptocurrencies available now but for example of what makes Bitcoin totally different I am going to 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 example 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 the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this cash 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 this straight away and the problem is over.
Second example. The same thing occurs again however this time Iran use the Ethereum blockchain to ship the money to North Korea. The US government are see what is happening. A phone call is made.
“Get Vitalik Buterin in Right here NOW”
The US authorities “places some pressure” on Vitalik they usually make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has actually been rolled back earlier than when a hacker stole a significant amount of funds).
Problem solved. Sadly Ethererum’s credibility would be ruined alongside with it’s price.
Ethereum is just an example, but it’s true for each different cryptocurrency.
Bitcoin Can’t 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 isn’t 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 firm and that will always be the point of failure. They’re still centralized.
One other 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 investment on the planet.
Learn How you can Use Bitcoin
Everybody should own some Bitcoin. It isn’t without it’s dangerous though. For those who’re new to Bitcoin then it’s best to be taught as a lot a lot as you can earlier than you invest any money. Owning Bitcoin comes with plenty of responsabilty. Learn to use Bitcoin safely.
For individuals just entering the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned cash until you know what you are doing!
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