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 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. 1000’s of other crypto coins have come along since all making an attempt to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that can’t be replicated. In case you don’t know why then let me explain.
If you do not know what Bitcoin is I will just give you a few transient key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum 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 is Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Different?
So what makes Bitcoin completely different to all the thousands of different 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 worth would increase as a consequence of it’s fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of laptop all around the world. It has spread beyond the management of any government. It’s creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this must be executed my consensus all through the whole Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are millions of different cryptocurrencies available now however for instance of what makes Bitcoin totally different I will use Ethereum as example. It is 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 occurs 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 just isn’t an excellent situation but it’s supposed to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money to North Korea in USD. The US government say cling on a minute, we have 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 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 so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has truly been rolled back earlier than when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined alongside with it’s price.
Ethereum is just an example, but it’s true for every 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 energyless to stop it.
There is nobody to call. There isn’t abody to put pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there was created by somebody or some company and that will always be the purpose of failure. They are still centralized.
One other example could be if Vitalik’s household had been taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.
Be taught Learn how to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. When you’re new to Bitcoin then it’s best to study as much much as you may before you invest any money. Owning Bitcoin comes with quite a lot of responsabilty. Discover ways to use Bitcoin safely.
For folks just coming into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned money till you know what you’re doing!
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