Well, it’s been a loopy 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 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 different crypto coins have come alongside 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 may’t be replicated. If you do not know why then let me explain.
In case you do not know what Bitcoin is I’ll just provide you with a number of brief key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Cast
Not All Coins Are in Circulation But
It Is Totally 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 Totally different?
So what makes Bitcoin totally different to all of 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 the way the value would improve as a result of it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of 1000’s of computer everywhere in the world. It has spread beyond 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 needs to be executed my consensus throughout the whole Bitcoin network. Nobody single individual can control Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.
There are thousands of different cryptocurrencies available now but for instance of what makes Bitcoin totally different I am going to 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 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 an excellent situation but it’s imagined to show you ways 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 government say dangle on a minute, we have 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 but 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 Here NOW”
The US authorities “places some pressure” on Vitalik and 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 along with it’s price.
Ethereum is just an example, but it’s true for every other cryptocurrency.
Bitcoin Can’t 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 is nobody to call. There is nobody to put pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there has been created by somebody or some firm and that will always be the purpose of failure. They are still centralized.
Another instance could be if Vitalik’s family had been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Study The best way to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. For those who’re new to Bitcoin then you must study as a lot much as you can earlier than you make investments any money. Owning Bitcoin comes with lots of responsabilty. Learn to use Bitcoin safely.
For individuals just entering the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned cash until you know what you are doing!
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