Well, it’s been a loopy 10 years for Bitcoin. Actually it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they have been, they’ve had a prodiscovered effect on the world. They little doubt 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. 1000’s of different crypto coins have come along since all attempting 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. If you happen to do not know why then let me explain.
If you do not know what Bitcoin is I will just give you a couple of transient key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Cast
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
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin 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 started to spread slowly among a small group of people. It grew organically. When individuals started to see the benefits of Bitcoin and how the worth would improve on account of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of computer all over the world. It has spread past the management of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this has to be achieved my consensus throughout the whole Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin unique and not possible to replicate.
There are millions of other cryptocurrencies available now but as an example of what makes Bitcoin different I will use Ethereum as example. It’s a one of many biggest Alt coins right 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 will not be a very good situation but it’s imagined to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the usual banking system and transferring this cash to North Korea in USD. The US government say cling 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 identical thing occurs once more 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 “puts some pressure” on Vitalik they usually 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 can be ruined alongside with it’s price.
Ethereum is just an instance, however it’s true for each 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 powerless to stop it.
There isn’t anybody to call. There isn’t anybody to put pressure on. The Bitcoin is beyond censorship.
Every different 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 can 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.
Be taught Tips on how to Use Bitcoin
Everyone should own some Bitcoin. It’s not without it’s harmful though. In the event you’re new to Bitcoin then you should study as much a lot as you’ll be able to before you make investments any money. Owning Bitcoin comes with plenty of responsabilty. Learn to use Bitcoin safely.
For folks just entering the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned money till you know what you are doing!
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