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 had been, they’ve had a profound impact on the world. They little doubt predicted that which is why they chose to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Thousands of different crypto coins have come alongside 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. In case you do not know why then let me explain.
For those who do not know what Bitcoin is I will just give you a few transient key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Cast
Not All Coins Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Money
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin totally different to all the 1000’s of other 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 how the value would increase because of it’s fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of laptop all around the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this has to be performed my consensus throughout the whole Bitcoin network. No one single person can management Bitcoin. This is what makes Bitcoin unique and unimaginable to replicate.
There are thousands of other cryptocurrencies available now but for example of what makes Bitcoin completely different I am going to 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 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 a superb situation however it’s alleged to show you ways your cash 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 try this 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 government are see what is 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 actually been rolled back earlier than when a hacker stole a significant quantity of funds).
Problem solved. Sadly Ethererum’s credibility could 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 identical thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There isn’t anybody to call. There is no such thing as abody to place pressure on. The Bitcoin is past censorship.
Each other cryptocurrency out there has been created by somebody or some company and that will always be the purpose of failure. They’re still centralized.
Another instance could be if Vitalik’s family have been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Study Easy methods to Use Bitcoin
Everyone ought to own some Bitcoin. It is not without it’s harmful though. If you’re new to Bitcoin then it is best to be taught as much much as you may before you invest any money. Owning Bitcoin comes with a number of responsabilty. Discover ways to use Bitcoin safely.
For folks just getting into the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned money until you know what you are doing!
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