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 profound effect on the world. They no doubt predicted that which is why they chose 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 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. When you don’t know why then let me explain.
Should you do not know what Bitcoin is I’ll just give you just a few temporary key points:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Solid
Not All Cash Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It is Peer to Peer Money
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all of the thousands of different 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 the way the worth would enhance as a result of it’s fixed provide, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of laptop everywhere in 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 needs to be carried out my consensus all through the entire Bitcoin network. No one single person can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are literally thousands of different cryptocurrencies available now however for example of what makes Bitcoin different I’ll 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 ultimate say on any development that happens on Ethereum.
Censorship And Government 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 is just not a great situation however it’s alleged to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the usual banking system and transferring this money to North Korea in USD. The US authorities say hang 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 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 authorities “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 before when a hacker stole a significant quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility would be ruined along with it’s price.
Ethereum is just an instance, however it’s true for each different cryptocurrency.
Bitcoin Can’t Be Stopped
So the same thing occurs 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 past censorship.
Every other cryptocurrency out there has been created by somebody or some firm and that will always be the purpose of failure. They’re still centralized.
Another instance can be if Vitalik’s household had been taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest funding on the planet.
Learn The best way to Use Bitcoin
Everybody should own some Bitcoin. It is not without it’s harmful though. When you’re new to Bitcoin then it is best to be taught as a lot a lot as you possibly can earlier than you make investments any money. Owning Bitcoin comes with quite a lot of responsabilty. Learn to use Bitcoin safely.
For people just coming into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash until you know what you are doing!
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