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 little question 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 other crypto coins have come along since all trying 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. For those who do not know why then let me explain.
In the event you do not know what Bitcoin is I’ll just give you a few brief key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Solid
Not All Coins Are in Circulation But
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anyone 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 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 people started to see the benefits of Bitcoin and the way the worth would increase as a consequence of it’s fixed provide, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of laptop everywhere in the world. It has spread beyond the management of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this needs to be done my consensus throughout the entire Bitcoin network. Nobody single particular person can control Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are literally thousands of other cryptocurrencies available now however for example of what makes Bitcoin completely different I will use Ethereum as example. It is 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 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 good situation but it’s speculated 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 grasp 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 happens again however this time Iran use the Ethereum blockchain to ship the money to North Korea. The US government are see what’s 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 really been rolled back before when a hacker stole a significant quantity 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 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 no such thing as abody to call. There is nobody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there has been created by someone or some company and that will always be the point of failure. They are still centralized.
Another instance could be if Vitalik’s household were taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest funding on the planet.
Learn Find out how to Use Bitcoin
Everybody ought to own some Bitcoin. It’s not without it’s dangerous though. Should you’re new to Bitcoin then you must learn as a lot much as you possibly can before you make investments any money. Owning Bitcoin comes with lots of responsabilty. Learn 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’re doing!
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