Well, it’s been a loopy 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 question 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. 1000’s 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 may’t be replicated. If you don’t know why then let me explain.
For those who do not know what Bitcoin is I will just provide you with a number of temporary key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Forged
Not All Coins Are in Circulation But
It Is Fully 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 Each 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all the thousands of different 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 individuals started to see the benefits of Bitcoin and how the price would increase due to it’s fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of computer everywhere in the world. It has spread past 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 has to be accomplished my consensus all through the entire Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin distinctive and not possible to replicate.
There are literally thousands of different cryptocurrencies available now however for example of what makes Bitcoin totally 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 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 great situation but it’s imagined to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money to North Korea in USD. The US government say hold on a minute, we have to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.
Second example. The same thing happens once more but this time Iran use the Ethereum blockchain to ship 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 authorities «puts some pressure» on Vitalik and they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has truly been rolled back earlier than when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an example, but it’s true for each other cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are energyless to stop it.
There isn’t anybody to call. There isn’t anybody to place pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there has been created by someone or some firm and that will always be the point of failure. They are still centralized.
One other instance would be if Vitalik’s household had been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Learn Easy methods to Use Bitcoin
Everybody should own some Bitcoin. It is not without it’s dangerous though. Should you’re new to Bitcoin then you should be taught as much a lot as you’ll be able to earlier than you invest any money. Owning Bitcoin comes with lots of responsabilty. Discover ways to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash until you know what you’re doing!
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