Well, it’s been a crazy 10 years for Bitcoin. Truly 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 effect 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 along since all attempting to imitate the king of Crypto. All have failed and will proceed 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.
For those who do not know what Bitcoin is I will just provide you with a few brief 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’s 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 the 1000’s of different 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 folks started to see the benefits of Bitcoin and how the price would increase because of it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of laptop all around the world. It has spread beyond the control 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 whole Bitcoin network. No one single person can management Bitcoin. This is what makes Bitcoin distinctive and impossible to replicate.
There are literally thousands of different cryptocurrencies available now but for instance 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 ultimate say on any development that happens 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 shouldn’t be a great situation however it’s speculated to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the usual banking system and transferring this cash to North Korea in USD. The US government say cling 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 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 government «places 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 before when a hacker stole a significant quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined along with it’s price.
Ethereum is just an example, 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 abody to put pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there was created by somebody or some firm and that will always be the point of failure. They’re still centralized.
Another example can be if Vitalik’s family have been taken hostage.. Bitcoin is past any of this and that is why it’s the safest investment on the planet.
Study Methods to Use Bitcoin
Everybody should own some Bitcoin. It’s not without it’s harmful though. If you’re new to Bitcoin then it is best to study as much a lot as you can before you invest any money. Owning Bitcoin comes with lots of responsabilty. Learn to use Bitcoin safely.
For individuals just entering the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned money until you know what you are doing!
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