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 have been, they’ve had a profound effect on the world. They little doubt predicted that which is why they selected to vanish 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 trying 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. In the event you do not know why then let me explain.
In case you don’t know what Bitcoin is I will 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 Forged
Not All Cash Are in Circulation But
It Is Totally Decentralized Without Anybody Controlling It
It Cannot Be Censored
It is Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Different?
So what makes Bitcoin totally different to all the thousands of other coins which have been invented since?
When Bitcoin was first invented it started to spread slowly amongst a small group of people. It grew organically. When people started to see the benefits of Bitcoin and how the value would enhance due to it’s fixed supply, it started to develop faster.
The Bitcoin blockchain is now spread across hundreds of thousands of laptop all around 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 executed my consensus all through the entire Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.
There are millions of other cryptocurrencies available now however as an example of what makes Bitcoin different I will use Ethereum as example. It’s a one of the biggest Alt coins right 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 happens 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 is not an excellent situation but it’s purported to show you ways your money 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 government say dangle 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 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 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. Sadly Ethererum’s credibility can be ruined along with it’s price.
Ethereum is just an example, however it’s true for each other 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 is nobody to call. There is no such thing as abody to place pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there was created by somebody or some firm and that will always be the purpose of failure. They’re still centralized.
One other instance could be if Vitalik’s household have been taken hostage.. Bitcoin is past any of this and that is why it’s the safest investment on the planet.
Be taught Find out how to Use Bitcoin
Everyone should own some Bitcoin. It’s not without it’s harmful though. When you’re new to Bitcoin then you should be taught as much a lot as you may earlier than you invest any money. Owning Bitcoin comes with numerous responsabilty. Learn how to use Bitcoin safely.
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