Well, it’s been a crazy 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 prodiscovered 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. Hundreds of different 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 may’t be replicated. In the event you do not know why then let me explain.
Should you don’t know what Bitcoin is I will just provide you with just a few brief key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Solid
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 Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all of the hundreds 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 how the value would enhance due to it’s fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of laptop all around the world. It has spread past 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 done my consensus all through the entire Bitcoin network. No one single person can management Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are literally thousands of other cryptocurrencies available now but for instance 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 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 shouldn’t be a great situation however it’s supposed to show you ways your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this cash to North Korea in USD. The US government say hang on a minute, we have to freeze these transactions and confiscate the money.. Easy. They try this straight away and the problem is over.
Second example. The same thing happens again but this time Iran use the Ethereum blockchain to send the cash 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 “puts 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 earlier than when a hacker stole a significant amount of funds).
Problem solved. Sadly Ethererum’s credibility could be ruined alongside with it’s price.
Ethereum is just an instance, however it’s true for every different cryptocurrency.
Bitcoin Can’t Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There isn’t abody to call. There is nobody to put pressure on. The Bitcoin is beyond censorship.
Every other cryptocurrency out there has been created by somebody or some company and that will always be the point of failure. They are still centralized.
Another instance can be if Vitalik’s household had 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
Everybody should own some Bitcoin. It is not without it’s harmful though. When you’re new to Bitcoin then you need to study as much a lot as you possibly can earlier than you make investments any money. Owning Bitcoin comes with a number of responsabilty. Learn how to use Bitcoin safely.
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