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 had been, they’ve had a profound effect on the world. They no 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 can’t be replicated. In the event you do not know why then let me explain.
In the event you do not know what Bitcoin is I’ll just give you a number of transient key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t 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 Every four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin different to all the hundreds of other 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 people started to see the benefits of Bitcoin and how the worth would increase due to it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of pc 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 carried out my consensus all through the entire Bitcoin network. No one single person can control Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are millions of other cryptocurrencies available now however as an example of what makes Bitcoin different I’ll use Ethereum as example. It is a one of many 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 ultimate say on any development that occurs on Ethereum.
Censorship And Government 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 just not an excellent situation however it’s presupposed to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this money to North Korea in USD. The US government say cling on a minute, we need 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 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 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 truly been rolled back earlier than when a hacker stole a significant quantity of funds).
Problem solved. Sadly Ethererum’s credibility would be ruined along with it’s price.
Ethereum is just an example, however 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 energyless to stop it.
There is nobody to call. There isn’t abody to place pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there was created by somebody or some company and that will always be the point of failure. They’re still centralized.
Another example would be if Vitalik’s family have been taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest funding on the planet.
Study How you can Use Bitcoin
Everyone ought to own some Bitcoin. It is not without it’s harmful though. When you’re new to Bitcoin then it’s best to be taught as a lot much as you may before you invest any money. Owning Bitcoin comes with lots of responsabilty. Learn how to use Bitcoin safely.
For people 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 are doing!
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