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 effect on the world. They no doubt 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 other crypto coins have come along since all trying to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that may’t be replicated. In case you don’t know why then let me explain.
For those who do not know what Bitcoin is I’ll just offer you a few temporary key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Solid
Not All Cash Are in Circulation Yet
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin completely 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 worth would increase due to it’s fixed supply, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of pc 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 needs to be executed my consensus all through the entire Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are thousands of different cryptocurrencies available now however as an example of what makes Bitcoin different I’ll use Ethereum as example. It’s 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 ultimate say on any development that happens 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 not a very good situation however it’s presupposed to show you the way your cash 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 authorities say grasp on a minute, we need to freeze these transactions and confiscate the money.. Easy. They do this straight away and the problem is over.
Second example. The same thing occurs once more however 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 government “puts some pressure” on Vitalik and 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 could be ruined alongside 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 happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There is no such thing as abody to call. There isn’t anybody to put pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there was created by someone or some company and that will always be the purpose of failure. They’re still centralized.
Another example could be if Vitalik’s household have been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Be taught Learn how to Use Bitcoin
Everybody should own some Bitcoin. It is not without it’s harmful though. In the event you’re new to Bitcoin then you need to be taught as much a lot as you may before you make investments any money. Owning Bitcoin comes with lots of responsabilty. Learn how to use Bitcoin safely.
For individuals just coming into the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned money till you know what you are doing!
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