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 profound impact 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 different crypto coins have come along since all making an attempt 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. Should you don’t know why then let me explain.
For those who do not know what Bitcoin is I am going to just offer you a couple of brief key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Cast
Not All Coins Are in Circulation But
It Is Totally Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin 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 amongst a small group of people. It grew organically. When individuals started to see the benefits of Bitcoin and how the worth would improve as a consequence of it’s fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of 1000’s of computer all over the world. It has spread beyond the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this has to be done my consensus all through the whole Bitcoin network. No one single particular person can management Bitcoin. This is what makes Bitcoin distinctive and impossible to replicate.
There are literally thousands of other cryptocurrencies available now but for example of what makes Bitcoin different I will 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 occurs 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 is not a good situation but it’s alleged to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this cash to North Korea in USD. The US authorities say dangle 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 identical thing occurs again but this time Iran use the Ethereum blockchain to send the cash to North Korea. The US authorities are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Right 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 quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined along with it’s price.
Ethereum is just an instance, 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 Authorities see this and are energyless to stop it.
There isn’t anybody to call. There is no such thing as abody to put pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there was created by somebody or some company and that will always be the point of failure. They are still centralized.
One other example could be if Vitalik’s household were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest funding on the planet.
Be taught Methods to Use Bitcoin
Everyone ought to own some Bitcoin. It isn’t without it’s dangerous though. In the event you’re new to Bitcoin then you need to study as a lot much as you can before you invest any money. Owning Bitcoin comes with quite a lot of responsabilty. Learn to use Bitcoin safely.
For people just entering the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned cash till you know what you’re doing!
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