Well, it’s been a crazy 10 years for Bitcoin. Truly 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 effect on the world. They little question predicted that which is why they selected to disappear from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have come alongside 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. When you do not know why then let me explain.
If you happen to do not know what Bitcoin is I’ll just give you a number of transient key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Forged
Not All Coins Are in Circulation But
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin completely 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 the way the worth would improve as a consequence of it’s fixed provide, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of thousands of pc all over the world. It has spread past the control of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this must be achieved my consensus throughout the entire Bitcoin network. Nobody single person can control Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are millions of different cryptocurrencies available now but as an example of what makes Bitcoin totally different I will use Ethereum as example. It is 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 just isn’t a superb situation but it’s presupposed to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the usual banking system and transferring this cash to North Korea in USD. The US authorities say dangle 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 happens again but this time Iran use the Ethereum blockchain to ship the money to North Korea. The US government are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US government “places 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 amount of funds).
Problem solved. Sadly Ethererum’s credibility would be ruined alongside with it’s price.
Ethereum is just an instance, but it’s true for every other cryptocurrency.
Bitcoin Can’t Be Stopped
So the identical thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.
There is no such thing as abody to call. There isn’t anybody to place pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there has been created by someone or some company and that will always be the purpose of failure. They’re still centralized.
Another instance would be if Vitalik’s family had been taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest investment on the planet.
Study How one can Use Bitcoin
Everyone should own some Bitcoin. It is not without it’s harmful though. In the event you’re new to Bitcoin then it is best to learn as much a lot as you’ll be able to earlier than you make investments any money. Owning Bitcoin comes with a number 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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