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 prodiscovered effect on the world. They little doubt predicted that which is why they chose to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Hundreds of different crypto coins have come alongside since all attempting 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. Should you don’t know why then let me explain.
For those who do not know what Bitcoin is I will just give you a few temporary key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Solid
Not All Coins Are in Circulation Yet
It Is Totally 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 Every four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin completely different to all of the thousands 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 individuals started to see the benefits of Bitcoin and how the value would improve resulting from it’s fixed provide, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of laptop all around the world. It has spread past the control of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this needs to be finished my consensus all through the entire Bitcoin network. No one single person can control Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are millions of other cryptocurrencies available now but as an example of what makes Bitcoin completely different I am going to use Ethereum as example. It’s 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 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 isn’t a good situation however it’s alleged to show you the way 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 government say hold on a minute, we have 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 once more but 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 authorities “places some pressure” on Vitalik and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has really been rolled back earlier than when a hacker stole a significant amount of funds).
Problem solved. Sadly Ethererum’s credibility can be ruined alongside with it’s price.
Ethereum is just an instance, however it’s true for each different cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t abody to call. There isn’t abody to place pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there was created by somebody or some firm and that will always be the point of failure. They are still centralized.
Another instance could be if Vitalik’s family were taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest funding on the planet.
Study Learn how to Use Bitcoin
Everybody should own some Bitcoin. It’s not without it’s harmful though. For those who’re new to Bitcoin then it is best to study as much much as you possibly can before you make investments any money. Owning Bitcoin comes with a variety of responsabilty. Learn how to use Bitcoin safely.
For people just entering the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned money till you know what you are doing!
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