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 were, they’ve had a profound effect on the world. They no doubt 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. 1000’s of other 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. If you happen to don’t know why then let me explain.
If you do not know what Bitcoin is I am going to just offer you a few temporary key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Solid
Not All Cash Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Totally 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 the way the price would enhance resulting from it’s fixed provide, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer all around the world. It has spread beyond the control of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this must be executed my consensus all through the whole Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin unique and unimaginable 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 is a one of many 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 final say on any development that occurs 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 shouldn’t be a very good situation but it’s alleged to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is using 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 cash to North Korea. The US government are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Right 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 really been rolled back earlier than when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an example, but it’s true for every other cryptocurrency.
Bitcoin Can’t Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There isn’t anybody to call. There is nobody to put pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there has been created by someone or some firm and that will always be the point of failure. They are still centralized.
One other instance can be if Vitalik’s household had been taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.
Learn The way to Use Bitcoin
Everybody should own some Bitcoin. It’s not without it’s dangerous though. If you’re new to Bitcoin then it’s best to be taught as a lot a lot as you possibly can earlier than you make investments any money. Owning Bitcoin comes with plenty of responsabilty. Learn to use Bitcoin safely.
For people just coming into 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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