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 were, they’ve had a prodiscovered effect on the world. They no doubt predicted that which is why they selected to vanish 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 attempting 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 don’t know what Bitcoin is I’ll just give you a number of brief key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Solid
Not All Coins Are in Circulation Yet
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin different to all of 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 price would enhance because of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of thousands of laptop all over 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 whole Bitcoin network. Nobody single particular person can control Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are millions of other cryptocurrencies available now however for example of what makes Bitcoin completely different I am going to use Ethereum as example. It’s 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 ultimate 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 an excellent situation however it’s purported to show you how 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 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 identical thing happens again however this time Iran use the Ethereum blockchain to send the money to North Korea. The US government are see what is happening. A phone call is made.
“Get Vitalik Buterin in Right here NOW”
The US authorities “puts some pressure” on Vitalik and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has truly been rolled back earlier than when a hacker stole a significant amount 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 different cryptocurrency.
Bitcoin Can’t Be Stopped
So the same thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities 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 somebody or some company and that will always be the purpose of failure. They are still centralized.
One other example can be if Vitalik’s household have been taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.
Study The best way to Use Bitcoin
Everyone should own some Bitcoin. It is not without it’s dangerous though. In the event you’re new to Bitcoin then you should study as a lot a lot as you possibly can earlier than you make investments any money. Owning Bitcoin comes with loads of responsabilty. Discover ways to use Bitcoin safely.
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