Well, it’s been a loopy 10 years for Bitcoin. Really 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 impact on the world. They little 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. Hundreds of different crypto coins have come along since all attempting 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 don’t know why then let me explain.
Should you don’t know what Bitcoin is I’ll just offer you a couple of temporary key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Cast
Not All Cash Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Money
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all the hundreds 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 people started to see the benefits of Bitcoin and how the value would enhance as a consequence of it’s fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of pc all around the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this has to be accomplished my consensus throughout the whole Bitcoin network. Nobody single person can management Bitcoin. This is what makes Bitcoin unique and not possible to replicate.
There are literally thousands of different cryptocurrencies available now however for example of what makes Bitcoin totally different I’ll use Ethereum as example. It is 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 final 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 isn’t a good situation but it’s alleged to show you ways your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this money to North Korea in USD. The US government say hang on a minute, we have to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.
Second example. The identical thing occurs 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 authorities “places some pressure” on Vitalik they usually make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has really been rolled back before when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility would be ruined alongside with it’s price.
Ethereum is just an instance, but 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 Government see this and are powerless to stop it.
There is nobody to call. There is no such thing as abody to place pressure on. The Bitcoin is past censorship.
Each other cryptocurrency out there was created by someone or some company and that will always be the point of failure. They’re still centralized.
Another example would be if Vitalik’s family were taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest funding on the planet.
Learn Easy methods to Use Bitcoin
Everyone 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 much much as you possibly can before you make investments any money. Owning Bitcoin comes with a number 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 until you know what you are doing!
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