Well, it’s been a crazy 10 years for Bitcoin. Actually 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 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. 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. If you happen to do not know why then let me explain.
If you happen to do not know what Bitcoin is I am going to just give you a number of temporary key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Different?
So what makes Bitcoin completely 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 people started to see the benefits of Bitcoin and the way the price would enhance resulting from it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of pc everywhere in the world. It has spread beyond the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this needs to be performed my consensus all through the entire Bitcoin network. Nobody single individual can control Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are millions of different cryptocurrencies available now however 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 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 will not be an excellent situation but it’s speculated to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this cash to North Korea in USD. The US authorities say cling on a minute, we need to freeze these transactions and confiscate the money.. Easy. They try this straight away and the problem is over.
Second example. The same thing occurs again but 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 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 quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined along with it’s price.
Ethereum is just an instance, but 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 Government see this and are powerless to stop it.
There isn’t anybody to call. There isn’t anybody to place pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there has been created by somebody or some firm and that will always be the purpose of failure. They are still centralized.
Another example can be if Vitalik’s household were taken hostage.. Bitcoin is past any of this and that is why it’s the safest investment on the planet.
Study The best way to Use Bitcoin
Everybody ought to own some Bitcoin. It is not without it’s dangerous though. When you’re new to Bitcoin then you should study as much a lot as you’ll be able to before you make investments any money. Owning Bitcoin comes with a variety of responsabilty. Learn to use Bitcoin safely.
For people just getting into the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned money till you know what you’re doing!
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