Well, it’s been a crazy 10 years for Bitcoin. Really it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they were, they’ve had a profound impact on the world. They little question 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. Thousands 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. If you don’t know why then let me explain.
If you happen to do not know what Bitcoin is I will just provide you with a couple of brief key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Cast
Not All Cash Are in Circulation But
It Is Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It is 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 totally different to all the thousands of other coins which have been invented since?
When Bitcoin was first invented it began to spread slowly amongst a small group of people. It grew organically. When folks started to see the benefits of Bitcoin and the way the worth would improve resulting from it’s fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of laptop everywhere in the world. It has spread past 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 has to be achieved my consensus all through the entire Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.
There are thousands of different cryptocurrencies available now however for example of what makes Bitcoin totally different I will use Ethereum as example. It is a one of the 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 happens on Ethereum.
Censorship And Government 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 is not a very good situation but it’s presupposed to show you the way your cash 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 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 same thing occurs once more however this time Iran use the Ethereum blockchain to send the cash to North Korea. The US authorities are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US government “puts some pressure” on Vitalik and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has actually been rolled back before when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined alongside with it’s price.
Ethereum is just an example, however it’s true for every other cryptocurrency.
Bitcoin Can’t Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.
There is no such thing as abody to call. There isn’t abody to put pressure on. The Bitcoin is past censorship.
Every different cryptocurrency out there was created by someone or some firm and that will always be the point of failure. They are still centralized.
Another instance would be if Vitalik’s family had been taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest investment on the planet.
Learn The way to Use Bitcoin
Everybody ought to own some Bitcoin. It is not without it’s dangerous though. Should you’re new to Bitcoin then you should learn as a lot much as you may earlier than you make investments any money. Owning Bitcoin comes with quite a lot of responsabilty. Discover ways to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned cash until you know what you’re doing!
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