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 had been, they’ve had a prodiscovered effect on the world. They little question 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 different crypto coins have come alongside since all attempting to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that may’t be replicated. In the event you don’t know why then let me explain.
Should you don’t know what Bitcoin is I’ll just give you a couple of transient key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
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 4 Years
What Makes Bitcoin 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 improve as a consequence of it’s fixed provide, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of laptop 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 needs to be performed my consensus all through the entire Bitcoin network. No one single person can management Bitcoin. This is what makes Bitcoin unique and unimaginable to replicate.
There are thousands of different cryptocurrencies available now however as an example of what makes Bitcoin different I am going to use Ethereum as example. It is 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 happens 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 isn’t a good situation but it’s imagined to show you how 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 government 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 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 they usually 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. Sadly Ethererum’s credibility can be ruined alongside with it’s price.
Ethereum is just an example, however it’s true for each 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 nobody to call. There isn’t abody to place pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there was created by somebody or some firm and that will always be the point of failure. They are still centralized.
One other example could be if Vitalik’s family were taken hostage.. Bitcoin is past any of this and that is why it’s the safest investment on the planet.
Be taught The way to Use Bitcoin
Everybody should own some Bitcoin. It isn’t without it’s dangerous though. For those who’re new to Bitcoin then you need to study as a lot much as you’ll be able to before you invest any money. Owning Bitcoin comes with quite a lot of responsabilty. Discover ways 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 are doing!
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