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 have been, 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 different 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 may’t be replicated. When you don’t know why then let me explain.
For those who do not know what Bitcoin is I will just provide you with a few temporary key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Forged
Not All Cash Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all of the hundreds of other coins which have been invented since?
When Bitcoin was first invented it started to spread slowly amongst a small group of people. It grew organically. When individuals started to see the benefits of Bitcoin and the way the worth would improve because of it’s fixed provide, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer everywhere in the world. It has spread beyond the control of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this has to be done my consensus throughout the whole Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin unique and unimaginable to replicate.
There are literally thousands of different cryptocurrencies available now however for example of what makes Bitcoin totally different I will use Ethereum as example. It’s a one of many 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 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 but it’s purported to show you how your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money 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 identical thing happens once more however this time Iran use the Ethereum blockchain to send the money to North Korea. The US authorities are see what’s 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 before when a hacker stole a significant quantity of funds).
Problem solved. Sadly Ethererum’s credibility can be ruined along with it’s price.
Ethereum is just an instance, however it’s true for every different cryptocurrency.
Bitcoin Cannot 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 isn’t anybody to call. There isn’t abody to place pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there has been created by someone or some firm and that will always be the point of failure. They are still centralized.
One other instance can be if Vitalik’s household have been taken hostage.. Bitcoin is past any of this and that is why it’s the safest investment on the planet.
Study Tips on how to Use Bitcoin
Everyone should own some Bitcoin. It’s not without it’s dangerous though. For those who’re new to Bitcoin then you need to study as a lot much as you possibly can earlier than you invest any money. Owning Bitcoin comes with lots of responsabilty. Learn to use Bitcoin safely.
For individuals just entering the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned cash till you know what you are doing!
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