Well, it’s been a crazy 10 years for Bitcoin. Truly it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they were, they’ve had a prodiscovered effect on the world. They no doubt predicted that which is why they selected 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 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. When you don’t know why then let me explain.
For those who don’t know what Bitcoin is I will just give you just a few brief key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Cast
Not All Coins Are in Circulation Yet
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Different?
So what makes Bitcoin completely different to all of the thousands of other 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 the way the worth would improve as a result of it’s fixed provide, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of computer all around the world. It has spread beyond 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 needs to be executed my consensus throughout the whole Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are millions of other cryptocurrencies available now but as an example of what makes Bitcoin totally different I’ll 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 just isn’t a great situation but it’s presupposed to show you the way your money is safer in Bitcoin!
Anyway.. first example. Iran is using the usual banking system and transferring this cash to North Korea in USD. The US government say grasp on a minute, we have to freeze these transactions and confiscate the money.. Easy. They try this straight away and the problem is over.
Second example. The same thing happens once more but this time Iran use the Ethereum blockchain to send the cash 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 actually been rolled back earlier than when a hacker stole a significant amount of funds).
Problem solved. Sadly Ethererum’s credibility could be ruined alongside 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 occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There is no such thing as abody to call. There is nobody to place pressure on. The Bitcoin is beyond censorship.
Each different 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 instance would be if Vitalik’s family have been taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest funding on the planet.
Study Find out how to Use Bitcoin
Everybody should own some Bitcoin. It isn’t without it’s harmful though. In case you’re new to Bitcoin then you must be taught as much a lot as you can earlier than you make investments any money. Owning Bitcoin comes with a variety of responsabilty. Learn how to use Bitcoin safely.
For individuals just coming into the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned cash till you know what you are doing!
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