Well, it’s been a loopy 10 years for Bitcoin. Truly it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they had been, they’ve had a profound 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. Hundreds of different crypto coins have come along 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. In case you do not know why then let me explain.
In the event you don’t know what Bitcoin is I am going to just give you a couple of temporary key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Cast
Not All Coins Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Can’t 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 completely different to all 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 how the price would increase attributable to it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of computer everywhere in the world. It has spread beyond the management of any government. It is 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. No one single particular person can control Bitcoin. This is what makes Bitcoin distinctive and not possible to replicate.
There are millions of other cryptocurrencies available now but for example of what makes Bitcoin different I will 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 occurs 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 is just not a superb situation but it’s speculated to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this money to North Korea in USD. The US government say cling 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 ship the money to North Korea. The US authorities are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Right here NOW”
The US authorities “places some pressure” on Vitalik and 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 amount of funds).
Problem solved. Unfortunately Ethererum’s credibility would be ruined alongside 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 Authorities see this and are energyless to stop it.
There is no such thing as abody to call. There isn’t abody to place pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there has been created by someone or some company and that will always be the point of failure. They’re still centralized.
One other instance could be if Vitalik’s family were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest funding on the planet.
Learn Learn how to Use Bitcoin
Everybody should own some Bitcoin. It is not without it’s dangerous though. If you happen to’re new to Bitcoin then you must be taught as much much as you possibly can before you invest any money. Owning Bitcoin comes with a lot 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 cash until you know what you’re doing!
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