Well, it’s been a loopy 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 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. 1000’s of other 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. If you do not know why then let me explain.
In case you don’t know what Bitcoin is I am going to just give you just a few transient key points:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Forged
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 Money
Anyone 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 the 1000’s 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 individuals started to see the benefits of Bitcoin and the way the worth would enhance on account of it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of 1000’s of pc everywhere in the world. It has spread past the management of any government. It’s creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this has to be carried out my consensus all through the entire Bitcoin network. Nobody single particular person can control Bitcoin. This is what makes Bitcoin unique and unimaginable to replicate.
There are literally thousands of other cryptocurrencies available now but for instance of what makes Bitcoin totally different I am going to use Ethereum as example. It’s a one of many 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 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 purported to show you ways your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this cash to North Korea in USD. The US government say hang on a minute, we need to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.
Second example. The same 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 government “places some pressure” on Vitalik they usually 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 every other cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are energyless to stop it.
There isn’t abody to call. There isn’t anybody to put pressure on. The Bitcoin is past censorship.
Each other cryptocurrency out there was created by someone or some company and that will always be the point of failure. They are still centralized.
Another example would be if Vitalik’s household had been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Study Easy methods to Use Bitcoin
Everybody ought to own some Bitcoin. It isn’t without it’s harmful though. In the event you’re new to Bitcoin then it’s best to learn as much a lot as you possibly can before you make investments any money. Owning Bitcoin comes with a whole lot of responsabilty. Learn 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 money till you know what you are doing!
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