Well, it’s been a loopy 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 no doubt predicted that which is why they chose to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Hundreds of other crypto coins have come alongside since all attempting 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. If you happen to do not know why then let me explain.
If you happen to do not know what Bitcoin is I’ll just provide you with a few brief key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Money
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin different to all the hundreds of different 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 folks started to see the benefits of Bitcoin and the way the price would increase due to it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of computer all around the world. It has spread beyond the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this must be completed my consensus throughout the entire Bitcoin network. No one single individual can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are literally thousands of other cryptocurrencies available now but for example of what makes Bitcoin different I am going to use Ethereum as example. It’s 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 final say on any development that occurs 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 is just not a very good situation however it’s supposed to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the usual banking system and transferring this cash to North Korea in USD. The US government say dangle on a minute, we have 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 once more however this time Iran use the Ethereum blockchain to send the cash to North Korea. The US government are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Right 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 really been rolled back before when a hacker stole a significant amount of funds).
Problem solved. Sadly Ethererum’s credibility would be ruined along with it’s price.
Ethereum is just an instance, but it’s true for every different 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 isn’t abody to call. There is nobody to put pressure on. The Bitcoin is past censorship.
Each other cryptocurrency out there was created by somebody or some company and that will always be the purpose of failure. They are still centralized.
Another instance can be if Vitalik’s household have been taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest funding on the planet.
Learn How one can Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. In the event you’re new to Bitcoin then it’s best to study as a lot a lot as you may before you make investments any money. Owning Bitcoin comes with plenty of responsabilty. Discover ways 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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