Well, it’s been a crazy 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 profound effect on the world. They little question 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. Thousands of other crypto coins have come alongside since all trying to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that can’t be replicated. For those who don’t know why then let me explain.
Should you don’t know what Bitcoin is I will just provide you with a couple of temporary key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Cast
Not All Coins Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin different to all of 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 people started to see the benefits of Bitcoin and the way the price would increase due to it’s fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of computer all around the world. It has spread past the control of any government. It’s creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this needs to be achieved my consensus all through the whole Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are thousands of other cryptocurrencies available now however as an example of what makes Bitcoin completely different I will use Ethereum as example. It is 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 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 is not a good situation however it’s alleged to show you the way your money is safer in Bitcoin!
Anyway.. first example. Iran is using the usual banking system and transferring this money to North Korea in USD. The US government say grasp 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 identical thing happens again but 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 earlier than when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined alongside with it’s price.
Ethereum is just an instance, however it’s true for each other cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t anybody to call. There is no such thing as abody to put pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there was created by someone or some firm and that will always be the point of failure. They’re still centralized.
One other instance could be if Vitalik’s household were taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.
Be taught How to Use Bitcoin
Everybody should own some Bitcoin. It’s not without it’s harmful though. In the event you’re new to Bitcoin then it is best to study as a lot a lot as you can before you make investments any money. Owning Bitcoin comes with a whole lot of responsabilty. Learn to use Bitcoin safely.
For folks just coming into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash till you know what you’re doing!
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