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 had been, they’ve had a profound impact on the world. They little question predicted that which is why they chose 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 along since all attempting 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. For those who don’t know why then let me explain.
Should you don’t know what Bitcoin is I am going to just provide you with just a few transient key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Cast
Not All Cash Are in Circulation Yet
It Is Fully 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 Each four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin totally 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 individuals started to see the benefits of Bitcoin and the way the worth would improve attributable to it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of thousands of laptop everywhere in the world. It has spread beyond the control of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this has to be done my consensus throughout the entire Bitcoin network. Nobody single particular person can control Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are millions 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 many 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 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 will not be an excellent situation but it’s purported to show you how your money 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 authorities say hang 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 identical thing occurs again but this time Iran use the Ethereum blockchain to ship 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 government “places 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 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 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 powerless to stop it.
There isn’t abody to call. There is no such thing as abody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there has been created by somebody or some company and that will always be the purpose of failure. They’re still centralized.
One other instance would be if Vitalik’s household have been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest funding on the planet.
Be taught Find out how to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. If you happen to’re new to Bitcoin then it’s best to be taught as much a lot as you may earlier than you invest any money. Owning Bitcoin comes with quite a lot of responsabilty. Learn to use Bitcoin safely.
For folks just coming 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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