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 prodiscovered 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. Hundreds of other crypto coins have come along since all trying 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 the event you do not know why then let me explain.
If you happen to do not know what Bitcoin is I am going to just give you a number of brief key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
Not All Coins Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Different?
So what makes Bitcoin different to all the hundreds of other 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 how the price would improve because of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of pc all over the world. It has spread beyond the management of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this has to be done my consensus all through the entire Bitcoin network. Nobody single person can management Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are millions of other cryptocurrencies available now however for example of what makes Bitcoin completely different I’ll 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 ultimate 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 will not be a great situation but it’s speculated to show you the way your cash 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 authorities say hold on a minute, we have to freeze these transactions and confiscate the money.. Easy. They try this straight away and the problem is over.
Second example. The same thing happens again however 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 Right here NOW”
The US government “places some pressure” on Vitalik and they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has really been rolled back earlier than when a hacker stole a significant amount of funds).
Problem solved. Sadly Ethererum’s credibility would be ruined alongside with it’s price.
Ethereum is just an example, however it’s true for every different cryptocurrency.
Bitcoin Can’t Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t abody to call. There is nobody to place pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there has been created by someone or some firm and that will always be the purpose of failure. They’re still centralized.
Another example would be if Vitalik’s family had been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Study Tips on how to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s dangerous though. Should you’re new to Bitcoin then you must study as a lot a lot as you can earlier than you make investments any money. Owning Bitcoin comes with a variety of responsabilty. Learn how to use Bitcoin safely.
For people just coming into the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned cash till you know what you are doing!
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