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 doubt 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. Thousands of other crypto coins have come alongside 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 can’t be replicated. For those who don’t know why then let me explain.
If you don’t know what Bitcoin is I’ll just give you just a few transient 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 Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all the 1000’s of different 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 folks started to see the benefits of Bitcoin and the way the value would improve because of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of 1000’s of computer everywhere in 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 however this has to be achieved my consensus all through the whole Bitcoin network. No one single particular person can management Bitcoin. This is what makes Bitcoin unique and unimaginable to replicate.
There are millions of other cryptocurrencies available now but for instance of what makes Bitcoin totally different I will 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 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 will not be a very good situation but it’s speculated to show you ways your money 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 government say cling 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 money to North Korea. The US authorities are see what is happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US authorities “places some pressure” on Vitalik they usually 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 along with it’s price.
Ethereum is just an example, 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 Government see this and are powerless to stop it.
There isn’t abody to call. There isn’t abody to put pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there has been created by someone or some firm and that will always be the purpose of failure. They are still centralized.
Another example would be if Vitalik’s family had been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest funding on the planet.
Learn How to Use Bitcoin
Everybody ought to own some Bitcoin. It isn’t without it’s harmful though. If you’re new to Bitcoin then you need to study as a lot much as you’ll be able to earlier than you make investments any money. Owning Bitcoin comes with a lot of responsabilty. Learn to use Bitcoin safely.
For people just getting into the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned money till you know what you are doing!
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