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 have been, they’ve had a profound impact 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 trying 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 don’t know why then let me explain.
In the event you do not know what Bitcoin is I’ll just offer you a number of temporary key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Cast
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 Every four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin completely different to all of the 1000’s of other 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 enhance as a result of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of thousands of laptop all around the world. It has spread past 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 must be completed my consensus throughout the whole Bitcoin network. Nobody single particular person can control Bitcoin. This is what makes Bitcoin unique and unimaginable to replicate.
There are literally thousands of different cryptocurrencies available now however for example of what makes Bitcoin completely different I will use Ethereum as example. It is 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 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 just isn’t a superb situation but it’s supposed to show you how 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 authorities say dangle 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 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 is happening. A phone call is made.
«Get Vitalik Buterin in Right here NOW»
The US government «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 quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined along with it’s price.
Ethereum is just an instance, but it’s true for every different 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 energyless to stop it.
There is no such thing as abody to call. There isn’t abody to put pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there was created by somebody or some company and that will always be the point of failure. They are still centralized.
Another example would be if Vitalik’s family were taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Be taught The best way to Use Bitcoin
Everybody ought to own some Bitcoin. It isn’t without it’s harmful though. In the event you’re new to Bitcoin then you should be taught as much much as you’ll be able to before you make investments any money. Owning Bitcoin comes with lots 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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