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 had been, they’ve had a profound effect on the world. They no doubt 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. 1000’s of different 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 may’t be replicated. When you do not know why then let me explain.
If you happen to don’t know what Bitcoin is I will just give you just a few temporary key points:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Solid
Not All Coins Are in Circulation Yet
It Is Totally 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 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all the hundreds of different coins which have been invented since?
When Bitcoin was first invented it started to spread slowly among a small group of people. It grew organically. When individuals started to see the benefits of Bitcoin and the way the price would enhance because of it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of computer everywhere in the world. It has spread beyond the control of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this must be carried out my consensus throughout the whole Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are thousands of other cryptocurrencies available now but for instance of what makes Bitcoin totally different I am going to use Ethereum as example. It’s a one of the 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 final 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 just isn’t a good situation however it’s speculated to show you how your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this cash to North Korea in USD. The US authorities say cling on a minute, we have to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.
Second example. The same thing occurs once more however this time Iran use the Ethereum blockchain to send the money to North Korea. The US government are see what’s happening. A phone call is made.
«Get Vitalik Buterin in Here NOW»
The US authorities «puts some pressure» on Vitalik and they 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. Sadly Ethererum’s credibility could be ruined alongside with it’s price.
Ethereum is just an example, however it’s true for every other cryptocurrency.
Bitcoin Can’t Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are energyless to stop it.
There is no such thing as abody to call. There isn’t anybody to put pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there has been created by somebody or some firm and that will always be the point of failure. They’re still centralized.
Another example could be if Vitalik’s household were taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Study Methods to Use Bitcoin
Everyone should own some Bitcoin. It is not without it’s harmful though. For those who’re new to Bitcoin then it’s best to learn as much a lot as you may before you make investments any money. Owning Bitcoin comes with lots of responsabilty. Learn how to use Bitcoin safely.
For individuals just getting 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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