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 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. 1000’s 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. If you happen to don’t know why then let me explain.
If you happen to don’t know what Bitcoin is I will just give you just a few brief key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Cannot Be Censored
It is Peer to Peer Money
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all the hundreds 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 individuals started to see the benefits of Bitcoin and the way the price would improve as a consequence of it’s fixed supply, it started to develop faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of pc all around the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this needs to be performed my consensus throughout the entire Bitcoin network. No one single particular person can management Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.
There are millions of other cryptocurrencies available now but as an example of what makes Bitcoin 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 final say on any development that occurs 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 isn’t an excellent situation however 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 money to North Korea in USD. The US government say dangle 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 again however this time Iran use the Ethereum blockchain to ship the money to North Korea. The US government are see what is happening. A phone call is made.
«Get Vitalik Buterin in Here NOW»
The US authorities «places 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 earlier than when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an instance, but 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 Authorities see this and are energyless to stop it.
There is nobody to call. There isn’t anybody to place pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there was created by somebody or some firm and that will always be the purpose of failure. They’re still centralized.
Another instance could be if Vitalik’s family were taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest funding on the planet.
Study The right way to Use Bitcoin
Everybody should own some Bitcoin. It isn’t without it’s harmful though. When you’re new to Bitcoin then you need to learn as a lot much as you’ll be able to earlier than you invest any money. Owning Bitcoin comes with loads of responsabilty. Discover ways 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 until you know what you are doing!
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