Well, it’s been a loopy 10 years for Bitcoin. Truly 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 effect 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. 1000’s of other crypto coins have come along since all trying to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that can’t be replicated. For those who do not know why then let me explain.
If you happen to do not know what Bitcoin is I’ll just provide you with a number of temporary key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t 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 Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin completely different to all the 1000’s of different 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 the way the worth would improve as a result of it’s fixed provide, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of laptop all around 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 but this needs to be done my consensus throughout the entire Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are literally thousands of different cryptocurrencies available now however for 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 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 is just not a good situation however it’s supposed to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money to North Korea in USD. The US authorities say dangle 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 ship the money to North Korea. The US authorities are see what’s happening. A phone call is made.
«Get Vitalik Buterin in Right 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 quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility would be ruined along with it’s price.
Ethereum is just an instance, however it’s true for every other 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 is no such thing as abody to call. There is no such thing as abody to place pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there has been created by someone or some company and that will always be the point of failure. They’re still centralized.
One other example can be if Vitalik’s household were taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest funding on the planet.
Be taught Methods to Use Bitcoin
Everybody should own some Bitcoin. It’s not without it’s harmful though. Should you’re new to Bitcoin then you need to learn as a lot much as you can before you make investments any money. Owning Bitcoin comes with a whole lot of responsabilty. Learn how 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 until you know what you are doing!
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