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 were, they’ve had a profound 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 different crypto coins have come along since all making an attempt to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that may’t be replicated. When you don’t know why then let me explain.
When you don’t know what Bitcoin is I’ll just offer you a few transient key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Cast
Not All Cash Are in Circulation Yet
It Is Totally 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 Each four Years
What Makes Bitcoin Different?
So what makes Bitcoin completely different to all the thousands 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 people started to see the benefits of Bitcoin and the way the price would improve because of it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of pc all over the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this has to be performed my consensus all through the whole Bitcoin network. No one single person can management Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are literally thousands of other cryptocurrencies available now but as an example of what makes Bitcoin different I’ll use Ethereum as example. It is a one of many 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 ultimate say on any development that happens on Ethereum.
Censorship And Authorities 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 shouldn’t be an excellent situation however it’s supposed to show you how your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the usual banking system and transferring this money to North Korea in USD. The US government say hang 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 happens once more but 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 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 truly 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 example, however it’s true for every different cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There is no such thing as abody to call. There is nobody to place pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there has been created by somebody or some company and that will always be the point of failure. They are still centralized.
One other example could be if Vitalik’s family have been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest funding on the planet.
Be taught Easy methods to Use Bitcoin
Everybody ought to own some Bitcoin. It’s not without it’s dangerous though. When you’re new to Bitcoin then you should be taught as a lot a lot as you’ll be able to earlier than you invest any money. Owning Bitcoin comes with a lot of responsabilty. Learn how to use Bitcoin safely.
For people just getting into the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned cash until you know what you are doing!
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