Well, it’s been a crazy 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 prodiscovered impact on the world. They little question 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 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 don’t know why then let me explain.
If you happen to do not know what Bitcoin is I will just offer you a couple of temporary key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Forged
Not All Coins Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Totally 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 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 because of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of computer everywhere in 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 must be executed my consensus throughout the whole Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin unique and not possible to replicate.
There are millions of different cryptocurrencies available now however as an example of what makes Bitcoin totally different I will use Ethereum as example. It is 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 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 isn’t a very good situation however it’s imagined to show you the way 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 hold 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 identical thing happens again 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 government “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 earlier than 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 each different cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There is nobody to call. There is no such thing as abody to put 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’re still centralized.
Another example can be if Vitalik’s family have been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest funding on the planet.
Learn The way to Use Bitcoin
Everybody should own some Bitcoin. It isn’t without it’s harmful though. In the event you’re new to Bitcoin then it is best to be taught as much much as you can before you make investments any money. Owning Bitcoin comes with a number of responsabilty. Learn to use Bitcoin safely.
For folks just getting into the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned money until you know what you’re doing!
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