Well, it’s been a crazy 10 years for Bitcoin. Truly it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they have been, they’ve had a prodiscovered effect on the world. They little question 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. Hundreds of different crypto coins have come alongside 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 don’t know why then let me explain.
If you do not know what Bitcoin is I am going to just offer you a few transient key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Solid
Not All Coins Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all of the thousands of different coins which have been invented since?
When Bitcoin was first invented it began to spread slowly amongst a small group of people. It grew organically. When people started to see the benefits of Bitcoin and the way the price would increase due to it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of laptop everywhere in the world. It has spread past the control of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this must be executed my consensus all through the whole Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin distinctive and impossible to replicate.
There are thousands of other cryptocurrencies available now but as an example of what makes Bitcoin different I will 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 example let’s imagine that Iran is sending billions of dollars to North Korea to fund their new nuclear weapons program. This will not be a great situation but it’s presupposed to show you the way 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 government say cling on a minute, we need to freeze these transactions and confiscate the money.. Easy. They try this straight away and the problem is over.
Second example. The same thing occurs once more but 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 government “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 quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined alongside with it’s price.
Ethereum is just an example, however it’s true for each other cryptocurrency.
Bitcoin Can’t 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 isn’t anybody to call. There is no such thing as abody to place pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there was created by someone or some firm and that will always be the point of failure. They are still centralized.
Another instance could be if Vitalik’s household have been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Study Easy methods to Use Bitcoin
Everyone should own some Bitcoin. It’s not without it’s dangerous though. In case you’re new to Bitcoin then you should be taught as much much as you may before you make investments any money. Owning Bitcoin comes with numerous responsabilty. Learn how to use Bitcoin safely.
For people just coming into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned money till you know what you are doing!
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