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 were, they’ve had a profound impact on the world. They little doubt predicted that which is why they selected to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Thousands 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 can’t be replicated. In case you don’t know why then let me explain.
If you happen to do not know what Bitcoin is I will just provide you with a number of transient key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Cast
Not All Coins Are in Circulation But
It Is Absolutely 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 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin completely different to all of the 1000’s of other 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 because of it’s fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of laptop everywhere in the world. It has spread past the management of any government. It’s creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this needs to be carried out my consensus throughout the entire Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are thousands of different cryptocurrencies available now however for instance of what makes Bitcoin totally different I will use Ethereum as example. It is a one of many 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 is just not a good situation however it’s purported to show you the way your cash 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 authorities say cling 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 Right here NOW”
The US government “puts some pressure” on Vitalik and they 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 amount of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined alongside with it’s price.
Ethereum is just an example, but it’s true for each other cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities 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 put pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there has been created by somebody or some firm and that will always be the point of failure. They’re still centralized.
One other example could be if Vitalik’s family were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Study Methods to Use Bitcoin
Everybody should own some Bitcoin. It isn’t without it’s harmful though. Should you’re new to Bitcoin then it’s best to learn as much a lot as you may before you make investments any money. Owning Bitcoin comes with lots of responsabilty. Learn how to use Bitcoin safely.
For folks just entering the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned cash till you know what you are doing!
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