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 effect on the world. They little question predicted that which is why they chose 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 alongside since all trying 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. When you don’t know why then let me explain.
If you do not know what Bitcoin is I will just offer you a number of brief key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Forged
Not All Cash Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all of 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 value would increase on account of it’s fixed provide, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of computer all around the world. It has spread past the control of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this has to be done my consensus throughout the whole Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are literally thousands of other cryptocurrencies available now but for instance of what makes Bitcoin completely different I will 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 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 is just not a great situation but it’s alleged to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is using the usual banking system and transferring this cash to North Korea in USD. The US authorities say dangle 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 identical thing occurs again however this time Iran use the Ethereum blockchain to send 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 authorities “puts some pressure” on Vitalik and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has actually been rolled back before when a hacker stole a significant quantity of funds).
Problem solved. Sadly 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 occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.
There is no such thing as abody to call. There is nobody to put pressure on. The Bitcoin is past censorship.
Each 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.
Another example would be if Vitalik’s family were taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Learn How one can Use Bitcoin
Everyone ought to own some Bitcoin. It’s not without it’s dangerous though. If you’re new to Bitcoin then it is best to study as a lot much as you can earlier than you invest any money. Owning Bitcoin comes with loads of responsabilty. Discover ways to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned money until you know what you are doing!
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