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 impact on the world. They little 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 other crypto coins have come alongside since all attempting 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. Should you don’t know why then let me explain.
Should you do not know what Bitcoin is I will just offer you a number of brief key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Solid
Not All Cash Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Can’t 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 Completely different?
So what makes Bitcoin totally different to all of the 1000’s 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 folks started to see the benefits of Bitcoin and the way the value would increase on account of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of laptop all around the world. It has spread beyond 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 carried out my consensus throughout the entire Bitcoin network. No one single person can control Bitcoin. This is what makes Bitcoin distinctive and inconceivable to replicate.
There are literally thousands of other cryptocurrencies available now however as an example of what makes Bitcoin totally different I am going to use Ethereum as example. It’s 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 final say on any development that happens 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 will not be an excellent situation but it’s alleged to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money 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 do this straight away and the problem is over.
Second example. The identical thing occurs once more however this time Iran use the Ethereum blockchain to send the cash to North Korea. The US government are see what is happening. A phone call is made.
“Get Vitalik Buterin in Right here NOW”
The US government “puts some pressure” on Vitalik and so they 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 amount of funds).
Problem solved. Sadly Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an instance, however it’s true for each different cryptocurrency.
Bitcoin Can’t 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 isn’t abody to call. There isn’t anybody to put pressure on. The Bitcoin is beyond censorship.
Every other cryptocurrency out there has been created by somebody or some company and that will always be the purpose of failure. They are still centralized.
Another example can be if Vitalik’s household were 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 ought to own some Bitcoin. It isn’t without it’s dangerous though. If you happen to’re new to Bitcoin then you must learn as much a lot as you can before you make investments any money. Owning Bitcoin comes with a whole lot of responsabilty. Learn to use Bitcoin safely.
For people just coming into the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned money till you know what you’re doing!
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