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 profound impact on the world. They no 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. Hundreds of other crypto coins have come along since all trying to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that can’t be replicated. When you do not know why then let me explain.
In the event you do not know what Bitcoin is I am going to just provide you with just a few transient key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Solid
Not All Cash Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anybody 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 hundreds 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 individuals started to see the benefits of Bitcoin and the way the price would enhance due to it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of pc all around the world. It has spread beyond the control of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this must be achieved my consensus all through the whole Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are millions of different cryptocurrencies available now but as an example of what makes Bitcoin different I’ll 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 instance let’s imagine that Iran is sending billions of dollars to North Korea to fund their new nuclear weapons program. This just isn’t a superb situation however it’s alleged to show you the way your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this money to North Korea in USD. The US authorities say hang on a minute, we need to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.
Second example. The identical thing occurs once more but this time Iran use the Ethereum blockchain to ship the money to North Korea. The US authorities are see what is happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US authorities “puts some pressure” on Vitalik they usually 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 amount of funds).
Problem solved. Unfortunately Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an example, but it’s true for each different cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There isn’t abody to call. There is nobody to place pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there has been created by someone or some company and that will always be the purpose of failure. They’re still centralized.
Another example can be if Vitalik’s family were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest funding on the planet.
Study Easy methods to Use Bitcoin
Everybody ought to own some Bitcoin. It is not without it’s harmful though. For those who’re new to Bitcoin then you should study as much much as you possibly can before you make investments any money. Owning Bitcoin comes with a lot 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 cash till you know what you’re doing!
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