Well, it’s been a crazy 10 years for Bitcoin. Really 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 little doubt predicted that which is why they selected 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 attempting to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that may’t be replicated. For those who 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 brief 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 Fully Decentralized Without Anybody Controlling It
It Cannot 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 Different?
So what makes Bitcoin different to all of the hundreds of different coins which have been invented since?
When Bitcoin was first invented it started to spread slowly among a small group of people. It grew organically. When folks started to see the benefits of Bitcoin and the way the price would enhance on account of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer all around the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this needs to be performed my consensus all through the entire Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin distinctive and inconceivable to replicate.
There are thousands of other cryptocurrencies available now however for instance of what makes Bitcoin totally 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 ultimate 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 just isn’t a very good situation but it’s presupposed to show you how 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 government say hang on a minute, we have 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 ship the money to North Korea. The US government are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US authorities “places some pressure” on Vitalik and they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has really 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 instance, but 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 energyless to stop it.
There is nobody to call. There isn’t abody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there has been created by someone or some company and that will always be the point of failure. They’re still centralized.
One other example could be if Vitalik’s household had been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Be taught Learn how to Use Bitcoin
Everybody ought to own some Bitcoin. It’s not without it’s harmful though. When you’re new to Bitcoin then you need to study as much a lot as you may before you make investments any money. Owning Bitcoin comes with numerous responsabilty. Learn to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned money till you know what you’re doing!
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