Well, it’s been a crazy 10 years for Bitcoin. Actually it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they had been, they’ve had a prodiscovered effect on the world. They little question 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. Thousands of different crypto coins have come alongside 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 may’t be replicated. In case you do not know why then let me explain.
For those who do not know what Bitcoin is I’ll just give you a number of brief key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Cash
Anybody 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 thousands of other coins which have been invented since?
When Bitcoin was first invented it began to spread slowly among a small group of people. It grew organically. When individuals started to see the benefits of Bitcoin and how the value would increase as a result of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of pc all around the world. It has spread beyond the control of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this has to be accomplished my consensus throughout the entire Bitcoin network. Nobody single individual can control Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are millions of different cryptocurrencies available now however for instance of what makes Bitcoin totally different I’ll 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 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 presupposed to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing 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 same thing happens once more however 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 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 quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an example, however 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 is no such thing as abody to call. There is nobody to place pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there has been created by somebody or some company and that will always be the purpose of failure. They are still centralized.
One other instance could be if Vitalik’s family have been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Be taught How one can Use Bitcoin
Everyone ought to own some Bitcoin. It’s not without it’s dangerous though. Should you’re new to Bitcoin then it’s best to study as much a lot as you can earlier than you invest any money. Owning Bitcoin comes with a variety of responsabilty. Learn to use Bitcoin safely.
For people just entering the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned cash till you know what you’re doing!
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