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 were, they’ve had a profound effect 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 other crypto coins have come along 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. For those who don’t know why then let me explain.
When you don’t know what Bitcoin is I am going to just provide you with a number of temporary key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Forged
Not All Coins 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 four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin completely different to all the thousands 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 people started to see the benefits of Bitcoin and the way the value would enhance attributable to it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of laptop all over the world. It has spread beyond the control of any government. It’s creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this must be performed my consensus all through the entire Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are millions of different cryptocurrencies available now but for example of what makes Bitcoin totally different I am going to use Ethereum as example. It is a one of the 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 ultimate say on any development that occurs on Ethereum.
Censorship And Government 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 very good situation however it’s purported to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this cash to North Korea in USD. The US authorities say cling 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 same thing occurs again however this time Iran use the Ethereum blockchain to send the cash 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 “places some pressure” on Vitalik and 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 amount of funds).
Problem solved. Unfortunately Ethererum’s credibility would be ruined alongside with it’s price.
Ethereum is just an example, but it’s true for each other cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing occurs 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 no such thing as abody to put pressure on. The Bitcoin is past censorship.
Every different cryptocurrency out there was created by somebody or some firm and that will always be the purpose of failure. They’re still centralized.
One other instance would be if Vitalik’s household had been taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.
Be taught Learn how to Use Bitcoin
Everybody should own some Bitcoin. It’s not without it’s dangerous though. If you happen to’re new to Bitcoin then you must learn as much much as you may before you invest any money. Owning Bitcoin comes with numerous responsabilty. Discover ways 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 are doing!
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