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Why There Will By no means Be One other Bitcoin

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 profound impact on the world. They no 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. Hundreds of other crypto coins have come alongside since all trying 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. If you happen to do not know why then let me explain.

In the event you don’t know what Bitcoin is I’ll just offer you just a few temporary key points:

Bitcoin Is An On-line Cryptocurrency

It Has a Most Supply of 21 Million

It Cannot Be Cast

Not All Cash Are in Circulation But

It Is Totally Decentralized Without Anybody Controlling It

It Cannot Be Censored

It is Peer to Peer Cash

Anyone Can Use It

Bitcoin Has a Fixed Supply Which Decreases Every four Years

What Makes Bitcoin Different?

So what makes Bitcoin completely different to all of the thousands of other 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 worth would increase on account of it’s fixed provide, it started to develop faster.

The Bitcoin blockchain is now spread throughout hundreds of 1000’s of computer all around the world. It has spread past the management 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 done my consensus throughout the entire Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin distinctive and impossible to replicate.

There are millions of other cryptocurrencies available now but as an example of what makes Bitcoin completely different I will use Ethereum as example. It is 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 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 is just not a superb situation however it’s presupposed to show you ways 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 government say grasp 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 happens once more but 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 Here NOW”

The US authorities “puts some pressure” on Vitalik and so 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. Sadly Ethererum’s credibility could be ruined alongside with it’s price.

Ethereum is just an example, but it’s true for every different cryptocurrency.

Bitcoin Can’t 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 no such thing as abody to put pressure on. The Bitcoin is past censorship.

Every other cryptocurrency out there has been created by somebody or some company and that will always be the point of failure. They’re still centralized.

One other instance would be if Vitalik’s household were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.

Study The way to Use Bitcoin

Everyone should own some Bitcoin. It’s not without it’s harmful though. Should you’re new to Bitcoin then it is best to be taught as a lot much as you’ll be able to earlier than you invest any money. Owning Bitcoin comes with lots of responsabilty. Learn to use Bitcoin safely.

For people just entering the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned money until you know what you are doing!

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