Well, it’s been a loopy 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 effect on the world. They no doubt predicted that which is why they chose 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 along since all making an attempt 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. If you don’t know why then let me explain.
In case you do not know what Bitcoin is I will just give you a number of temporary key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Forged
Not All Coins Are in Circulation But
It Is Totally Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is 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 totally 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 individuals started to see the benefits of Bitcoin and the way the value would increase due to it’s fixed supply, it began 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 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 executed my consensus throughout the entire Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are millions of other cryptocurrencies available now however as an example of what makes Bitcoin completely different I will use Ethereum as example. It’s 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 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 is just not a superb situation but it’s imagined to show you the way 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 authorities say hold on a minute, we have to freeze these transactions and confiscate the money.. Easy. They try 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 send the money to North Korea. The US government are see what is happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US government “places some pressure” on Vitalik they usually 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 alongside with it’s price.
Ethereum is just an instance, but it’s true for each different cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t anybody to call. There is nobody to put pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there has been created by somebody or some firm and that will always be the point of failure. They are still centralized.
Another example 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.
Learn How one can Use Bitcoin
Everybody ought to own some Bitcoin. It is not without it’s harmful though. If you happen to’re new to Bitcoin then it is best to study as much a lot as you possibly can before you make investments any money. Owning Bitcoin comes with numerous responsabilty. Learn to use Bitcoin safely.
For individuals just entering the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned money till you know what you’re doing!
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