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 little question 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 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 can’t be replicated. Should you don’t know why then let me explain.
In case you don’t know what Bitcoin is I will just give you just a few brief key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Solid
Not All Cash Are in Circulation But
It Is Totally 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 Different?
So what makes Bitcoin different to all of 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 individuals started to see the benefits of Bitcoin and the way the value would improve as a result of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout 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.
Builders can upgrade and improve the Bitcoin network but this has to be executed my consensus all through the entire Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin distinctive and impossible to replicate.
There are millions of different cryptocurrencies available now but for instance of what makes Bitcoin completely different I will 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 final say on any development that happens 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 shouldn’t be a very good situation but it’s imagined to show you how your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money to North Korea in USD. The US authorities say grasp 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 happens once more but 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 government “places some pressure” on Vitalik they usually make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has actually been rolled back earlier than when a hacker stole a significant quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility would be ruined alongside with it’s price.
Ethereum is just an instance, however it’s true for every other cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t abody to call. There isn’t abody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there was created by someone or some company and that will always be the purpose of failure. They are still centralized.
Another instance can be if Vitalik’s household have been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest funding on the planet.
Learn How to Use Bitcoin
Everyone ought to own some Bitcoin. It’s not without it’s harmful though. In case you’re new to Bitcoin then it’s best to learn as much a lot as you possibly can earlier than you invest any money. Owning Bitcoin comes with a whole lot of responsabilty. Discover ways to use Bitcoin safely.
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