Well, it’s been a loopy 10 years for Bitcoin. Truly it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they have been, they’ve had a profound impact on the world. They no doubt 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. 1000’s 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 may’t be replicated. Should you don’t know why then let me explain.
In the event you don’t know what Bitcoin is I am going to just offer you just a few brief key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Cast
Not All Cash Are in Circulation But
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Money
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all of the 1000’s of other coins which have been invented since?
When Bitcoin was first invented it started 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 attributable to it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread across hundreds of thousands of pc all over the world. It has spread past the management of any government. It’s creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this has to be carried out my consensus throughout the entire Bitcoin network. Nobody single person can management Bitcoin. This is what makes Bitcoin distinctive and not possible to replicate.
There are thousands of different cryptocurrencies available now however for example of what makes Bitcoin totally different I will 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 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 will not be a great situation but it’s supposed to show you the way your money 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 government 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 identical thing happens once more however this time Iran use the Ethereum blockchain to ship 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 they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has really 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, but it’s true for each different cryptocurrency.
Bitcoin Can’t 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 is no such thing as abody to call. There isn’t anybody to place pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there was created by someone or some company and that will always be the point 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 is why it’s the safest funding on the planet.
Be taught How you can Use Bitcoin
Everybody should own some Bitcoin. It isn’t without it’s dangerous though. When you’re new to Bitcoin then it is best to study as a lot much as you can earlier than you invest any money. Owning Bitcoin comes with plenty of responsabilty. Learn how 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 cash until you know what you’re doing!
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