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 had been, they’ve had a profound impact on the world. They little 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. 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. When you don’t know why then let me explain.
In case you do not know what Bitcoin is I am going to just provide you with just a few brief key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Cast
Not All Coins Are in Circulation But
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all of the hundreds 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 worth would improve due to it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of pc all over the world. It has spread beyond the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this needs to be completed my consensus throughout the whole Bitcoin network. No one single individual can control Bitcoin. This is what makes Bitcoin distinctive and not possible to replicate.
There are literally thousands of different cryptocurrencies available now but for instance of what makes Bitcoin totally different I will use Ethereum as example. It is 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 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 shouldn’t be a very good situation but it’s speculated 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 dangle on a minute, we need to freeze these transactions and confiscate the money.. Easy. They do this straight away and the problem is over.
Second example. The same thing occurs once more but 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 Right here NOW”
The US authorities “places some pressure” on Vitalik and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has truly been rolled back before when a hacker stole a significant amount of funds).
Problem solved. Sadly 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 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 powerless to stop it.
There isn’t anybody to call. There isn’t abody to put pressure on. The Bitcoin is past censorship.
Every different cryptocurrency out there was created by someone or some firm and that will always be the purpose of failure. They’re still centralized.
Another instance could be if Vitalik’s family were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Be taught Tips on how to Use Bitcoin
Everybody ought to own some Bitcoin. It’s not without it’s harmful though. For those who’re new to Bitcoin then you must study as a lot much as you can earlier than you make investments any money. Owning Bitcoin comes with a number of responsabilty. Learn how to use Bitcoin safely.
For folks just entering the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned money till you know what you’re doing!
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