Well, it’s been a loopy 10 years for Bitcoin. Really 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 selected to vanish 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 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. When you don’t know why then let me explain.
For those who don’t know what Bitcoin is I’ll just offer you just a few brief key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Forged
Not All Coins Are in Circulation But
It Is Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Totally 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 began to spread slowly among a small group of people. It grew organically. When folks started to see the benefits of Bitcoin and how the worth would increase attributable to it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of 1000’s of pc all around 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 however this needs to be completed my consensus all through the whole Bitcoin network. Nobody single individual can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are thousands of different cryptocurrencies available now however as an example of what makes Bitcoin totally different I am going to 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 ultimate 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 is just not a great situation but it’s imagined to show you ways 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 government say dangle 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 occurs once more but this time Iran use the Ethereum blockchain to ship the cash to North Korea. The US authorities are see what’s happening. A phone call is made.
«Get Vitalik Buterin in Here NOW»
The US government «puts some pressure» on Vitalik and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has really been rolled back before when a hacker stole a significant quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined along with it’s price.
Ethereum is just an example, but it’s true for every different cryptocurrency.
Bitcoin Can’t Be Stopped
So the identical 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 anybody to put pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there was created by someone or some firm and that will always be the point of failure. They are still centralized.
Another example would be if Vitalik’s family had been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest funding on the planet.
Be taught Easy methods to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. In case you’re new to Bitcoin then you need to study as a lot much as you can before you make investments any money. Owning Bitcoin comes with lots of responsabilty. Learn to use Bitcoin safely.
For folks just coming into the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned money until you know what you’re doing!
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