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 were, they’ve had a profound impact on the world. They little question 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. Hundreds of different crypto coins have come alongside since all trying 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. For those who do not know why then let me explain.
If you happen to don’t know what Bitcoin is I am going to just provide you with a number of temporary key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Forged
Not All Cash Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all the hundreds 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 people started to see the benefits of Bitcoin and the way the worth would improve because of it’s fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of thousands of pc all over the world. It has spread beyond the management 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 accomplished my consensus all through the entire Bitcoin network. No one single individual can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are literally thousands of different cryptocurrencies available now but for example of what makes Bitcoin completely different I’ll 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 Government 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 not a superb situation but it’s purported to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this cash to North Korea in USD. The US authorities say hang 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 same thing happens once more but this time Iran use the Ethereum blockchain to send the cash to North Korea. The US government are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US authorities “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 before when a hacker stole a significant quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility can be ruined alongside with it’s price.
Ethereum is just an instance, but it’s true for each other cryptocurrency.
Bitcoin Cannot 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 abody to call. There isn’t anybody to put pressure on. The Bitcoin is beyond censorship.
Every other cryptocurrency out there has been created by somebody or some company and that will always be the purpose of failure. They are still centralized.
One other example could be if Vitalik’s household had been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Be taught Easy methods to Use Bitcoin
Everybody ought to own some Bitcoin. It isn’t without it’s harmful though. If you happen to’re new to Bitcoin then you must be taught as much much as you’ll be able to earlier than you make investments any money. Owning Bitcoin comes with numerous responsabilty. Learn to use Bitcoin safely.
For folks just coming into the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned money until you know what you are doing!
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