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 have been, they’ve had a prodiscovered impact on the world. They little question predicted that which is why they selected to disappear from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Thousands of other 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. In the event you don’t know why then let me explain.
Should you do not know what Bitcoin is I’ll just provide you with a number of temporary key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Cast
Not All Coins Are in Circulation Yet
It Is Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It is Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 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 amongst a small group of people. It grew organically. When folks started to see the benefits of Bitcoin and the way the worth would enhance as a result of it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of pc everywhere in the world. It has spread past the control of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this must be completed my consensus all through the entire Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin distinctive and unattainable 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 final say on any development that occurs on Ethereum.
Censorship And Authorities 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 an excellent situation however it’s purported to show you how 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 hang 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 occurs once more however this time Iran use the Ethereum blockchain to ship 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 “puts some pressure” on Vitalik and so they 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 amount of funds).
Problem solved. Unfortunately Ethererum’s credibility would be ruined along with it’s price.
Ethereum is just an example, but 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 Authorities see this and are powerless to stop it.
There is no such thing as abody to call. There is nobody to put pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there has been created by someone or some company and that will always be the point of failure. They are still centralized.
Another instance would be if Vitalik’s family had been taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.
Be taught Find out how to Use Bitcoin
Everybody ought to own some Bitcoin. It’s not without it’s dangerous though. If you happen to’re new to Bitcoin then you need to study as much much as you possibly can earlier than you invest any money. Owning Bitcoin comes with a whole lot of responsabilty. Learn how to use Bitcoin safely.
For people just coming into the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned cash until you know what you are doing!
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