Well, it’s been a crazy 10 years for Bitcoin. Really it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they were, they’ve had a profound effect on the world. They little question 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. Thousands of different 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. In the event you do not know why then let me explain.
In case you do not know what Bitcoin is I’ll just offer you a couple of transient key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Solid
Not All Coins Are in Circulation Yet
It Is Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It is Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin completely different to all of 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 folks started to see the benefits of Bitcoin and the way the worth would increase as a result of it’s fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s 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.
Builders can upgrade and improve the Bitcoin network however this must be achieved my consensus throughout the entire Bitcoin network. No one single individual can control Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.
There are thousands of different cryptocurrencies available now but for example of what makes Bitcoin completely different I am going to use Ethereum as example. It’s a one of many biggest Alt coins proper 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 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 great situation but it’s presupposed to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this money to North Korea in USD. The US government say hang 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 happens once more but this time Iran use the Ethereum blockchain to send the money 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 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 amount 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 every different cryptocurrency.
Bitcoin Can’t Be Stopped
So the same thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are energyless to stop it.
There is no such thing as abody to call. There isn’t anybody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there was created by someone or some firm and that will always be the purpose of failure. They are still centralized.
One other example can be if Vitalik’s family were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest funding on the planet.
Be taught Methods to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. For those who’re new to Bitcoin then you must be taught as a lot a lot as you may before you make investments any money. Owning Bitcoin comes with a lot of responsabilty. Learn how to use Bitcoin safely.
For people just coming into the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned cash until you know what you’re doing!
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