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 effect on the world. They little 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. Thousands of different crypto coins have come along 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.
If you happen to do not know what Bitcoin is I am going to just provide you with just a few temporary key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Solid
Not All Cash Are in Circulation Yet
It Is Fully 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 Different?
So what makes Bitcoin different to all of the 1000’s of different coins which have been invented since?
When Bitcoin was first invented it began 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 price would enhance resulting from it’s fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of 1000’s of computer all over the world. It has spread beyond 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 needs to be completed my consensus throughout the entire Bitcoin network. Nobody single individual can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are millions of different cryptocurrencies available now however for instance of what makes Bitcoin different I am going to use Ethereum as example. It is 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 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 good situation but it’s purported 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 grasp 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 occurs again but this time Iran use the Ethereum blockchain to ship 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 and 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. Unfortunately Ethererum’s credibility can be ruined alongside with it’s price.
Ethereum is just an instance, however 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 Authorities see this and are energyless to stop it.
There is no such thing as abody to call. There is nobody to put pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there has been created by somebody or some firm and that will always be the purpose of failure. They’re still centralized.
One other instance would be if Vitalik’s household had been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Study How to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s dangerous though. When you’re new to Bitcoin then it is best to study as a lot much as you’ll be able to before you invest any money. Owning Bitcoin comes with lots of responsabilty. Learn to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash till you know what you are doing!
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