Well, it’s been a loopy 10 years for Bitcoin. Actually it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they had been, they’ve had a prodiscovered effect on the world. They little doubt 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 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. If you happen to don’t know why then let me explain.
When you do not know what Bitcoin is I am going to just offer you a number of transient key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Cannot Be Censored
It’s Peer to Peer Money
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all of the hundreds 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 price would increase due to it’s fixed provide, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of pc everywhere in 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 must be accomplished my consensus all through the entire Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin unique and not possible to replicate.
There are millions of different cryptocurrencies available now but for example of what makes Bitcoin different I will 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 final say on any development that occurs 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 just isn’t an excellent situation but it’s presupposed to show you how your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the usual banking system and transferring this money to North Korea in USD. The US authorities say hold on a minute, we have 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 ship the money to North Korea. The US government are see what is happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US government “puts 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 before when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility could be ruined along with it’s price.
Ethereum is just an example, however it’s true for every different cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t abody to call. There isn’t abody to put pressure on. The Bitcoin is beyond censorship.
Each other cryptocurrency out there has been created by somebody or some firm and that will always be the point of failure. They are still centralized.
One other example would be if Vitalik’s household have been taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.
Study Tips on how to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. If you’re new to Bitcoin then you should study as much a lot as you may before you invest any money. Owning Bitcoin comes with lots of responsabilty. Discover ways to use Bitcoin safely.
For individuals just coming into the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned money till you know what you’re doing!
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