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 have been, they’ve had a profound effect 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 different 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 may’t be replicated. In the event you do not know why then let me explain.
For those who do not know what Bitcoin is I will just give you a number of temporary key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Cast
Not All Cash Are in Circulation Yet
It Is Totally 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 Every four Years
What Makes Bitcoin Different?
So what makes Bitcoin different to all the thousands 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 on account of it’s fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of pc all over 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 but this needs to be done my consensus all through the whole Bitcoin network. Nobody single person can management Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are thousands of different cryptocurrencies available now but for example of what makes Bitcoin totally different I will use Ethereum as example. It is a one of the 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 happens 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 speculated 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 government say grasp 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 occurs once more however this time Iran use the Ethereum blockchain to send the cash to North Korea. The US authorities are see what’s happening. A phone call is made.
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The US authorities « places some pressure » on Vitalik and so 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 would be ruined along with it’s price.
Ethereum is just an instance, but it’s true for every other cryptocurrency.
Bitcoin Can’t Be Stopped
So the identical thing happens 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 abody to put pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there was created by somebody or some company and that will always be the purpose of failure. They’re still centralized.
Another example can be if Vitalik’s family were taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest funding on the planet.
Study Methods to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. In the event you’re new to Bitcoin then it’s best to study as a lot much as you possibly can before you make investments any money. Owning Bitcoin comes with quite a lot of responsabilty. Discover ways to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned cash until you know what you are doing!
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