by Silas CampbellWell, it’s been a crazy 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 prodiscovered impact on the world. They no 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. Hundreds of different crypto coins have come along since all making an attempt 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. If you happen to don’t know why then let me explain.
If you do not know what Bitcoin is I will just give you a few temporary key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Solid
Not All Cash Are in Circulation Yet
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all the hundreds 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 folks started to see the benefits of Bitcoin and the way the worth would increase on account of it’s fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer all over the world. It has spread past the management of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this needs to be completed my consensus all through the entire Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are millions of other cryptocurrencies available now but for instance of what makes Bitcoin different I am going to use Ethereum as example. It’s 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 ultimate say on any development that happens 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 is just not a good situation but it’s imagined to show you the way 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 authorities say cling 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 again but this time Iran use the Ethereum blockchain to ship the money to North Korea. The US government are see what’s happening. A phone call is made.
“Get Vitalik Buterin in Right here NOW”
The US authorities “puts 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 earlier than when a hacker stole a significant quantity of funds).
Problem solved. Sadly Ethererum’s credibility would be ruined along with it’s price.
Ethereum is just an example, however it’s true for each different cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t anybody to call. There is no such thing as abody to put pressure on. The Bitcoin is beyond censorship.
Every different 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 could be if Vitalik’s household were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Be taught Methods to Use Bitcoin
Everyone ought to own some Bitcoin. It isn’t without it’s dangerous though. If you’re new to Bitcoin then it is best to learn as a lot much as you’ll be able to before you make investments any money. Owning Bitcoin comes with a whole lot of responsabilty. Discover ways to use Bitcoin safely.
For individuals just coming into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned money till you know what you are doing!
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