Well, 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 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 other crypto coins have come along since all trying to imitate the king of Crypto. All have failed and will proceed 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.
In the event you do not know what Bitcoin is I'll just provide you with a number of brief key points:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can't Be Forged
Not All Cash Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It's Peer to Peer Cash
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 of 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 folks started to see the benefits of Bitcoin and how the value would enhance resulting from it's fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of thousands of laptop all over the world. It has spread beyond the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this must be completed my consensus all through the whole Bitcoin network. Nobody single person can management Bitcoin. This is what makes Bitcoin distinctive and not possible to replicate.
There are thousands of other cryptocurrencies available now however for instance of what makes Bitcoin different I will use Ethereum as example. It's a one of many biggest Alt coins right 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 occurs 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 is not an excellent situation however it's presupposed to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this cash to North Korea in USD. The US government say cling on a minute, we need to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.
Second example. The same thing happens again but this time Iran use the Ethereum blockchain to send the cash to North Korea. The US authorities are see what is happening. A phone call is made.
"Get Vitalik Buterin in Right here NOW"
The US government "places some pressure" on Vitalik they usually 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 can be ruined along with it's price.
Ethereum is just an example, however it's true for each 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 isn't abody to call. There is no such thing as abody to place pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there was created by someone or some firm and that will always be the point of failure. They are still centralized.
One other instance 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.
Study Find out how to Use Bitcoin
Everybody ought to own some Bitcoin. It's not without it's harmful though. If you happen to're new to Bitcoin then you need to study as much much as you'll be able to before you invest any money. Owning Bitcoin comes with a lot of responsabilty. Learn how to use Bitcoin safely.
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