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 had been, they've had a prodiscovered impact 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 other crypto coins have come along since all trying 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 do not know why then let me explain.
Should you don't know what Bitcoin is I'll just provide you with a few brief key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Can't Be Forged
Not All Coins Are in Circulation But
It Is Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It's Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin completely different to all the 1000's of other coins which have been invented since?
When Bitcoin was first invented it started to spread slowly among a small group of people. It grew organically. When people started to see the benefits of Bitcoin and the way the price would increase due to it's fixed supply, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer all around the world. It has spread beyond 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 has to be finished my consensus all through the entire Bitcoin network. Nobody single person can control Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.
There are millions of different cryptocurrencies available now however for instance of what makes Bitcoin totally different I'll use Ethereum as example. It's 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 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 shouldn't be a good situation but it's imagined to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the usual banking system and transferring this money 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 once more but this time Iran use the Ethereum blockchain to send the money to North Korea. The US authorities are see what's happening. A phone call is made.
"Get Vitalik Buterin in Right here NOW"
The US government "puts some pressure" on Vitalik and so 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 would be ruined alongside with it's price.
Ethereum is just an instance, but it's true for each different cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There isn't anybody to call. There isn't abody to place pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there has been created by someone or some company and that will always be the purpose of failure. They are still centralized.
One other instance would be if Vitalik's household were taken hostage.. Bitcoin is beyond any of this and that's the reason it's the safest funding on the planet.
Learn How one can Use Bitcoin
Everybody ought to own some Bitcoin. It isn't without it's harmful though. Should you're new to Bitcoin then it's best to learn as much much as you'll be able to earlier than you invest any money. Owning Bitcoin comes with lots of responsabilty. Discover ways to use Bitcoin safely.
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