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 were, they've had a profound impact on the world. They no doubt predicted that which is why they chose to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. 1000's of different crypto coins have come alongside 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 can't be replicated. For those who do not know why then let me explain.
If you happen to don't know what Bitcoin is I will just offer you a few brief key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Solid
Not All Cash Are in Circulation But
It Is Fully 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 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all of the hundreds of different coins which have been invented since?
When Bitcoin was first invented it started 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 value would increase resulting from it's fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread across hundreds of thousands of computer everywhere in 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 needs to be carried out my consensus throughout the entire Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.
There are thousands of other cryptocurrencies available now but for instance of what makes Bitcoin totally different I will use Ethereum as example. It's a one of the 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 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 isn't an excellent situation however it's imagined to show you the way your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing 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 try this straight away and the problem is over.
Second example. The identical thing happens again but this time Iran use the Ethereum blockchain to send the money to North Korea. The US government are see what is happening. A phone call is made.
"Get Vitalik Buterin in Right here NOW"
The US authorities "puts some pressure" on Vitalik they usually make him roll back the blockchain and cancel Iran's transactions. (The Ethereum blockchain has actually been rolled back before when a hacker stole a significant quantity of funds).
Problem solved. Unfortunately Ethererum's credibility can be ruined along with it's price.
Ethereum is just an instance, but it's true for each other 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 powerless to stop it.
There is no such thing as abody to call. There isn't abody to place pressure on. The Bitcoin is past censorship.
Every different cryptocurrency out there was 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 had been taken hostage.. Bitcoin is beyond any of this and that is why it's the safest funding on the planet.
Learn The way to Use Bitcoin
Everybody ought to own some Bitcoin. It's not without it's harmful though. When you're new to Bitcoin then it is best to learn as much much as you may before you invest any money. Owning Bitcoin comes with loads of responsabilty. Discover ways to use Bitcoin safely.
For folks just getting into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned money until you know what you are doing!
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