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Well, it’s been a crazy 10 years for Bitcoin. Really 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 effect on the world. They little question 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. Thousands of other crypto coins have come along since all making an attempt 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. For those who don’t know why then let me explain.
In the event you don’t know what Bitcoin is I’ll just offer you just a few 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 But
It Is Totally Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin 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 folks started to see the benefits of Bitcoin and how the value would improve resulting from it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of 1000’s 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 but this has to be accomplished my consensus all through the whole Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are literally thousands of different cryptocurrencies available now but for example of what makes Bitcoin completely different I am going to use Ethereum as example. It is 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 just isn’t a great situation however it’s alleged to show you how your cash 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 authorities say hang 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 same thing occurs again but this time Iran use the Ethereum blockchain to send the money 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 authorities «puts some pressure» on Vitalik and so they 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 amount of funds).
Problem solved. Sadly Ethererum’s credibility would be ruined along with it’s price.
Ethereum is just an instance, however it’s true for each other cryptocurrency.
Bitcoin Can’t Be Stopped
So the same thing happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.
There is nobody to call. There is nobody to put pressure on. The Bitcoin is past censorship.
Every different cryptocurrency out there has been created by someone or some company and that will always be the purpose of failure. They’re still centralized.
One other instance can be if Vitalik’s household have been taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest investment on the planet.
Study How you can Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. If you’re new to Bitcoin then it is best to learn as a lot a lot as you’ll be able to earlier than you make investments any money. Owning Bitcoin comes with a variety of responsabilty. Learn how to use Bitcoin safely.
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