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Why There Will Never Be One other Bitcoin
Well, it's been a crazy 10 years for Bitcoin. Actually 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 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. 1000's 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 may't be replicated. When you do not know why then let me explain.
If you don't know what Bitcoin is I'll just give you a number of transient key points:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Cast
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
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin totally different to all the 1000's of different coins which have been invented since?
When Bitcoin was first invented it began 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 worth would increase attributable to it's fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of hundreds of pc everywhere in the world. It has spread beyond the control of any government. It's creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this must be done my consensus all through the whole Bitcoin network. Nobody single person can control Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are thousands of other cryptocurrencies available now however for instance of what makes Bitcoin completely different I will use Ethereum as example. It is 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 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 however it's presupposed 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 government say hang on a minute, we need 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 once more however this time Iran use the Ethereum blockchain to send the cash to North Korea. The US authorities are see what's happening. A phone call is made.
"Get Vitalik Buterin in Here NOW"
The US government "puts some pressure" on Vitalik they usually 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 quantity of funds).
Problem solved. Unfortunately Ethererum's credibility can be ruined along with it's price.
Ethereum is just an example, but it's true for each other cryptocurrency.
Bitcoin Can't Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.
There isn't abody to call. There is nobody to place pressure on. The Bitcoin is past censorship.
Each other cryptocurrency out there has been created by someone or some firm and that will always be the point of failure. They're still centralized.
Another instance would be if Vitalik's family had been taken hostage.. Bitcoin is beyond any of this and that's the reason it's the safest investment on the planet.
Be taught The way to Use Bitcoin
Everyone ought to own some Bitcoin. It is not without it's dangerous though. In the event you're new to Bitcoin then it's best to be taught as a lot a lot as you may before you invest any money. Owning Bitcoin comes with numerous responsabilty. Discover ways to use Bitcoin safely.
For people just coming into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash until you know what you are doing!
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