Well, it’s been a loopy 10 years for Bitcoin. Really it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they had been, they’ve had a profound impact on the world. They little 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. Thousands of other crypto coins have come along since all making an attempt to imitate the king of Crypto. All have failed and can continue to fail. Bitcoin is one a kind. Something that can’t be replicated. In the event you do not know why then let me explain.
If you happen to don’t know what Bitcoin is I am going to just provide you with a few transient key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation But
It Is Totally Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all the thousands 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 folks started to see the benefits of Bitcoin and the way the value would increase as a consequence of it’s fixed provide, it started to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer 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 has to be carried out my consensus all through the entire Bitcoin network. Nobody single particular person can control Bitcoin. This is what makes Bitcoin unique and not possible to replicate.
There are millions of other cryptocurrencies available now however as an example of what makes Bitcoin totally different I will use Ethereum as example. It’s a one of the 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 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 a very good situation however it’s speculated to show you ways your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the usual banking system and transferring this money to North Korea in USD. The US government say hang on a minute, we have 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 ship the cash to North Korea. The US authorities are see what’s happening. A phone call is made.
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