Well, it’s been a loopy 10 years for Bitcoin. Actually 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 impact on the world. They little doubt predicted that which is why they selected to disappear from the limelight.
So over a decade later Bitcoin remains to be alive and stronger than ever. Hundreds of other crypto coins have come alongside since all making an attempt to imitate the king of Crypto. All have failed and can proceed 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 don’t know what Bitcoin is I will just offer you a number of transient key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation But
It Is Totally Decentralized Without Anybody Controlling It
It Cannot Be Censored
It is Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Different?
So what makes Bitcoin completely different to all of the hundreds 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 enhance as a result of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread across hundreds of thousands of laptop all around the world. It has spread beyond the management of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this must be done my consensus throughout the entire Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are millions of other 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 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 ultimate say on any development that happens 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 isn’t a great situation but it’s alleged to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this cash 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 money to North Korea. The US government are see what’s happening. A phone call is made.
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