Why There Will Never Be One Other Bitcoin

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 have been, they've had a profound effect 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. 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 may't be replicated. In case you don't know why then let me explain.

In case you do not know what Bitcoin is I am going to just provide you with just a few brief key points:

Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can't Be Forged
Not All Cash Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It's 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 totally different to all the thousands of other 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 folks started to see the benefits of Bitcoin and the way the value would improve on account of it's fixed supply, it started to develop faster.

The Bitcoin blockchain is now spread across hundreds of thousands of computer all around the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.

Builders can upgrade and improve the Bitcoin network however this must be achieved my consensus all through the whole Bitcoin network. Nobody single particular person can control Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.

There are literally thousands of different cryptocurrencies available now however for example of what makes Bitcoin completely different I am going to use Ethereum as example. It's 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 very good situation however it's supposed to show you how your money is safer in Bitcoin!

Anyway.. first example. Iran is using the usual banking system and transferring this money to North Korea in USD. The US authorities say dangle on a minute, we need to freeze these transactions and confiscate the money.. Easy. They try this straight away and the problem is over.

Second example. The same thing happens once more however this time Iran use the Ethereum blockchain to ship the cash to North Korea. The US authorities are see what is happening. A phone call is made.

"Get Vitalik Buterin in Here NOW"

The US authorities "puts some pressure" on Vitalik and they make him roll back the blockchain and cancel Iran's transactions. (The Ethereum blockchain has really been rolled back earlier than when a hacker stole a significant amount of funds).

Problem solved. Unfortunately Ethererum's credibility could be ruined along with it's price.

Ethereum is just an example, however it's true for each different cryptocurrency.

Bitcoin Cannot Be Stopped

So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.

There isn't anybody to call. There is nobody to put pressure on. The Bitcoin is beyond censorship.

Each different cryptocurrency out there was created by someone or some company and that will always be the point of failure. They're still centralized.

One other example could be if Vitalik's family were taken hostage.. Bitcoin is past any of this and that is why it's the safest funding on the planet.

Be taught Methods to Use Bitcoin

Everybody should own some Bitcoin. It isn't without it's harmful though. In the event you're new to Bitcoin then it's best to learn as a lot a lot as you can earlier than you make investments any money. Owning Bitcoin comes with loads of responsabilty. Discover ways to use Bitcoin safely.

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