Why There Will By No Means Be One Other Bitcoin

Why There Will By No Means Be One Other Bitcoin

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 had been, they've had a profound effect on the world. They no doubt predicted that which is why they selected to disappear from the limelight.

So over a decade later Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have come alongside since all attempting to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that can't be replicated. In case you don't know why then let me explain.

If you happen to don't know what Bitcoin is I will just offer you just a few transient key factors:

Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Can't Be Solid
Not All Coins Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Cannot Be Censored
It is Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all the 1000's 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 people started to see the benefits of Bitcoin and how the value would increase attributable to it's fixed supply, it started to grow faster.

The Bitcoin blockchain is now spread across hundreds of 1000's of pc everywhere in the world. It has spread past the management of any government. It's creator has vanished and now it runs autonomously.

Builders can upgrade and improve the Bitcoin network however this needs to be done my consensus all through the entire Bitcoin network. No one single particular person can management Bitcoin. This is what makes Bitcoin distinctive and impossible to replicate.

There are thousands of different cryptocurrencies available now but for example of what makes Bitcoin totally different I am going to use Ethereum as example. It is a one of the 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 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 is just not a very good situation but it's presupposed to show you the way your cash 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 hold 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 again however this time Iran use the Ethereum blockchain to ship the money to North Korea. The US government are see what is happening. A phone call is made.

"Get Vitalik Buterin in Right here NOW"

The US authorities "places 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 amount of funds).

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

Ethereum is just an example, but it's true for every different cryptocurrency.

Bitcoin Cannot Be Stopped

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

There isn't anybody to call. There isn't anybody to place pressure on. The Bitcoin is beyond censorship.

Each different cryptocurrency out there has been created by somebody or some firm and that will always be the purpose of failure. They are still centralized.

One other example can be if Vitalik's household were taken hostage.. Bitcoin is beyond any of this and that is why it's the safest investment on the planet.

Be taught Learn how to Use Bitcoin

Everybody should own some Bitcoin. It's not without it's dangerous though. When you're new to Bitcoin then you should study as a lot much as you'll be able to before you invest any money. Owning Bitcoin comes with a number of responsabilty. Discover ways to use Bitcoin safely.

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