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 crazy 10 years for Bitcoin. Truly it's over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they were, they've had a prodiscovered effect on the world. They no 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 attempting to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that can't be replicated. In case you don't know why then let me explain.

Should you don't know what Bitcoin is I am going to just provide you with a couple of 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 Can't Be Censored
It is Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin completely different to all the thousands of different 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 how the value would improve attributable to it's fixed supply, it started to develop faster.

The Bitcoin blockchain is now spread across hundreds of thousands of computer all over 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 needs to be executed my consensus throughout the whole Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.

There are literally thousands of different cryptocurrencies available now however for instance of what makes Bitcoin completely different I will 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 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 shouldn't be an excellent situation but it's presupposed to show you ways your money is safer in Bitcoin!

Anyway.. first example. Iran is utilizing the standard banking system and transferring this cash to North Korea in USD. The US authorities say hold on a minute, we have to freeze these transactions and confiscate the money.. Easy. They do this straight away and the problem is over.

Second example. The identical thing occurs once more however this time Iran use the Ethereum blockchain to send the money 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 actually been rolled back before when a hacker stole a significant amount of funds).

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

Ethereum is just an example, but it's true for each 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 is no such thing as abody to call. There isn't anybody to put pressure on. The Bitcoin is past censorship.

Every other 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 instance would be if Vitalik's family were taken hostage.. Bitcoin is beyond any of this and that is why it's the safest investment on the planet.

Study The best way to Use Bitcoin

Everybody ought to own some Bitcoin. It isn't without it's dangerous though. In the event you're new to Bitcoin then you must learn as a lot a lot as you possibly can before you make investments any money. Owning Bitcoin comes with a whole lot of responsabilty. Learn to use Bitcoin safely.

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