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Why There Will By no means Be Another 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 were, they've had a profound effect on the world. They little question 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. Hundreds of different 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. Should you do not know why then let me explain.
When you do not know what Bitcoin is I am going to just offer you a few transient key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Can't Be Cast
Not All Cash Are in Circulation But
It Is Totally 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 Every 4 Years
What Makes Bitcoin Different?
So what makes Bitcoin completely different to all the hundreds 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 people started to see the benefits of Bitcoin and the way the worth would enhance as a result of it's fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread throughout 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 but this needs to be completed my consensus throughout the whole Bitcoin network. No one single person can management Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are literally thousands of different cryptocurrencies available now but as an example of what makes Bitcoin completely different I am going to 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 happens 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 isn't a good situation but it's imagined to show you how your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the usual banking system and transferring this cash 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 try this straight away and the problem is over.
Second example. The identical thing occurs once more but this time Iran use the Ethereum blockchain to send the cash to North Korea. The US government are see what's happening. A phone call is made.
"Get Vitalik Buterin in Here NOW"
The US authorities "places 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 before when a hacker stole a significant quantity of funds).
Problem solved. Sadly Ethererum's credibility would be ruined along with it's price.
Ethereum is just an example, but it's true for every other cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There is nobody to call. There is nobody to put pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there has been created by somebody or some company and that will always be the purpose of failure. They are still centralized.
Another instance would be if Vitalik's family have been taken hostage.. Bitcoin is beyond any of this and that's the reason it's the safest funding on the planet.
Learn Learn how to Use Bitcoin
Everybody ought to own some Bitcoin. It's not without it's harmful though. When you're new to Bitcoin then it's best to study as a lot a lot as you can before you make investments any money. Owning Bitcoin comes with numerous responsabilty. Learn how to use Bitcoin safely.
For people just getting into the world of cryptocurrencies there are many hidden dangers. Don't part with your hard earned cash until you know what you are doing!
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