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Why There Will By no means Be Another Bitcoin
Well, it's been a loopy 10 years for Bitcoin. Really 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. Hundreds of different crypto coins have come alongside since all making an attempt to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that may't be replicated. If you do not know why then let me explain.
If you don't know what Bitcoin is I will just offer you a few transient key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Can't Be Forged
Not All Coins 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 Every 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all of the hundreds 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 folks started to see the benefits of Bitcoin and the way the value would improve attributable to it's fixed supply, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of laptop everywhere in the world. It has spread beyond the management of any government. It's creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this must be done my consensus all through the whole Bitcoin network. No one single individual can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are millions of other cryptocurrencies available now however as an example of what makes Bitcoin different I will 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 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 is just not a good situation however it's alleged to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the usual banking system and transferring this money to North Korea in USD. The US authorities say hang 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 identical thing occurs again but this time Iran use the Ethereum blockchain to send the cash 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 government "places 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 earlier than 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, however it's true for every other cryptocurrency.
Bitcoin Cannot Be Stopped
So the same 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 no such thing as abody to call. There is nobody to place pressure on. The Bitcoin is beyond censorship.
Every other cryptocurrency out there was created by somebody or some firm and that will always be the point of failure. They're still centralized.
One other instance could be if Vitalik's family were taken hostage.. Bitcoin is beyond any of this and that's the reason it's the safest investment on the planet.
Learn Easy methods to Use Bitcoin
Everyone should own some Bitcoin. It is not without it's harmful though. In the event you're new to Bitcoin then you must learn as much a lot as you can earlier than you make investments any money. Owning Bitcoin comes with quite a lot of responsabilty. Learn to use Bitcoin safely.
For individuals just entering the world of cryptocurrencies there are many hidden dangers. Don't part with your hard earned money until you know what you are doing!
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