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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 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. 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 proceed to fail. Bitcoin is one a kind. Something that may't be replicated. If you happen to do not know why then let me explain.
In the event you do not know what Bitcoin is I will just give you a number of transient key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot 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 Every four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin completely different to all of the 1000's of other coins which have been invented since?
When Bitcoin was first invented it began to spread slowly amongst a small group of people. It grew organically. When people started to see the benefits of Bitcoin and the way the price would increase due to it's fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer all over the world. It has spread beyond the control of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this has to be finished my consensus throughout the entire Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin distinctive and inconceivable to replicate.
There are thousands of different cryptocurrencies available now however as an example of what makes Bitcoin completely different I will use Ethereum as example. It is 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 final say on any development that occurs 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 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 cash 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 do this straight away and the problem is over.
Second example. The same thing occurs once more however this time Iran use the Ethereum blockchain to send the money to North Korea. The US government are see what's happening. A phone call is made.
"Get Vitalik Buterin in 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 before when a hacker stole a significant amount of funds).
Problem solved. Sadly Ethererum's credibility can be ruined alongside with it's price.
Ethereum is just an example, however it's true for every different cryptocurrency.
Bitcoin Can't Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There isn't abody to call. There is no such thing as abody 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 are still centralized.
Another instance would be if Vitalik's family have been taken hostage.. Bitcoin is beyond any of this and that is why it's the safest funding on the planet.
Be taught Learn how to Use Bitcoin
Everyone should own some Bitcoin. It is not without it's harmful though. If you're new to Bitcoin then you should study as much much as you may earlier than you invest any money. Owning Bitcoin comes with quite a lot of responsabilty. Discover ways to use Bitcoin safely.
For folks just entering the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned money until you know what you're doing!
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