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Why There Will Never Be Another 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 were, they've had a prodiscovered impact on the world. They little 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 trying to imitate the king of Crypto. All have failed and will continue to fail. Bitcoin is one a kind. Something that may't be replicated. If you do not know why then let me explain.
When you don't know what Bitcoin is I am going to just give you a couple of temporary key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can't Be Cast
Not All Cash Are in Circulation But
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It's Peer to Peer Cash
Anybody 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 different 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 price would enhance due to it's fixed provide, it started to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of pc everywhere in the world. It has spread beyond the management of any government. It's creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this needs to be accomplished my consensus all through the whole Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are millions of different cryptocurrencies available now however as an example of what makes Bitcoin totally different I am going to 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 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 great situation however it's purported to show you the way your money is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money to North Korea in USD. The US government 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 identical thing occurs once more however this time Iran use the Ethereum blockchain to ship the cash to North Korea. The US authorities 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 so they make him roll back the blockchain and cancel Iran's transactions. (The Ethereum blockchain has really been rolled back earlier than when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum's credibility would be ruined along with it's price.
Ethereum is just an example, however it's true for each other cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There is nobody to call. There is no such thing as abody to place pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there was created by someone or some firm and that will always be the point of failure. They're still centralized.
Another example can be if Vitalik's family have been taken hostage.. Bitcoin is past any of this and that's the reason it's the safest funding on the planet.
Learn The best way to Use Bitcoin
Everybody should own some Bitcoin. It's not without it's dangerous though. If you happen to're new to Bitcoin then it is best to be taught as much much as you'll be able to earlier than you invest any money. Owning Bitcoin comes with a whole lot of responsabilty. Discover ways to use Bitcoin safely.
For individuals just coming into the world of cryptocurrencies there are lots of hidden dangers. Don't part with your hard earned cash until you know what you are doing!
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