Why There Will Never Be One other Bitcoin

Well, it’s been a loopy 10 years for Bitcoin. Truly it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they had been, they’ve had a profound effect on the world. They little doubt predicted that which is why they selected to disappear from the limelight.

So over a decade later Bitcoin is still alive and stronger than ever. 1000’s of other 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. For those who do not know why then let me explain.

When you don’t know what Bitcoin is I will just offer you a number of transient key points:

Bitcoin Is An On-line Cryptocurrency

It Has a Most Supply of 21 Million

It Cannot Be Cast

Not All Coins Are in Circulation Yet

It Is Fully Decentralized Without Anybody Controlling It

It Cannot Be Censored

It is Peer to Peer Money

Anybody Can Use It

Bitcoin Has a Fixed Supply Which Decreases Every 4 Years

What Makes Bitcoin Completely different?

So what makes Bitcoin different to all of the 1000’s 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 worth would improve attributable to it’s fixed provide, it began to develop faster.

The Bitcoin blockchain is now spread across hundreds of thousands of pc everywhere in the world. It has spread past 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 all through the entire Bitcoin network. No one single individual can control Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.

There are millions of other cryptocurrencies available now but as an example of what makes Bitcoin completely different I’ll use Ethereum as example. It is a one of the 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 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 will not be a great situation but it’s alleged to show you how your cash is safer in Bitcoin!

Anyway.. first example. Iran is using the standard banking system and transferring this cash to North Korea in USD. The US government say cling 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 same thing occurs once more but this time Iran use the Ethereum blockchain to ship the money 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 authorities “puts some pressure” on Vitalik and so 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 quantity 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 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 energyless to stop it.

There isn’t anybody to call. There isn’t anybody to put pressure on. The Bitcoin is beyond censorship.

Every different cryptocurrency out there has been created by someone or some company and that will always be the point of failure. They’re still centralized.

Another instance would be if Vitalik’s family have been taken hostage.. Bitcoin is past any of this and that is why it’s the safest funding on the planet.

Learn Learn how to Use Bitcoin

Everybody should own some Bitcoin. It is not without it’s dangerous though. In case you’re new to Bitcoin then you need to study as a lot much as you’ll be able to before you invest any money. Owning Bitcoin comes with a variety of responsabilty. Learn to use Bitcoin safely.

For folks just coming into the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned cash until you know what you are doing!

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