Why There Will By No Means Be One Other Bitcoin

Why There Will By No Means Be One Other Bitcoin

Well, it's been a crazy 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 disappear from the limelight.

So over a decade later Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have come along since all attempting 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. In case you don't know why then let me explain.

In the event you do not know what Bitcoin is I'll just offer you a couple of temporary key points:

Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation Yet
It Is Absolutely 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 Different?
So what makes Bitcoin totally different to all the 1000's 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 how the price would enhance as a consequence of it's fixed supply, it started to develop faster.

The Bitcoin blockchain is now spread across hundreds of 1000's of pc all over 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 but this has to be achieved my consensus throughout the whole Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin distinctive and unattainable 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 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 happens on Ethereum.

Censorship And Government 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 will not be a good situation however it's speculated to show you the way your money 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 authorities say cling 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 same thing happens once more however 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 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 really been rolled back earlier than when a hacker stole a significant quantity of funds).

Problem solved. Sadly Ethererum's credibility can be ruined along with it's price.

Ethereum is just an instance, but it's true for every different cryptocurrency.

Bitcoin Can't Be Stopped

So the identical thing occurs 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 abody to place pressure on. The Bitcoin is beyond censorship.

Each 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 could be if Vitalik's family were taken hostage.. Bitcoin is beyond any of this and that's the reason it's the safest funding on the planet.

Learn Tips on how to Use Bitcoin

Everybody ought to own some Bitcoin. It's not without it's harmful though. If you're new to Bitcoin then you should be taught as a lot a lot as you may before you make investments any money. Owning Bitcoin comes with loads of responsabilty. Learn how to use Bitcoin safely.

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