Why There Will Never Be Another 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 question 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. 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 continue to fail. Bitcoin is one a kind. Something that may't be replicated. If you don't know why then let me explain.
If you do not 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 Cannot Be Forged
Not All Cash Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Can't 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 Different?
So what makes Bitcoin different to all 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 enhance as a result of it's fixed provide, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of 1000's of laptop everywhere in the world. It has spread past the management of any government. It's creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this needs to be finished my consensus all through the whole Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin distinctive and not possible to replicate.
There are millions of other cryptocurrencies available now but for instance of what makes Bitcoin completely different I will use Ethereum as example. It is a one of many 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 happens 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 shouldn't be an excellent situation but it's imagined to show you ways your money 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 grasp 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 happens once more however this time Iran use the Ethereum blockchain to send the money to North Korea. The US authorities are see what is happening. A phone call is made.
"Get Vitalik Buterin in Right here NOW"
The US government "puts some pressure" on Vitalik they usually 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 could be ruined along with it's price.
Ethereum is just an instance, however it's true for each other cryptocurrency.
Bitcoin Can't Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.
There isn't abody to call. There is nobody to place pressure on. The Bitcoin is beyond censorship.
Each different cryptocurrency out there was created by somebody or some firm and that will always be the point of failure. They're still centralized.
Another instance can be if Vitalik's household were taken hostage.. Bitcoin is past any of this and that's the reason it's the safest funding on the planet.
Study The right way to Use Bitcoin
Everybody should own some Bitcoin. It is not without it's dangerous though. If you happen to're new to Bitcoin then you should learn as much a lot as you possibly can before you make investments any money. Owning Bitcoin comes with quite a lot of responsabilty. Discover ways to use Bitcoin safely.
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