Okay, it’s been an insane 10 years for Bitcoin. Literally more than 10 years later when Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they, they had a profound effect on the earth. They undoubtedly predicted that was why they decided to disappear from the limelight.
So more than a decade later, Bitcoin is still alive and well. Despite trying to imitate all the crypto kings, thousands of other cryptocurrencies have appeared. All have failed and will continue to fail. Bitcoin is a type. Something that can’t be copied. If you don’t know, explain to me.
If you don’t know what a bitcoin is, here are a few key points:
Bitcoin is an online cryptocurrency rency
Its maximum supply is 21 million
It cannot be forged
Not all coins are in circulation yet
It is completely decentralized so no one controls it
It cannot be censored
This is peer to peer money
Anyone can use it
Bitcoin has a steady supply which decreases every 4 years
What makes Bitcoin different?
So what makes Bitcoin different from the thousands of other currencies that have since been invented?
When Bitcoin was first discovered it began to spread slowly among a small group. It grew biologically. When people start to see how the price will rise because of the benefits of Bitcoin and its supply, it starts to rise rapidly.
The Bitcoin blockchain is now spread across thousands of computers around the world. It has spread beyond the control of any government. It has lost its creator and now it runs autonomously.
Developers can upgrade and improve the bitcoin network but the whole bitcoin network has to do it with my consent. No single person can control Bitcoin. This is what makes Bitcoin unique and impossible to copy.
There are now thousands of other cryptocurrencies available but I will use Ethereum as an example of what makes Bitcoin different. It is now one of the largest alt coins and was discovered in 2015 by Vitalic Butarin
Vitalic controls the etherium blockchain and makes the final statement about any development that occurs in the etherium.
Censorship and government intervention
For this example, imagine that Iran is sending billions of dollars to North Korea to fund their new nuclear weapons program. This is not a very good situation but you need to show how safe your money is in Bitcoin!
However .. the first example. Iran is using the standard banking system and is transferring this money to North Korea in dollars. The US government says wait a minute, we need to freeze these transactions and confiscate the money .. Easy. They do it directly and the problem is over.
The second example. The same thing happened again, but this time Iran used the Ethereum blockchain to send the money to North Korea. The US government is watching what is happening. A phone call is made.
“Get Vitalic Butarin now”
The U.S. government puts “some pressure” on Vitalic, forcing him to return to the blockchain and cancel Iran’s dealings. (When a hacker steals a significant amount of funds, the Etherium blockchain actually comes back).
Problem solving. Unfortunately Ethereum’s credibility will be ruined with its price.
Etherium is just one example, but it is true for every other cryptocurrency.
Bitcoin cannot be stopped
So the same thing happens again. This time Iran will use Bitcoin as their payment method. The US government sees it and is powerless to stop it.
No one to call. There is no one to stress. Bitcoin is out of censorship.
Every other cryptocurrency out there is created by someone or an organization and it is always a point of failure. They are still centralized.
Another example is if Vitalic’s family is taken hostage .. Bitcoin is not out of anything and that is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own some bitcoin. It is not without its dangers. If you are new to Bitcoin, you should learn as much as possible before investing any money. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.