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Why There Will By No Means Be Another Bitcoin

Why There Will By No Means Be Another Bitcoin

Well, it's been a crazy 10 years for Bitcoin. Truly 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 no 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. 1000's of other crypto coins have come along 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. In case you do not know why then let me explain.

In the event you don't know what Bitcoin is I will just offer you a number of temporary key factors:

Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Cast
Not All Cash Are in Circulation But
It Is Totally 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 Each 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally different to all of the hundreds of different coins which have been invented since?

When Bitcoin was first invented it began to spread slowly amongst a small group of people. It grew organically. When individuals started to see the benefits of Bitcoin and how the price would enhance attributable to it's fixed provide, it began to grow faster.

The Bitcoin blockchain is now spread throughout hundreds of hundreds of laptop 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 however this has to be achieved my consensus all through the entire Bitcoin network. Nobody single particular person can control Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.

There are literally thousands of different cryptocurrencies available now but for example of what makes Bitcoin different I'll use Ethereum as example. It's 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 final say on any development that occurs 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 isn't an excellent situation however it's purported to show you the way your cash is safer in Bitcoin!

Anyway.. first example. Iran is using the usual banking system and transferring this cash to North Korea in USD. The US authorities say grasp 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 happens once more but this time Iran use the Ethereum blockchain to send 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 "places some pressure" on Vitalik and so they make him roll back the blockchain and cancel Iran's transactions. (The Ethereum blockchain has truly been rolled back before when a hacker stole a significant quantity of funds).

Problem solved. Unfortunately Ethererum's credibility would be ruined alongside with it's price.

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

Bitcoin Can't Be Stopped

So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless 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 other cryptocurrency out there has been created by somebody or some company and that will always be the point of failure. They are still centralized.

One other example would be if Vitalik's family have been taken hostage.. Bitcoin is past any of this and that is why it's the safest investment on the planet.

Learn The way to Use Bitcoin

Everybody ought to own some Bitcoin. It isn't without it's harmful though. Should you're new to Bitcoin then you should learn as much much as you possibly can earlier than you invest any money. Owning Bitcoin comes with quite a lot of responsabilty. Learn to use Bitcoin safely.

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