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Why There Will Never Be One other 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 little 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 making an attempt to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that can't be replicated. If you don't know why then let me explain.
For those who do not know what Bitcoin is I will just provide you with a couple of temporary key points:
Bitcoin Is An Online Cryptocurrency
It Has a Most 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 Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin completely different to all of the hundreds 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 folks started to see the benefits of Bitcoin and how the worth would increase as a result of 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 control 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 achieved my consensus all through the whole Bitcoin network. Nobody single individual can control Bitcoin. This is what makes Bitcoin unique and inconceivable to replicate.
There are millions of other cryptocurrencies available now but for example of what makes Bitcoin completely different I am going to use Ethereum as example. It is a one of many 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 occurs 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 is just not a great situation but it's presupposed to show you how 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 hold 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 again however this time Iran use the Ethereum blockchain to ship the money to North Korea. The US authorities are see what's happening. A phone call is made.
"Get Vitalik Buterin in Right here NOW"
The US government "puts some pressure" on Vitalik and they make him roll back the blockchain and cancel Iran's transactions. (The Ethereum blockchain has truly been rolled back earlier than when a hacker stole a significant quantity of funds).
Problem solved. Unfortunately Ethererum's credibility can be ruined alongside with it's price.
Ethereum is just an instance, however it's true for each other cryptocurrency.
Bitcoin Can't Be Stopped
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are powerless to stop it.
There is no such thing as abody to call. There isn't abody to put pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there was created by someone or some firm and that will always be the point of failure. They're still centralized.
One other example can be if Vitalik's household had been taken hostage.. Bitcoin is past any of this and that is why it's the safest investment on the planet.
Be taught How to Use Bitcoin
Everybody should own some Bitcoin. It's not without it's harmful though. If you're new to Bitcoin then you need to study as a lot a lot as you can earlier than you make investments any money. Owning Bitcoin comes with a lot of responsabilty. Learn how to use Bitcoin safely.
For folks just entering the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash until you know what you are doing!
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