Why There Will By no means Be Another BitcoinSeptember 23, 2022 2022-09-23 21:24
Why There Will By no means Be Another Bitcoin
Why There Will By no means 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 were, they’ve had a profound 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. 1000’s of different crypto coins have come along since all attempting 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. Should you do not know why then let me explain.
If you happen to do not know what Bitcoin is I’ll just provide you with 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 Yet
It Is Absolutely Decentralized Without Anybody Controlling It
It Can’t Be Censored
It is Peer to Peer Cash
Anybody Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every 4 Years
What Makes Bitcoin Different?
So what makes Bitcoin completely 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 the way the worth would increase as a result of it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of 1000’s of computer all over the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network but this needs to be achieved my consensus throughout the entire Bitcoin network. No one single person can control Bitcoin. This is what makes Bitcoin unique and unattainable to replicate.
There are literally thousands of other cryptocurrencies available now however as an example of what makes Bitcoin different I will 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 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 just isn’t a great situation but it’s imagined to show you how your cash 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 hang on a minute, we have to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.
Second example. The identical thing happens again but this time Iran use the Ethereum blockchain to ship the cash 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 earlier than when a hacker stole a significant amount 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 Cannot Be Stopped
So the identical thing occurs again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t anybody to call. There is no such thing as abody to place pressure on. The Bitcoin is past censorship.
Every 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.
One other instance could be if Vitalik’s family had been taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Study Learn how to Use Bitcoin
Everyone ought to own some Bitcoin. It isn’t without it’s harmful though. In case you’re new to Bitcoin then it’s best to study as a lot a lot as you’ll be able to before you make investments any money. Owning Bitcoin comes with lots of responsabilty. Learn how to use Bitcoin safely.
For folks just entering the world of cryptocurrencies there are lots of hidden dangers. Don’t part with your hard earned cash until you know what you’re doing!
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