Why There Will Never Be Another BitcoinSeptember 23, 2022 2022-09-23 22:06
Why There Will Never Be Another Bitcoin
Why There Will Never Be Another Bitcoin
Well, it’s been a loopy 10 years for Bitcoin. Actually it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they had been, they’ve had a prodiscovered impact on the world. They no doubt predicted that which is why they selected to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have come alongside since all attempting 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. When you don’t know why then let me explain.
In the event you don’t know what Bitcoin is I’ll just provide you with a few brief key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Most Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation But
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 Each four Years
What Makes Bitcoin Different?
So what makes Bitcoin different to all the thousands 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 people started to see the benefits of Bitcoin and how 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 control 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 whole Bitcoin network. Nobody single particular person can management Bitcoin. This is what makes Bitcoin distinctive and impossible to replicate.
There are millions of other cryptocurrencies available now however as an example of what makes Bitcoin completely different I’ll use Ethereum as example. It’s a one of the 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 happens on Ethereum.
Censorship And Government Interference
For this instance 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 superb situation but it’s supposed to show you the way your cash is safer in Bitcoin!
Anyway.. first example. Iran is using the usual banking system and transferring this money to North Korea in USD. The US authorities say hang on a minute, we need 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 cash to North Korea. The US government are see what is happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US authorities “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 could be ruined along with it’s price.
Ethereum is just an instance, however it’s true for every other cryptocurrency.
Bitcoin Cannot Be Stopped
So the identical thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are energyless to stop it.
There is no such thing as abody to call. There is no such thing as abody to put pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there has been created by someone or some firm and that will always be the purpose of failure. They are still centralized.
Another instance can be if Vitalik’s family were taken hostage.. Bitcoin is beyond any of this and that’s the reason it’s the safest investment on the planet.
Study The way to Use Bitcoin
Everyone should own some Bitcoin. It is not without it’s harmful though. For those who’re new to Bitcoin then you need to learn as a lot a lot as you’ll be able to earlier than you make investments any money. Owning Bitcoin comes with a variety of responsabilty. Learn to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned cash till you know what you are doing!
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