Why There Will Never Be One other BitcoinSeptember 23, 2022 2022-09-23 21:14
Why There Will Never Be One other Bitcoin
Why There Will Never Be One other Bitcoin
Well, it’s been a crazy 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 profound impact on the world. They no doubt predicted that which is why they selected 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 can’t be replicated. In the event you don’t know why then let me explain.
In case you don’t know what Bitcoin is I’ll just provide you with a few brief key factors:
Bitcoin Is An Online Cryptocurrency
It Has a Most Supply of 21 Million
It Can’t Be Forged
Not All Cash Are in Circulation But
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 Completely different?
So what makes Bitcoin completely different to all the hundreds of other 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 folks 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 hundreds of laptop everywhere in the world. It has spread beyond the control of any government. It is creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this needs to be executed my consensus throughout the entire Bitcoin network. Nobody single individual can management Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are thousands of different cryptocurrencies available now however for example of what makes Bitcoin totally different I’ll use Ethereum as example. It’s 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 final say on any development that happens 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 will not be a superb situation but it’s purported to show you ways your money 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 hang 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 but this time Iran use the Ethereum blockchain to send the money to North Korea. The US authorities are see what’s 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 would be ruined along with it’s price.
Ethereum is just an example, but it’s true for every other cryptocurrency.
Bitcoin Can’t Be Stopped
So the same 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 isn’t abody to put pressure on. The Bitcoin is beyond censorship.
Every different cryptocurrency out there has been created by somebody or some firm and that will always be the point of failure. They are still centralized.
Another example could be if Vitalik’s family were taken hostage.. Bitcoin is past any of this and that’s the reason it’s the safest funding on the planet.
Study Methods to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s harmful though. For those who’re new to Bitcoin then you need to be taught as a lot a lot as you can before you invest any money. Owning Bitcoin comes with numerous responsabilty. Learn to use Bitcoin safely.
For people just getting into the world of cryptocurrencies there are many hidden dangers. Don’t part with your hard earned cash until you know what you’re doing!
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