Well, it’s been a crazy 10 years for Bitcoin. Really it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they were, they’ve had a profound effect on the world. They little 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. Hundreds of other crypto coins have come along 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. In the event you don’t know why then let me explain.
In case you don’t know what Bitcoin is I am going to just offer you just a few temporary key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can’t Be Solid
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 four Years
What Makes Bitcoin Totally different?
So what makes Bitcoin different to all of the 1000’s of other coins which have been invented since?
When Bitcoin was first invented it started 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 value would enhance due to it’s fixed supply, it began to develop faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of computer everywhere in the world. It has spread beyond the management of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network but this needs to be accomplished my consensus all through the entire Bitcoin network. Nobody single individual can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are literally thousands of different cryptocurrencies available now but for instance of what makes Bitcoin different I am going to 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 Authorities 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 is not a very good situation however it’s speculated 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 authorities say cling 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 same thing occurs once more 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 government “puts some pressure” on Vitalik and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has actually been rolled back before when a hacker stole a significant quantity of funds).
Problem solved. Unfortunately Ethererum’s credibility could be ruined alongside with it’s price.
Ethereum is just an example, however it’s true for each other cryptocurrency.
Bitcoin Cannot Be Stopped
So the same thing happens again. This time Iran use Bitcoin as their payment method. The US Government see this and are energyless to stop it.
There isn’t abody to call. There is nobody to put pressure on. The Bitcoin is beyond censorship.
Every other cryptocurrency out there has been created by someone or some firm and that will always be the point of failure. They’re still centralized.
Another instance could be if Vitalik’s household were taken hostage.. Bitcoin is beyond any of this and that is why it’s the safest funding on the planet.
Be taught The way to Use Bitcoin
Everyone should own some Bitcoin. It isn’t without it’s dangerous though. In case you’re new to Bitcoin then it’s best to learn as much a lot as you may earlier than you make investments any money. Owning Bitcoin comes with plenty of responsabilty. Learn how to use Bitcoin safely.
For individuals just getting into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned cash until you know what you are doing!
If you liked this post and you would like to obtain much more information relating to bitcoin circuit trading application kindly take a look at our own web page.