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Why There Will By No Means Be Another Bitcoin

Why There Will By No Means Be Another Bitcoin

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 had been, they've had a profound impact on the world. They little doubt predicted that which is why they chose to vanish from the limelight.

So over a decade later Bitcoin is still alive and stronger than ever. 1000's of different crypto coins have come alongside 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 may't be replicated. If you happen to do not know why then let me explain.

In the event you don't know what Bitcoin is I'll just offer you just a few brief key factors:

Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Cast
Not All Coins Are in Circulation Yet
It Is Totally Decentralized Without Anybody Controlling It
It Can't Be Censored
It is Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Totally different?
So what makes Bitcoin totally 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 the way the worth would improve on account of it's fixed provide, it started to grow faster.

The Bitcoin blockchain is now spread throughout hundreds of 1000's of computer all around the world. It has spread past 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 must be achieved my consensus throughout the whole Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.

There are millions of different cryptocurrencies available now but for example of what makes Bitcoin totally different I'll 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 instance let's imagine that Iran is sending billions of dollars to North Korea to fund their new nuclear weapons program. This isn't a great situation but it's speculated to show you how 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 dangle on a minute, we need to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.

Second example. The same thing happens once more however 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 Right here NOW"

The US government "places some pressure" on Vitalik and they make him roll back the blockchain and cancel Iran's transactions. (The Ethereum blockchain has really been rolled back earlier than when a hacker stole a significant amount of funds).

Problem solved. Sadly Ethererum's credibility can be ruined alongside with it's price.

Ethereum is just an example, 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 Authorities see this and are energyless to stop it.

There is no such thing as abody to call. There isn't anybody to place 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 purpose of failure. They're still centralized.

Another example could be if Vitalik's household were taken hostage.. Bitcoin is past any of this and that's the reason it's the safest funding on the planet.

Study Learn how to Use Bitcoin

Everyone ought to own some Bitcoin. It is not without it's harmful though. Should you're new to Bitcoin then you must learn as much much as you may earlier than you make investments any money. Owning Bitcoin comes with a whole lot of responsabilty. Discover ways to use Bitcoin safely.

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