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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 loopy 10 years for Bitcoin. Truly it's over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they have been, they've had a profound impact on the world. They little question 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 don't know why then let me explain.

When you do not know what Bitcoin is I'll just provide you with a few temporary 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 Yet
It Is Fully Decentralized Without Anybody Controlling It
It Cannot Be Censored
It's Peer to Peer Money
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each four Years
What Makes Bitcoin Different?
So what makes Bitcoin totally different to all 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 enhance as a consequence of it's fixed supply, it started to grow faster.

The Bitcoin blockchain is now spread across hundreds of hundreds of computer everywhere in the world. It has spread beyond the management of any government. It's creator has vanished and now it runs autonomously.

Developers can upgrade and improve the Bitcoin network however this has to be performed my consensus all through the entire Bitcoin network. Nobody single person can control Bitcoin. This is what makes Bitcoin distinctive and not possible to replicate.

There are millions of different cryptocurrencies available now however as an example of what makes Bitcoin completely different I'll use Ethereum as example. It is 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 final say on any development that occurs 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 shouldn't be an excellent 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 hold 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 again but this time Iran use the Ethereum blockchain to send the cash to North Korea. The US authorities are see what is happening. A phone call is made.

"Get Vitalik Buterin in 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 actually been rolled back before when a hacker stole a significant quantity 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 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 powerless to stop it.

There isn't abody to call. There isn't anybody to place pressure on. The Bitcoin is beyond censorship.

Every other cryptocurrency out there has been created by somebody or some firm and that will always be the purpose of failure. They are still centralized.

One other example could be if Vitalik's family had been 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 should own some Bitcoin. It's not without it's dangerous though. For those who're new to Bitcoin then you must study as a lot a lot as you'll be able to earlier than you invest any money. Owning Bitcoin comes with a number of responsabilty. Discover ways to use Bitcoin safely.

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