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Why There Will By No Means Be Another Bitcoin
Why There Will By No Means Be Another Bitcoin
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Joined: 2024-01-18
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Well, it's been a crazy 10 years for Bitcoin. Truly 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 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. Should you don't know why then let me explain.  
  
If you don't know what Bitcoin is I will just offer you a couple of temporary key points:  
  
Bitcoin Is An On-line Cryptocurrency  
It Has a Maximum Supply of 21 Million  
It Can't Be Cast  
Not All Cash 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 different 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 how the price would increase due to it's fixed supply, 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 management of any government. It's creator has vanished and now it runs autonomously.  
  
Developers can upgrade and improve the Bitcoin network however this must be accomplished my consensus throughout the whole Bitcoin network. No one single person can management Bitcoin. This is what makes Bitcoin unique and impossible to replicate.  
  
There are literally thousands of different cryptocurrencies available now however for instance of what makes Bitcoin totally different I am going to use Ethereum as example. It's a one of the 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 ultimate 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 is just not a good situation but it's purported to show you how your cash is safer in Bitcoin!  
  
Anyway.. first example. Iran is utilizing the standard banking system and transferring this money to North Korea in USD. The US government say grasp 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 happens once more however 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 authorities "puts 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 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 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 isn't anybody to call. There is no such thing as abody to place pressure on. The Bitcoin is past censorship.  
  
Every other 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 instance would be if Vitalik's family have been taken hostage.. Bitcoin is past any of this and that is why it's the safest investment on the planet.  
  
Learn How one can Use Bitcoin  
  
Everybody ought to own some Bitcoin. It is not without it's dangerous though. If you happen to're new to Bitcoin then you must study as a lot much as you possibly can before you make investments any money. Owning Bitcoin comes with plenty of responsabilty. Discover ways to use Bitcoin safely.  
  
For people just entering the world of cryptocurrencies there are lots of hidden dangers. Don't part with your hard earned money until you know what you are doing!  
  
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