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 were, they've had a prodiscovered impact on the world. They little question predicted that which is why they selected to vanish from the limelight.

So over a decade later Bitcoin is still alive and stronger than ever. Thousands of different 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. If you happen to don't know why then let me explain.

For those who don't know what Bitcoin is I will just give you a couple of transient key points:

Bitcoin Is An Online Cryptocurrency
It Has a Maximum Supply of 21 Million
It Can't Be Forged
Not All Coins Are in Circulation But
It Is Totally Decentralized Without Anybody Controlling It
It Cannot Be Censored
It's Peer to Peer Cash
Anybody 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 1000's of other coins which have been invented since?

When Bitcoin was first invented it started to spread slowly among a small group of people. It grew organically. When people started to see the benefits of Bitcoin and how the value would increase on account of it's fixed supply, it began to grow faster.

The Bitcoin blockchain is now spread across hundreds of 1000's of pc all over the world. It has spread past the control of any government. It's creator has vanished and now it runs autonomously.

Builders can upgrade and improve the Bitcoin network however this has to be carried out my consensus all through the whole Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin unique and unimaginable to replicate.

There are thousands of other cryptocurrencies available now but as an example of what makes Bitcoin different I am going to use Ethereum as example. It is 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 ultimate 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 just isn't a very good situation but it's imagined to show you ways your cash is safer in Bitcoin!

Anyway.. first example. Iran is using the usual banking system and transferring this money to North Korea in USD. The US government say cling 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 ship the money to North Korea. The US government are see what's happening. A phone call is made.

"Get Vitalik Buterin in Right here NOW"

The US authorities "places 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 before when a hacker stole a significant quantity of funds).

Problem solved. Unfortunately Ethererum's credibility can be ruined along with it's price.

Ethereum is just an instance, however it's true for each different 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 anybody to call. There is nobody to place pressure on. The Bitcoin is beyond censorship.

Every different cryptocurrency out there was created by somebody or some company and that will always be the point of failure. They are still centralized.

One other instance would be if Vitalik's household have been taken hostage.. Bitcoin is beyond any of this and that's the reason it's the safest funding on the planet.

Study The right way to Use Bitcoin

Everyone should own some Bitcoin. It's not without it's dangerous though. If you're new to Bitcoin then you need to be taught as a lot a lot as you possibly can earlier than you invest any money. Owning Bitcoin comes with a whole lot of responsabilty. Learn 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 till you know what you're doing!

Should you loved this post and you want to receive more information with regards to bitcoin prime avis assure visit our own webpage.
2022  lv consulting   globbers joomla templates