Forum

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 effect 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. Hundreds of other crypto coins have come along since all making an attempt 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. In case you don't know why then let me explain.

Should you don't know what Bitcoin is I am going to just provide you with a couple of transient key factors:

Bitcoin Is An On-line Cryptocurrency

It Has a Most Supply of 21 Million

It Cannot Be Cast

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 4 Years

What Makes Bitcoin Totally different?

So what makes Bitcoin totally different to all of the thousands of different coins which have been invented since?

When Bitcoin was first invented it began to spread slowly amongst a small group of people. It grew organically. When folks started to see the benefits of Bitcoin and how the worth would increase resulting from it's fixed provide, it started 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 is creator has vanished and now it runs autonomously.

Developers can upgrade and improve the Bitcoin network but this has to be finished my consensus all through the entire Bitcoin network. Nobody single person can management Bitcoin. This is what makes Bitcoin distinctive and unattainable to replicate.

There are literally thousands of other cryptocurrencies available now but for example of what makes Bitcoin completely different I am going to 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 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 superb situation but it's speculated to show you how your money 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 government say hold 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 identical thing occurs again 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 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 quantity of funds).

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

Ethereum is just an example, however it's true for each other cryptocurrency.

Bitcoin Can't Be Stopped

So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.

There isn't abody to call. There is no such thing as abody to place pressure on. The Bitcoin is beyond censorship.

Each different cryptocurrency out there has been created by someone or some firm and that will always be the point of failure. They are still centralized.

One other example can be if Vitalik's family were taken hostage.. Bitcoin is past any of this and that's the reason it's the safest funding on the planet.

Study Easy methods to Use Bitcoin

Everyone should own some Bitcoin. It isn't without it's dangerous though. For those who're new to Bitcoin then you should learn as much a lot as you possibly can before you make investments any money. Owning Bitcoin comes with a variety of responsabilty. Discover ways to use Bitcoin safely.

For people just getting into the world of cryptocurrencies there are many hidden dangers. Don't part with your hard earned cash until you know what you're doing!

If you loved this short article and you would like to obtain extra facts regarding Bitcoineer kindly go to our internet site.