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Why There Will Never Be Another Bitcoin
Well, it's been a loopy 10 years for Bitcoin. Really it's over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they were, they've had a profound effect 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. Hundreds of other 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 do not know why then let me explain.
If you happen to do not know what Bitcoin is I'll just offer you a few transient key factors:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Forged
Not All Cash Are in Circulation But
It Is Absolutely Decentralized Without Anybody Controlling It
It Cannot Be Censored
It's Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years
What Makes Bitcoin Different?
So what makes Bitcoin totally different to all the thousands 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 improve as a consequence of it's fixed provide, it began to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of thousands of pc everywhere in the world. It has spread beyond the control of any government. It is creator has vanished and now it runs autonomously.
Developers can upgrade and improve the Bitcoin network however this needs to be completed my consensus all through the entire Bitcoin network. No one single individual can management Bitcoin. This is what makes Bitcoin distinctive and impossible to replicate.
There are thousands of other cryptocurrencies available now but for example of what makes Bitcoin totally different I will use Ethereum as example. It's a one of the 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 occurs 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 shouldn't be a great situation but it's purported 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 government say cling on a minute, we have to freeze these transactions and confiscate the money.. Easy. They do this straight away and the problem is over.
Second example. The same thing occurs again 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 government "puts 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 could 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 identical thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There is no such thing as abody to call. There isn't anybody to put pressure on. The Bitcoin is past censorship.
Each different cryptocurrency out there has been created by someone or some company and that will always be the purpose of failure. They are still centralized.
Another example would be if Vitalik's household had been taken hostage.. Bitcoin is past any of this and that is why it's the safest funding on the planet.
Study The way to Use Bitcoin
Everyone ought to own some Bitcoin. It is not without it's harmful though. In the event you're new to Bitcoin then you need to learn as a lot a lot as you can before you invest any money. Owning Bitcoin comes with plenty of responsabilty. Learn how to use Bitcoin safely.
For folks just coming into the world of cryptocurrencies there are lots of hidden dangers. Don't part with your hard earned money until you know what you're doing!
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