Well, it’s been a crazy 10 years for bitcoin. In fact it has been more than 10 years since bitcoin was first created by Satoshi Nakamoto. Whoever he was, he, she or they, they greatly influenced the world. They no doubt predicted that was why they decided to disappear from sight.
So more than a decade later Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have appeared since everyone tried to imitate King Crypto. All failed and will continue to. Bitcoin is the only type. What cannot be repeated. If you don’t know why, let me explain.
If you don’t know what bitcoin is, I’ll just give you a few brief key points:
Bitcoin is a cryptocurrency on the Internet
The maximum offer is 21 million
It cannot be forged
Not all coins are in circulation yet
He is completely decentralized, someone controls him
It cannot be censored
This is equal money
Anyone can take advantage of them
Bitcoin has a steady supply that decreases every 4 years
What distinguishes bitcoin?
So how is bitcoin different from all the thousands of coins that have been invented since then?
When bitcoin was first invented, it began to spread slowly among a small group of people. It grew organically. When people started to see the benefits of bitcoin and how the price would increase due to the constant supply, it started to grow faster.
Bitcoin blockchain is now distributed to hundreds of thousands of computers around the world. It has spread beyond the control of any government. Its creator has disappeared and now it works autonomously.
Developers can update and improve the bitcoin network, but this needs to be done by my consensus across the bitcoin network. No one can control Bitcoin. This is what makes bitcoin unique and impossible to replicate.
Thousands of other cryptocurrencies are now available, but as an example of what distinguishes bitcoin, I will use Ethereum as an example. It is one of the largest alternative coins at the moment and since it was invented by Vitalik Buterin in 2015.
Vitalik runs the Ethereum blockchain and basically has the last word in any development that happens on Ethereum.
Censorship and government intervention
For this example, let’s imagine Iran sending billions of dollars to North Korea to fund a new nuclear weapons program. It’s not a very good situation, but it should show you how much your money is safer in bitcoins!
Anyway .. the first example. Iran uses a standard banking system and converts this North Korean money into US dollars. The US government says we need to wait a minute, we need to freeze these operations and confiscate the money. Easy. They do it right away and the problem is over.
The second example. The same thing is repeated, but this time Iran is using the Ethereum blockchain to send money to North Korea. The US government sees what is happening. A phone call is made.
“Bring Vitalik Buterin here NOW”
The US government is “putting some pressure” on Vitalik, and they are forcing him to roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain was actually pumped out earlier when a hacker stole a significant amount of funds).
The problem is solved. Unfortunately, Ethererum’s credibility will be ruined along with the price.
Ethereum is just an example, but it’s true for any other cryptocurrency.
Bitcoin cannot be stopped
So the same thing is repeated. This time Iran is using bitcoin as a payment method. The US government sees this and is powerless to stop it.
There is no one to call. There is no one to put pressure on. Bitcoin is uncensored.
Any other cryptocurrency has been created by someone or some company and it will always be a point of failure. They are still centralized.
Another example might be when Vitalik’s family is taken hostage. Bitcoin is beyond all of this, and so it is the safest investment on the planet.
Learn how to use bitcoins
Everyone should own a little bitcoin. However, it is not dangerous. If you are new to bitcoin, you should learn as much as you can before investing. Bitcoin ownership comes with a lot of responsiveness. Learn how to use bitcoins safely.