Okay, this has been a crazy 10 years for Bitcoin. In fact, Bitcoin was first created by Satoshi Nakamoto for more than 10 years. Whoever he, she or they were, they had a profound effect on the world. They undoubtedly predicted why they chose to disappear from the limelight.
So a decade later Bitcoin is still alive and strong. Thousands of other crypto coins have arrived since trying to imitate the king of crypto. Everyone has failed and will continue to fail. Bitcoin is a type. Something that cannot be replicated. If you don’t know, let me explain.
If you don’t know what Bitcoin is, here are a few key points:
Bitcoin is an online cryptocurrency
It has a maximum supply of 21 million
It cannot be forged
Not all coins are in circulation yet
It is completely decentralized so that no one controls it
It cannot be censored
It’s peer to peer money
Anyone can use it
Bitcoin has a fixed supply which decreases every 4 years
What makes Bitcoin different?
So what makes Bitcoin different from the thousands of other coins that have been invented since then?
When Bitcoin was first discovered, it slowly began to spread among a small group of people. It has grown organically. When people start to see the benefits of Bitcoin and how the price will go up due to its specific supply, it starts to go up fast.
The Bitcoin blockchain is now spread across thousands of computers around the world. It has spread beyond the control of any government. Its creator has disappeared and now it runs autonomously
Developers can upgrade and improve the Bitcoin network, but I have to agree with the whole Bitcoin network. No single person can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are thousands of other cryptocurrencies now available but I will use Ethereum as an example of what sets Bitcoin apart. It is currently one of the largest Alt coins ever since it was invented by Vitalik Buterin in 2015.
Vitalik controls the Ethereum blockchain and is the ultimate player in any development that may occur at Ethereum.
Censorship and government intervention
For example, let’s say Iran is sending billions of dollars to North Korea to finance its new nuclear weapons program. This is not a good situation but it is supposed to show you how safe your money is in Bitcoin!
Anyway .. first example. Iran is using the standard banking system and is transferring money to the US dollar in North Korea. The US government says wait a minute, we have to seize these transactions and confiscate the money .. Easy. They do it directly and the problem is over.
The second example. The same thing will happen again but this time Iran is using Ethereum blockchain to send money to North Korea. The US government is watching what is happening. A phone call is made.
“Get Vitalic Buterin here now”
The U.S. government “put some pressure” on Vitalic, forcing him to return to the blockchain and cancel the deal with Iran. (The Ethereum blockchain was actually returned earlier when a hacker stole a significant amount of money).
Problem solving. Unfortunately Ethererum’s credibility will be lost along with its price.
Ethereum is just one example, but it is true for every other cryptocurrency.
Bitcoin cannot be stopped
So the same thing will happen again. This time Iran is using bitcoin as their payment method. The US government sees this and is unable to stop it.
There is no one to call. There is no one to stress. Bitcoin is out of censorship.
Every other cryptocurrency out there is created by someone or a company and it will always cause failure. They are still centralized.
Another example is if Vitalic’s family is held hostage.
Learn how to use Bitcoin
Everyone should own some bitcoin. It’s not without danger though. If you are new to Bitcoin then you need to learn as much as possible before investing any money. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.