Well, it’s been 10 crazy years for Bitcoin. In fact, it has been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever it was, he, she or they, had a profound impact on the world. They undoubtedly expected that this was the reason they chose to disappear from the spotlight.
After more than a decade, Bitcoin is still alive and stronger than ever. Thousands of other cryptocurrencies have appeared since they all tried to imitate the King of Crypto. Everyone has failed and will continue to fail. Bitcoin is one type. Something that 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 some brief key points:
Bitcoin is an online cryptocurrency
It has a maximum width of 21 million
It cannot be faked
Not all currencies are traded yet
It is completely decentralized without anyone controlling it
can’t be watched
It’s peer-to-peer money
Anyone can use it
Bitcoin has a fixed supply that decreases every 4 years
What makes Bitcoin different?
So what makes Bitcoin different from the thousands of other currencies that have been invented since then?
When bitcoin was first invented, it slowly started to spread among a small group of people. Organically grown. When people started seeing the benefits of Bitcoin and how the price would go up due to the fixed supply, it started to grow even faster.
The Bitcoin blockchain is now spread across hundreds of thousands of computers around the world. It has spread beyond the control of any government. Its creator has disappeared and is now working independently.
Developers can upgrade and improve the Bitcoin network, but this must be done unanimously across the entire Bitcoin network. No one person can control Bitcoin. This is what makes Bitcoin so unique and impossible to replicate.
There are thousands of other cryptocurrencies available now but as an example of what makes Bitcoin different, I will use Ethereum as an example. It is one of the biggest alternative coins at the moment and has been since it was invented by Vitalik Buterin in 2015.
Vitalik controls the Ethereum blockchain and has the final say on any development that occurs on Ethereum.
Censorship and government interference
In this example, let’s imagine Iran is sending billions of dollars to North Korea to fund its new nuclear program. This is not a good situation but it is supposed to show you how much safer your money is in Bitcoin!
Anyway.. the first example. Iran uses the standard banking system and transfers this money to North Korea in US dollars. US government says wait a minute, we need to freeze these transactions and confiscate funds.. easy. They do it right away and the problem is gone.
second example. The same thing is happening again 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 was made.
“Get Vitalik Buterin here now”
The US government is “putting some pressure” on Vitalik and getting him to back off the blockchain and cancel Iranian transactions. (The Ethereum blockchain has already been backtracked before when a hacker stole a large amount of funds.)
The problem has been resolved. Unfortunately, it will destroy the credibility of Ethereum along with its price.
Ethereum is just an example, but it is true for every other cryptocurrency.
Bitcoin can’t be stopped
So the same thing happens again. 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 contact. There is no one to pressure him. Bitcoin is out of censorship.
Every other cryptocurrency has been created by someone or a company and this will always be the point of failure. still central.
Another example is that if the Vitalik family is taken hostage.. Bitcoin goes above and beyond and that is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own some bitcoin. Not without risk though. If you are new to Bitcoin, you should learn as much as you can before you invest any money. Owning a Bitcoin comes with a lot of responsibilities. Learn how to use bitcoin safely.