Well, 10 years has been crazy for Bitcoin. In fact, it’s been more than 10 years since Satoshi Nakamoto founded Bitcoin. Whoever, himself, or they were, have had a great influence on the world. Undoubtedly, this was announced and that is why they chose to disappear from the spotlight.
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So a decade later Bitcoin is still alive and well and stronger than ever. Thousands of other cryptocurrencies have all come from trying to imitate the King of Crypto. They have all failed and will continue to fail. Bitcoin is a type of. Something that cannot be replicated. If you don’t know why, let me know.
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 falsified
- Not all coins are in circulation yet
- It is completely decentralized, out of control
- Cannot Censor
- Peer to Peer Money yes
- Anyone can use it
- Bitcoin has a fixed supply, which is reduced every 4 years
What makes Bitcoin different?
So what makes Bitcoin different from all the thousands of other coins that have been invented since then?
When Bitcoin was invented it slowly began to spread among a small group of people. It grew organically. When people started seeing the benefits of Bitcoin and how the price would go up as a result of fixed supply, it started to grow 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. The creator has disappeared and now works autonomously.
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Developers can upgrade and upgrade the Bitcoin network, but my consent must be made to the entire Bitcoin network. Only one person can control Bitcoin. This is the only Bitcoin that makes it impossible to repeat.
Thousands of other cryptocurrencies are available now, but I will use Ethereum as an example of what makes Bitcoin different. Alt is one of the biggest coins at the moment and has been around since Vitalik Buterin invented it in 2015.
Vitalik controls the Ethereum blockchain and basically has the final say in any development that happens in Ethereum.
Censorship and Government Intervention
For this example, suppose Iran sends billions of dollars to North Korea to finance a new nuclear weapons program. This is not a good situation, but it should show you how safe your money is in Bitcoin!
Anyway .. first example. Iran is using the standard banking system and is transferring that money to North Korea in USD. The US government says we need to hang up, freeze these transactions and confiscate the money … Easy. They do it right away and the problem is over.
The 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 is watching what is happening. A phone call is made.
“Get Vitalik Buterin Here NOW”
The U.S. government says it is “putting a bit of pressure” on Vitali and that the blockade should be lifted and that Iran’s transactions should be suspended. (The Ethereum blockchain actually went backwards when a hacker stole a significant amount of funds).
Fixed issue. Unfortunately the credibility of Ethererum would be ruined along with its price.
Ethereum is just one example, but it is true in all other cryptocurrencies.
Bitcoin can’t stop
So the same thing happens again. This time Iran uses Bitcoin as its payment method. The U.S. government sees this and has no power to stop it.
There is no one to call. There is no one to put pressure on. Bitcoin is beyond censorship.
All other cryptocurrencies out there are created by someone or a company and that will always be the point of failure. They are still centralized.
Another example would be if they took Vitalik’s family hostage. Bitcoin is beyond this and that is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should have some Bitcoin. It’s not without being dangerous. If you are new to Bitcoin, you should learn as much as you can before investing money. Bitcoin ownership has many responsibilities. Learn how to use Bitcoin securely.