Well, it’s been a crazy 10 years for Bitcoin. It’s actually been over 10 years since Satoshi Nakamoto first did it. Whoever, he, she or they, they have a huge impact on the world. There is no doubt that they predicted that reason they chose to disappear from the limelight.
That’s why more than a decade ago Bitcoin was still alive and much stronger than ever. Thousands of other crypto coins have come from all attempts to mimic the king of Crypto. Everything fails and will continue to fail. Bitcoin is a class. Something that cannot be imitated. 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 An Online Cryptocurrency
It has a Maximum Supply of 21 Million
It Cannot Be Fake
Not All Coins Are In Circulation Yet
It’s Completely Decentralized No One Rules It
It Cannot Be Tested
This is Peer to Peer Money
Anyone Can Use It
Bitcoin Has A Strong Supply That Decreases Every 4 Years
What is the Difference between Bitcoin?
So what is Bitcoin different from all the thousands of other coins ever invented?
When Bitcoin was first invented it started to slowly spread among a small group of people. It grows organically. When people started looking at the benefits of Bitcoin and how the price would rise because of this fixed supply, it started to grow faster.
The Bitcoin blockchain has now spread to hundreds of thousands of computers around the world. It has spread beyond the control of any government. Its maker is gone and now it runs independently.
Developers can upgrade and improve the Bitcoin network but it has to be done with my approval for the entire Bitcoin network. No one else can control Bitcoin. This is what makes Bitcoin unique and impossible to copy.
There are thousands of other cryptocurrencies now available but as an example of how different Bitcoin is I will use the example of Ethereum. It is one of the most popular Alt coins today and since it was invented in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and basically has the ultimate say in any development that takes place in Ethereum.
Censorship And Government Interference
For this example we can assume that Iran sent billions of dollars to North Korea to fund their new nuclear weapons program. This is not a good situation but it should show you how your money is safer with Bitcoin!
Anyway .. first example. Iran used the standard banking system and transferred this North Korean currency in USD. The US government says to hang on for a minute, we need to freeze these transactions and confiscate the money .. Easy. They did that straight away and the problem was over.
Second example. The same thing happened again but this time Iran used the Ethereum blockchain to send money to North Korea. The US government saw what was happening. A phone call was made.
“Get Vitalik Buterin Here NOW”
The U.S. government “put pressure” on Vitalik and he reversed the blockchain and canceled transactions with Iran. (The Ethereum blockchain was actually moved in the past when a hacker stole multiple amounts of funds).
Problem solved. Unfortunately the confidence in Ethererum is damaged along with the price.
Ethereum is just one example, but this is true for every other cryptocurrency.
Bitcoin Can’t Stop
So the same thing happened. This time Iran is using Bitcoin as their payment method. The US Government sees this and has no power to stop it.
No call. No one can be forced. Bitcoin is beyond censorship.
Every other cryptocurrency out there is created by one person or some company and that is always the point of failure. They are still centralized.
Another example is when Vitalik’s family was taken hostage .. Bitcoin is more than anything else and that’s why it’s the safest investment on the planet.
Learn How to Use Bitcoin
Everyone should own some Bitcoin. It’s not if it’s not dangerous though. If you are new to Bitcoin you need to learn as much as possible before investing any money. Owning Bitcoin carries a lot of responsabilty. Learn how to use Bitcoin safely.