Well, that’s been a crazy 10 years for Bitcoin. In fact, it was more than 10 years ago that Bitcoin was first created by Satoshi Nakamoto. Whoever he or she is, they have had a huge impact on the world. They no doubt predicted it, so they chose to disappear into the spotlight.
So, more than a decade later, Bitcoin is still alive ուժեղ stronger than ever:. Thousands more cryptocurrencies have emerged since everyone tried to imitate the king of Crypto. Everyone has failed և will continue to fail. Bitcoin is a type. Something that can not be repeated. If you do not know why, let me explain.
If you do not know what bitcoin is, I will just give you a few brief basic points.
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Bitcoin is an online cryptocurrency
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It has a maximum supply of 21 million
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It can not be falsified
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Not all coins are still in circulation
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It is completely decentralized, without any control
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It can not be censored
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That’s Peer to Peer Money
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Anyone can use it
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Bitcoin has a fixed supply, which decreases every 4 years
How is Bitcoin different?
So how is Bitcoin different from the thousands of coins that have been invented since then?
When bitcoin was first invented, it began to spread slowly to a small group of people. It grew organically. As people began to see the benefits of bitcoin և how the price would rise because of its fixed supply, it began to grow faster.
The Bitcoin blockchain is now popular with hundreds of thousands of computers around the world. It is out of the control of any government. Its creator has disappeared, and now it works on its own.
Developers can upgrade և upgrade the Bitcoin network, but this must be done with my consent throughout the Bitcoin network. No one can control bitcoin. This is what makes Bitcoin unique and impossible to duplicate.
There are thousands of other cryptocurrencies now, but as an example of how Bitcoin differs, I will use Ethereum as an example. It is now one of the largest Alt coins հետո exists since it was invented by Vitalik Buterin in 2015.
Vitalik controls the Ethereum blockchain և, in fact, has the final say in any development at Ethereum.
Censorship և Government intervention
For example, let’s imagine that Iran is sending billions of dollars to North Korea to fund its new nuclear weapons program. This is not a good situation, but it’s supposed to show how safe your money is in Bitcoin.
What .. the first example. Iran uses a standard banking system and transfers that amount to North Korea in US dollars. The US government says that for a moment, we should freeze these deals and confiscate the money. It’s easy. They do it right away, և the problem is over.
The second example. The same thing happens again, but this time Iran uses the Ethereum blockchain to send money to North Korea. The US government sees what is happening. A phone call is made.
“Get Vitalik Buterin here NOW”
The US government is “putting some pressure” on Vitalik, they are forcing him to drop the blockchain, to cancel Iran’s deals. (The Ethereum blockchain used to roll back when a hacker stole a lot of money).
The problem is solved. Unfortunately, Ethererum’s reliability will decline along with its price.
Ethereum is just an example, but it’s true of any other cryptocurrency.
Bitcoin cannot be stopped
So the same thing is repeated. This time Iran is using bitcoin as a method of payment. The US government sees this and is powerless to stop it.
There is no caller. There is no one to put pressure on. Bitcoin is out of censorship.
Any other cryptocurrency created by someone or a company there will always be a point of failure. They are still concentrated.
Another example could be if Vitalik’s family was taken hostage. Bitcoin is beyond that, which is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should have some bitcoins. It’s not without it, but it is dangerous. If you are new to Bitcoin, you need to learn as much as you can before investing any money. Mastering bitcoin is a big responsibility. Learn how to use bitcoin safely.