Well, it’s been a crazy 10 years for Bitcoin. It’s actually been over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they, they have a huge impact on the world. No doubt they predicted that so they chose to get out of the limelight.
So more than a decade ago Bitcoin was still alive and stronger than ever. Thousands of other crypto coins have arrived since everyone tried to emulate the king of Crypto. Everything fails and will continue to fail. Bitcoin is one of a kind. Something unimaginable. If you don’t know why then let me understand.
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 Can’t Be A Pest
Not All Coins Are In Circulation
It’s Completely Decentralized with No One Controlling It
It Cannot Be Censored
This is Peer to Peer Money
Anyone Can Use It
Bitcoin Has A Good Supply That Decreases Every 4 Years
What Makes Bitcoin Different?
So what makes Bitcoin different from all the thousands of other coins ever invented?
When Bitcoin was first invented it started to spread slowly among a small group of people. It grows organically. When people started looking at the benefits of Bitcoin and how the price would go up because of this constant 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 creator has disappeared and now it runs autonomy.
Developers can upgrade and improve the Bitcoin network but this should be done in my consensus across the Bitcoin network. No one else can control Bitcoin. This is what makes Bitcoin unique and impossible to copy.
There are thousands of other cryptocurrencies available today but as an example of what makes Bitcoin different I will use Ethereum as an example. It is one of the largest 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 progress that takes place in Ethereum.
Censorship and Government Interference
For this example let’s 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 uses the standard banking system and transfers this North Korean currency to USD. The US government says wait a minute, we need to freeze these transactions and take the money .. Easy. They did that right away and the problem was over.
Second example. The same thing will happen again but this time Iran is using the Ethereum blockchain to send money to North Korea. The U.S. government saw what was happening. A phone call was made.
“Get Vitalik Buterin here NOW”
The U.S. government “put some pressure” on Vitalik and they reinstated the blockchain and canceled transactions with Iran. (The Ethereum blockchain was actually repeated in the past when a hacker stole a large amount of funds).
The problem is solved. Unfortunately the credibility of Ethererum will be damaged with its price.
Ethereum is just one example, but this is true for every other cryptocurrency.
So the same thing will happen again. This time Iran is using Bitcoin as their method of payment. The US Government sees this and has no power to stop it.
No one to call. No one to put pressure on. Bitcoin is more than censorship.
Every other cryptocurrency out there is made by someone or a company and that is always the point of failure. They are still centralized.
Another example is if Vitalik’s family was taken hostage.
Learn How to Use Bitcoin
Everyone should have some Bitcoin. It’s not if it’s not dangerous though. If you are new to Bitcoin then you should learn as much as you can before you invest any money. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.