Well, it has been 10 crazy years for Bitcoin. In fact, it’s been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whatever, he, she or they were, they had a profound effect on the world. Undoubtedly, they expected this to be the reason they chose to disappear from the spotlight.
More than a decade later, 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 replicated. If you don’t know why, let me explain it to you.
If you don’t know what bitcoin is, I’ll just give you some brief key points:
Bitcoin is a cryptocurrency on the Internet
It has a maximum width of 21 million
It cannot be faked
Not all currencies are in circulation yet
It is completely decentralized without anyone controlling it
Cannot be monitored
It is peer-to-peer money
Anyone can use it
Bitcoin has a steady 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 began to spread among a small group of people. Grown organically. When people started seeing the benefits of Bitcoin and how the price would rise due to the steady supply, it started growing faster.
The Bitcoin blockchain is now spread across hundreds of thousands of computers worldwide. It has spread outside the control of any government. Its creator has disappeared and is now operating independently.
Developers can upgrade and improve the Bitcoin network but this has to be done unanimously across the entire Bitcoin network. Bitcoin cannot be controlled by one person. 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’ll use Ethereum as an example. It is one of the largest 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 takes place on the Ethereum.
Censorship and government interference
In this example, let’s imagine Iran sending billions of dollars to North Korea to fund its new nuclear program. This is not a good position but it should show you how much more secure your money is in Bitcoin!
Anyway .. first example. Iran uses the standard banking system and transfers these funds to North Korea in US dollars. The US government says, wait a minute, we need to freeze these transactions and confiscate the money … Easy. They do it right away and the problem is gone.
The second example. The same thing happens again, but this time Iran is using the Ethereum blockchain to send money to North Korea. The United States government sees what is happening. A phone call has been made.
Get Vitalik Buterin here now
The US government is “putting some pressure” on Vitalik, getting it to back off the blockchain and cancel Iranian transactions. (The Ethereum blockchain had already been undone before when a hacker stole a large amount of money.)
The problem has been resolved. Unfortunately, it will destroy the reliability of Ethererum along with its price.
Ethereum is just an example, but it is true for every other cryptocurrency.
Bitcoin cannot be stopped
So the same thing happens again. This time, Iran is using Bitcoin as a payment method. The United States government sees this and is unable to stop it.
There is no one to call. There is no one to press on. 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 beyond anything and that is why it is the safest investment on the planet.
Find out how to use Bitcoin
Everyone should have some bitcoin. Not without risk though. If you are new to Bitcoin, you should learn as much as you can before investing any money. Owning Bitcoin comes with a lot of responsibilities. Find out how to use Bitcoin safely.