It’s been a crazy 10 years for Bitcoin. In fact, it is more than 10 years since Satoshi Nakamoto first created Bitcoin. Whoever he was, he or they were, they have had a profound impact on the world. They no doubt predicted why they decided to disappear from the limelight.
So more than a decade later, Bitcoin is still alive and stronger than ever. Thousands of other cryptocoins have come after everyone has tried to imitate the krypton king. Everyone has failed and will continue to fail. Bitcoin is one species. Something that can’t be copied. If you don’t know why, let me explain.
If you don’t know what Bitcoin is, I’ll give you just a few key points:
Bitcoin is an online cryptocurrency
Its maximum supply is 21 million
It cannot be falsified
Not all coins are in circulation yet
It is completely decentralized without anyone controlling it
It cannot be censored
It’s Peer to Peer Money
Anyone can use it
Bitcoin has a fixed supply that decreases 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 first invented, it began to spread slowly among a small group. It grew organically. As people began to see the benefits of Bitcoin and how the price would rise due to its fixed supply, it began 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 operates independently.
Developers can upgrade and improve the Bitcoin network, but this must be done unanimously throughout the Bitcoin network. No single person can control Bitcoin. This makes Bitcoin unique and impossible to copy.
There are now thousands of other cryptocurrencies available, but as an example of what makes Bitcoin different, I use Ethereum as an example. It is one of the largest Alt coins at the moment and has been since Vitalik Buterin invented it in 2015.
Vitalik controls the block chain of Ethereum and has, in principle, the last word in all developments in Ethereum.
Censorship and lack of government
This example imagines Iran sending billions of dollars to North Korea to fund its new nuclear weapons program. This is not a good situation, but it is meant to show you how your money is safer on Bitcoin!
Anyway .. the first example. Iran uses the normal banking system and transfers this money to North Korea in dollars. The US government says wait a minute, we need to freeze these transactions and seize the money … Easy. They do it right away and the problem is over.
Another example. The same thing happens again, but this time Iran is using the Ethereum block chain to send money to North Korea. The US government is seeing what is happening. Let’s make a call.
“Get Vitalik Buterin Here NOW”
The U.S. government is “putting pressure” on Vitalik and they are forcing him to cancel the block chain and cancel Iran’s dealings. (The Ethereum block chain has, in fact, been canceled in the past when a hacker stole a significant amount of funds).
Problem solved. Unfortunately, the credibility of Ethererum and its price would be destroyed.
Ethereum is just an example, but it is true for all other cryptocurrencies.
Bitcoin cannot be stopped
So the same thing happens again. This time, Iran is using Bitcoin as a means of payment. The US government sees this and is powerless to stop it.
There is no one to call. There is no one to put pressure on. Bitcoin is out of censorship.
Every other cryptocurrency is created by someone or a company, and it is always the point of failure. They are still centralized.
Another example would be if the Vitalik family were taken hostage. Bitcoin is above all this and is therefore the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own bitcoins. However, it is not dangerous. If you are a new Bitcoin user, you should learn as much as you can before investing money. There is a lot of responsibility involved in owning Bitcoin. Learn how to use Bitcoin safely.