It’s been a crazy 10 years for Bitcoin. In fact, it’s been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever he or they were, they had a great impact on the world. Undoubtedly, they predicted this, so they chose to disappear from the spotlight.
So, ten years later, Bitcoin is still alive and well. Thousands of other crypto coins came after they all tried to imitate the crypto king. It all failed and will continue to fail. Bitcoin is a kind. Something unique. If you do not know why, let me explain.
If you don’t know what Bitcoin is, I’ll give you a few key points:
Bitcoin Online is a cryptocurrency
There is a maximum of 21 Million Supplies
It cannot be counterfeited
Not all coins are in circulation yet
No one is completely decentralized without control
It cannot be censored
Money is a Peer to Peer
Anyone can use it
Bitcoin has a stable supply that decreases every 4 years
What Distinguishes Bitcoin?
But what makes Bitcoin different from the thousands of other coins invented so far?
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 increase thanks to stable supply, it began to grow faster.
The Bitcoin blockchain is now spread to hundreds of thousands of computers around the world. Spread beyond the control of any government. The creator has disappeared and now works autonomously.
Developers can improve and develop the Bitcoin network, but that should be my consensus on the entire Bitcoin network. No one can manage Bitcoin. This is what makes Bitcoin unique and unrepeatable.
There are thousands of other cryptocurrencies available now, but I’ll take Ethereum as an example of how Bitcoin is different. It is currently one of the largest Coin Coins and has been around since it was invented in 2015 by Vitalik Buter.
Vitalik manages the Ethereum blockchain and has the final say on all developments in Ethereum.
Censorship and government intervention
For example, consider Iran sending billions of dollars to North Korea to finance its new nuclear weapons program. This is not a good situation, but it should show that your money is more secure in Bitcoin!
Anyway .. the first example. Iran uses a standard banking system and transfers this money to North Korea in US dollars. The US government says wait a minute, we should freeze these operations and confiscate the money. Easy. They do it immediately and 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.
“Bring Vitalik Buteri NOW”
The US government is putting “some pressure” on Vitaly, forcing him to return the blockchain and cancel Iran’s operations. (The Ethereum blockchain was actually returned before a hacker stole a significant amount of money).
The problem is solved. Unfortunately, along with the price of Ethererum, its reliability will be compromised.
Ethereum is just one example, but 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 US government sees this and is powerless to stop it.
There is no one to call. There is no one to put pressure. Bitcoin is out of censorship.
Every other cryptocurrency out there has been created by someone or a company, and that will always be the point of failure. They are still centralized.
If Vitalik’s family is taken hostage, it could be another example. Bitcoin is beyond any of this and is therefore the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own a little Bitcoin. Although not dangerous. If you are new to Bitcoin, you need to learn as much as you can before investing. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.