Well, 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 it is, he or she, they have had a profound impact on the world. Undoubtedly, they predicted that this was why they chose to disappear from the spotlight.
So more than a decade later, Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have appeared since everyone tried to imitate the king of Crypto. They have all failed and will continue to fail. Bitcoin is one type. Something that cannot be replicated. If you don’t know why, let me explain.
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 cannot be forged
Not all coins are still in circulation
It is completely decentralized, without anyone controlling it
It cannot be censored
This is 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 of people. It grows organically. As people began to see the benefits of bitcoins and how the price would increase due to the fixed supply, it began to grow faster.
The bitcoin blockchain is now spreading to hundreds of thousands of computers around the world. It has spread beyond the control of any government. Its creator has disappeared and now works autonomously.
Developers can upgrade and improve the bitcoin network, but this must be done with my consensus throughout the bitcoin network. No one can control Bitcoin. This makes Bitcoin unique and impossible to play.
There are thousands of other cryptocurrencies now, but as an example of what makes Bitcoin different, I will use Ethereum as an example. This is one of the largest alto coins at the moment and since it was invented in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and basically has the final say on every development that happens in Ethereum.
Censorship and government intervention
For this example, let’s imagine Iran sending billions of dollars to North Korea to fund its new nuclear weapons program. This is not a good situation, but it should show you how your money is safer in bitcoin!
Anyway .. first example. Iran uses the standard banking system and converts this money into 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 this immediately and the problem is over.
Second example. The same thing is happening again, but this time Iran is using the Ethereum blockchain to send the money to North Korea. The US government sees what is happening. A phone call is being made.
“Get Vitalik Buterin here NOW”
The US government is “putting some pressure” on Vitalik and they are forcing him to return the blockchain and cancel Iran’s transactions. (The Ethereum blockchain was actually returned before, when a hacker stole a significant amount of money).
Problem solved. Unfortunately, the trust in Ethererum will be destroyed along with its price.
Ethereum is just an example, but is valid for any other cryptocurrency.
Bitcoin cannot be stopped
So the same thing happens again. 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 one to call. There is no one to put pressure. Bitcoin is out of censorship.
Every other cryptocurrency out there is created by someone or some company and this will always be the point of failure. They are still centralized.
Another example would be if Vitalik’s family is taken hostage. Bitcoin is beyond all this and therefore the safest investment on the planet.
Learn how to use bitcoin
Everyone should own some bitcoin. Not without it, however, is dangerous. If you are new to bitcoin, you need to learn as much as you can before investing money. Owning bitcoin comes with many responsibilities. Learn how to use Bitcoin safely.