Well, it’s been a crazy 10 years for Bitcoin. In fact, it has been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever he, she or they were, they had a profound impact on the world. They no doubt anticipated this, which is why they decided 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 popped up since, all trying to emulate the cryptocurrency king. 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 quick key points:
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Bitcoin is an online cryptocurrency
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It has a maximum bid of 21 million
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It cannot be forged
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Not all coins are still in circulation
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It is completely decentralized without anyone controlling it
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It cannot be censored
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It’s Peer to Peer money
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Anyone can use it
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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 started to spread slowly among a small group of people. It grew organically. When people started to see the benefits of Bitcoin and how the price would rise due to its fixed supply, it started to rise faster.
The Bitcoin blockchain is now spread over 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 my consensus is that it must be done across the entire Bitcoin network. No one person can control Bitcoin. This is what makes Bitcoin 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 currently one of the largest Alt coins and has been around 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 on Ethereum.
Censorship and government interference
For this example, let’s imagine that Iran sends 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 in Bitcoin!
Anyway.. first example. Iran uses a standard banking system and transfers this money to North Korea in USD. The US government says wait a minute, we have to freeze these transactions and seize the money.. Take it easy. They do it right away and the problem is over.
Another example. The same thing is happening again, but this time Iran is using the Ethereum blockchain to send money to North Korea. The US government sees what’s going on. A phone call has been made.
“Bring Vitalik Buterin here NOW”
The US government is “putting some pressure” on Vitalik and they are forcing him to return the blockchain and cancel the Iranian transactions. (The Ethereum blockchain was actually restored before when a hacker stole a significant amount of funds).
Problem solved. Unfortunately, Ethereum’s credibility would be destroyed along with its price.
Ethereum is just an example, but this is true for any 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 it and is powerless to stop it.
There is no one to call. There is no one to put pressure on. Bitcoin is beyond censorship.
Every other cryptocurrency was created by someone or some company and that will always be a point of failure. They are still centralized.
Another example would be if Vitalik’s family were taken hostage. Bitcoin is beyond all this and that is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own bitcoin. However, it is not dangerous without it. If you are new to Bitcoin, you should learn as much as you can before investing money. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.