Well, it’s been a ten-year craze for Bitcoin. In fact, it’s been over ten years since Satoshi Nakamoto first created Bitcoin. Whoever it is, he, she or they, have had a profound effect on the world. No doubt they predicted this and so they chose to disappear from the light.
Thus, more than a decade later, Bitcoin is still alive and stronger than ever. Thousands of other cryptocurrencies have appeared since everyone tried to imitate the king of Crypto. They have all failed and will continue to fail. Bitcoin is unique. Something that cannot be replicated. If you don’t know why, let me tell you.
If you don’t know what Bitcoin is, I’ll give you some brief key points:
Bitcoin is an online cryptocurrency
It has a maximum supply of 21 million
It cannot be forged
Not all coins are circulating yet
It is completely decentralized without anyone controlling it
It cannot be censored
It’s money between equals
Everyone 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 currencies that have been invented since then?
When Bitcoin was first invented, it began to slowly spread among a small group of people. It grew organically. When people started seeing the benefits of Bitcoin and how the price would increase due to its fixed supply, it started to grow faster.
The Bitcoin blockchain now extends to hundreds of thousands of computers worldwide. 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 has to be done with my consensus across the Bitcoin network. No one 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 will use Ethereum as an example. It is one of the largest Alt coins at the moment and has been since it was invented in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and basically has the final say on any development that happens on Ethereum.
Censorship and government interference
By this example we imagine that Iran is sending billions of dollars to North Korea to fund its new nuclear weapons program. It’s not a good situation, but it’s supposed to show you how secure your money is in Bitcoin.
In short .. first example. Iran uses the standard banking system and transfers this money to North Korea in dollars. According to the US government, take a minute: we need to freeze these transactions and confiscate the money .. Easy. They do it right away and the problem is over.
Second example. The same thing happens again, but this time Iran uses the Ethereum blockchain to send the money to North Korea. The U.S. government is watching what is happening. A phone call is made.
“Bring Vitalik Buterin in here NOW”
The U.S. government “puts some pressure” on Vitalik and has him push back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has been recovered before when a hacker stole a significant amount of funds).
Problem solved. Unfortunately, Ethererum’s credibility would be ruined along with its price.
Ethereum is just one example, but it is true for any other cryptocurrency.
Bitcoin cannot be stopped
So the same thing happens again. This time Iran uses 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 pressure. Bitcoin is beyond censorship.
Any other existing cryptocurrency has been created by someone or some company and will always be the point of failure. They are still centralized.
Another example would be if Vitalik’s family were taken hostage. Bitcoin is beyond all that and that is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should have Bitcoin. However, it is not dangerous. If you don’t know Bitcoin, you should learn everything you can before investing money. Owning Bitcoin carries a lot of responsibility. Learn how to use Bitcoin securely.