Well, it’s been a crazy 10 years for bitcoin. In fact, more than 10 years have passed since Bitcoin was first created by Satoshi Nakamoto. Whoever they were, he or she, they had a profound impact on the world. They undoubtedly predicted it, so they decided to disappear.
So more than a decade later Bitcoin is still alive and stronger than ever. Thousands of other cryptocurrencies have emerged since everyone tried to emulate the King of Crypto. All have failed and will fail. Bitcoin is the only kind. Something that is impossible to repeat. If you don’t know why, then let me explain.
If you don’t know what Bitcoin is, I’ll 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 in circulation yet
It is completely decentralized and no one controls it
It cannot be censored
This is Peer to Peer Money
Anyone can use it
Bitcoin has a fixed offer that decreases every 4 years
What distinguishes bitcoin?
So how is 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 grew organically. When people started to see the benefits of bitcoin and how the price would grow because of its fixed offer, it started to grow faster.
The Bitcoin blockchain is now distributed to hundreds of thousands of computers around the world. This has spread beyond the control of any government. Its creator has disappeared and now it works autonomously.
Developers can upgrade and improve the Bitcoin network, but this needs to be done apparently by the Bitcoin network. No one can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
Thousands of other cryptocurrencies are now available, but as an example of how Bitcoin is different, I will use Ethereum as an example. It is one of the largest alternative coins at the moment and has existed since it was invented in 2015 by Vitalik Buterin.
Vitalik runs the Ethereum blockchain and essentially has the final say in any development that happens on Ethereum.
Censorship and government intervention
For this example, let’s imagine Iran sending billions of dollars to North Korea to fund their new nuclear weapons program. It’s not a very good situation, but it should show you how your money is more secure in bitcoins!
Anyway .. the first example. Iran uses a standard banking system and transfers the money to North Korea in dollars. The US government says, wait, we need to freeze these transactions and confiscate the money .. Easy. They do it right away and the problem is over.
The second example. The same thing is happening, but this time Iran is using the Ethereum blockchain to send money to North Korea. The U.S. government is watching what happens. Phone call.
“Bring Vitalik Buterin NOW”
The US government is “putting some pressure” on Vitalik, and they are forcing him to roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain was actually a rollback earlier when a hacker stole a significant amount of funds).
The problem is solved. Unfortunately, Ethererum’s credibility will be tarnished along with its value.
Ethereum is just an example, but it 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 this and cannot stop it.
No one to call. There is no one to put pressure on. Bitcoin is uncensored.
Every other cryptocurrency has been created by someone or some company and it will always be a point of failure. They are still centralized.
Another example would be if Vitalik’s family was taken hostage .. Bitcoin has none of this and is therefore the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own some bitcoins. But this is not without danger. If you are new to Bitcoin, then you should learn as much as possible before investing money. Owning bitcoins is a big responsibility. Learn how to use Bitcoin safely.