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 he, she, or they were, had a profound impact on the world. Undoubtedly they foresaw that this was why they decided to disappear under the lights of attention.
So, more than ten years 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 repeated. If you don’t know why, then let me explain.
If you don’t know what Bitcoin is, I’ll just give you a few brief points:
Bitcoin is a network cryptocurrency
It has a maximum bid of 21 million
It cannot be forged
Not all coins are in circulation
It is completely decentralized, without anyone controlling it
It cannot be censored
It is equal money
Anyone can use it
Bitcoin has a fixed stock that decreases every 4 years
How is bitcoin different?
So how does Bitcoin differ 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 increase due to the fixed offer, it started 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 achieved by my consensus throughout the Bitcoin network. No one individually can control Bitcoin. This is what makes Bitcoin unique and impossible to copy.
Thousands of other cryptocurrencies are now available, 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 since it was invented by Vitalik Buterin in 2015.
Vitalik controls the Ethereum blockchain and basically has the final say on any development that happens on Ethereum.
Censorship and government interference
For this example, imagine Iran sending 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 more secure in Bitcoin!
Anyway … first example. Iran uses a standard banking system and transfers that money to North Korea in USD. The US government says wait a minute, we need to freeze these transactions and seize the money. Easy. They do it right away and the problem is over.
Another example. The same thing is repeated, but this time Iran is using the Ethereum blockchain to send money to North Korea. The US government sees what is happening. A phone call has been established.
“Bring Vitalik Buterin here NOW”
The US government is “putting pressure” on Vitalik and forcing him to withdraw the blockchain and cancel Iranian transactions. (Ethereum blockchain was actually reversed when a hacker stole a significant amount of funds).
Problem solved. Unfortunately, the credibility of Ethererum would be ruined along with the price.
Ethereum is just an example, but that goes for every other cryptocurrency.
Bitcoin cannot be stopped
So the same thing happened again. This time, Iran is using Bitcoin as a payment method. The US government sees this and is unable to stop it.
He will never call. There is no one to put pressure on. Bitcoin is out of censorship.
All other cryptocurrencies there are created by someone or some company and it will always be a point of failure. They are still centralized.
Another example would be that Vitalik’s family was taken hostage. Bitcoin is beyond all of this and that is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own some bitcoin. It is not dangerous without it. If you are new to Bitcoin, you should learn as much as possible before you invest money. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.