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Why There Will Never Be Another Bitcoin
Why There Will Never Be Another Bitcoin
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Joined: 2022-09-23
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Well, it's been a crazy 10 years for Bitcoin. Really it's over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they have been, they've had a prodiscovered impact on the world. They no doubt predicted that which is why they chose to vanish from the limelight.  
  
So over a decade later Bitcoin is still alive and stronger than ever. Hundreds of different crypto coins have come alongside since all trying to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that can't be replicated. In case you do not know why then let me explain.  
  
If you do not know what Bitcoin is I'll just give you a couple of temporary key points:  
  
Bitcoin Is An On-line Cryptocurrency  
It Has a Maximum Supply of 21 Million  
It Cannot Be Cast  
Not All Cash Are in Circulation But  
It Is Totally Decentralized Without Anybody Controlling It  
It Can't Be Censored  
It's Peer to Peer Money  
Anyone Can Use It  
Bitcoin Has a Fixed Supply Which Decreases Each 4 Years  
What Makes Bitcoin Totally different?  
So what makes Bitcoin totally different to all the hundreds of other coins which have been invented since?  
  
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 improve on account of it's fixed provide, it started to develop faster.  
  
The Bitcoin blockchain is now spread across hundreds of hundreds of computer everywhere in the world. It has spread past the management of any government. It is creator has vanished and now it runs autonomously.  
  
Developers can upgrade and improve the Bitcoin network but this needs to be completed my consensus all through the whole Bitcoin network. Nobody single individual can control Bitcoin. This is what makes Bitcoin distinctive and impossible to replicate.  
  
There are thousands of other cryptocurrencies available now but for instance of what makes Bitcoin totally different I will use Ethereum as example. It's a one of the biggest Alt coins proper now 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 occurs on Ethereum.  
  
Censorship And Authorities Interference  
  
For this instance let's imagine that Iran is sending billions of dollars to North Korea to fund their new nuclear weapons program. This will not be a very good situation however it's imagined to show you ways your cash is safer in Bitcoin!  
  
Anyway.. first example. Iran is utilizing the standard banking system and transferring this cash to North Korea in USD. The US government say dangle on a minute, we need to freeze these transactions and confiscate the money.. Easy. They do that straight away and the problem is over.  
  
Second example. The same thing happens once more but this time Iran use the Ethereum blockchain to ship the cash to North Korea. The US authorities are see what is happening. A phone call is made.  
  
"Get Vitalik Buterin in Right here NOW"  
  
The US authorities "places some pressure" on Vitalik and they make him roll back the blockchain and cancel Iran's transactions. (The Ethereum blockchain has really been rolled back earlier than when a hacker stole a significant quantity of funds).  
  
Problem solved. Unfortunately Ethererum's credibility could be ruined alongside with it's price.  
  
Ethereum is just an example, however it's true for every other cryptocurrency.  
  
Bitcoin Can't Be Stopped  
  
So the same thing occurs again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.  
  
There is nobody to call. There isn't abody to put pressure on. The Bitcoin is beyond censorship.  
  
Each different cryptocurrency out there has been created by someone or some company and that will always be the point of failure. They are still centralized.  
  
One other example could be if Vitalik's household had been taken hostage.. Bitcoin is beyond any of this and that is why it's the safest investment on the planet.  
  
Learn How you can Use Bitcoin  
  
Everyone ought to own some Bitcoin. It's not without it's dangerous though. When you're new to Bitcoin then you need to be taught as a lot much as you possibly can before you make investments any money. Owning Bitcoin comes with a lot of responsabilty. Learn how to use Bitcoin safely.  
  
For people just getting into the world of cryptocurrencies there are many hidden dangers. Do not part with your hard earned money till you know what you're doing!  
  
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