Well, it’s been a crazy 10 years for Bitcoin. It has actually been over 10 years since Satoshi Nakamoto first created Bitcoin. Whoever it was, he, she or they, they had a profound impact on the world. They, no doubt, predicted this, so they decided to disappear from view.
So, over a decade later, Bitcoin is still alive and stronger than ever. Thousands of other cryptocoins have emerged since then, all trying to emulate the king of crypto. All have failed and will fail. Bitcoin is one of a kind. Something that cannot be repeated. 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 internet cryptocurrency
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It has a maximum supply of 21 million
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It cannot be faked
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Not all coins are in circulation yet
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It is completely decentralized, no one controls it
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It is not subject to censorship
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This is 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
How is Bitcoin different?
So what makes Bitcoin different from all the thousands of other coins that have been invented since?
When Bitcoin was invented, it started to spread slowly among a small group of people. It grew organically. As people began to see the benefits of Bitcoin and how the price would rise due to its fixed supply, it began to rise faster.
The Bitcoin blockchain is now spread across hundreds of thousands of computers around the world. It spread beyond the control of any government. Its creator is gone, and now it works autonomously.
Developers can upgrade and improve the bitcoin network, but this should be done across the entire bitcoin network in my opinion. No one person can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are currently thousands of other cryptocurrencies available, but as an example of what makes Bitcoin different, I will use Ethereum. It is one of the biggest altcoins at the moment, since it was invented by Vitalik Buterin in 2015.
Vitalik controls 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 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 should show you how much safer your Bitcoin money is!
Anyway.. first example. Iran uses a standard banking system and transfers this money to North Korea in US 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 happens again, but this time Iran uses the Ethereum blockchain to send money to North Korea. The US government sees what’s going on. The phone rings.
“Get Vitalik Buterin here NOW”
The US government is “putting some pressure” on Vitalik, and they are forcing him to roll back the blockchain and reverse Iran’s transactions. (The Ethereum blockchain was actually pumped earlier when a hacker stole a significant amount of funds).
The problem is solved. Unfortunately, trust in Ethererum will be ruined along with its value.
Ethereum is just an example, but this is true for any other cryptocurrency.
Bitcoin is unstoppable
So, the same thing happens again. This time, Iran is using Bitcoin as a payment method. The US government sees this and is powerless to stop it.
There is no one to call. There is no one to pressure. Bitcoin is out of censorship.
Any other cryptocurrency was created by someone or some company and that will always be a point of failure. They are still centralized.
Another example can be when Vitalik’s family was taken hostage. Bitcoin is more than anything, and that’s why it’s the safest investment on the planet.
Learn how to use Bitcoin
Everyone should have some bitcoins. Not without it is dangerous, though. If you are new to Bitcoin, you should learn as much as you can before investing. Owning bitcoins comes with a lot of responsibility. Learn how to use Bitcoin safely.