Well, 10 years have been crazy for Bitcoin. In fact it is over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they, they have had a profound effect on the world. They no doubt foresaw what is why they chose to disappear from the spotlight.
So over a decade later Bitcoin is still alive and well than ever. Thousands of other cryptocurrencies have come together since everyone tried to imitate the crypto king. Everyone has failed and will continue to fail. Bitcoin is a type. Something that cannot be repeated. If you do not know why then let me explain.
If you do not know what Bitcoin is, I will give you just a few key points:
Bitcoin is an online cryptocurrency
Has a maximum supply of 21 million
It cannot be falsified
Not all currencies are in circulation yet
It is completely decentralized without anyone controlling it
It cannot be censored
Weight Peer to Peer Money
Anyone can use it
Bitcoin has a fixed supply which decreases every 4 years
What Makes Bitcoin Different?
So what makes Bitcoin different from all the thousands of other currencies 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 rise due to fixed supply, it started to grow faster.
The Bitcoin blockchain has now spread to hundreds of thousands of computers worldwide. It has spread beyond the control of any government. The creator is gone and now functions autonomously.
Developers can update and upgrade the Bitcoin network but this should become my consensus across the Bitcoin network. No one can control Bitcoin. This is what makes Bitcoin unique and impossible to copy.
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 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 every development that happens on Ethereum.
Censorship and government interference
For this example let us imagine that Iran is sending billions of dollars to North Korea to fund their new nuclear weapons program. This is not a good situation, but it is supposed to show you how your money is safer in Bitcoin!
However .. the first example. Iran is using the standard banking system and is transferring this money to North Korea in USD. The US government says it’s a minute, 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 blockade to send money to North Korea. The US government is seeing what is happening. A call is made.
“Get Vitalik Butter here now”
The US government “puts some pressure” on Vitalik and they make him restore the blockchain and cancel Iran’s transactions. (Blockchain Ethereum was actually back again earlier when a hacker stole a significant amount of funds).
The problem is solved. Unfortunately Ethererum’s credibility would be ruined along with its price.
Ethereum is just one example, but it is true of any other cryptocurrency.
Bitcoin cannot be stopped
So the same thing happens again. This time Iran uses Bitcoin as their payment method. The US government sees this and is powerless to stop it.
There is no one to call. No one can put pressure. Bitcoin is beyond censorship.
Every other cryptocurrency out there has been created by someone or some company and this 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 that 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 without it is dangerous though. If you are new to Bitcoin, then you need to learn as much money as possible before investing money. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.