Well, it’s been a crazy 10 years for Bitcoin. Actually, it has been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever it is, he, she or they have had a profound effect on the world. They undoubtedly predicted that, which is why they chose to disappear from the spotlight.
So, more than a decade later, Bitcoin is still alive and stronger than ever. Thousands of other cryptocurrencies have appeared since they all tried to imitate the king of cryptocurrencies. All have failed and will continue to fail. Bitcoin is unique. Something that cannot be replicated. If you don’t know why, let me explain.
If you don’t know what Bitcoin is, I’ll just give you a few short key points:
Bitcoin is an online cryptocurrency
Has a maximum supply of 21 million
Not all coins are still in circulation
It is fully decentralized without anyone controlling it
Cannot be censored
It is money of equal to equal
Anyone can use it
Bitcoin has a fixed supply that decreases every 4 years
What Makes Bitcoin Different?
So what makes Bitcoin different from the thousands of other currencies that have been invented since then?
When Bitcoin was first invented, it slowly began to spread 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 its fixed supply, it started to grow faster.
The Bitcoin blockchain now spans hundreds of thousands of computers around the world. It has spread beyond the control of any government. Its creator has disappeared and now it works autonomously.
Developers can update and improve the Bitcoin network, but this must be done by consensus across the entire Bitcoin network. No one person can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
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 right now and has been since it was invented in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and basically has the last word on any development that happens on Ethereum.
Censorship and government interference
For this example, let’s imagine that Iran is sending billions of dollars to North Korea to fund its new nuclear weapons program. This is not a good situation, but it is supposed to show you how your money is more secure in Bitcoin!
Anyway .. first example. Iran is using the standard banking system and transfers this money to North Korea in USD. The United States government says wait a minute, we have to freeze these transactions and confiscate the money … Easy. They do it immediately and the problem is over.
Second example. The same thing happens again, but this time Iran uses the Ethereum blockchain to send the money to North Korea. The United States government is seeing what is happening. A phone call is made.
“Get Vitalik Buterin here NOW”
The US government is “putting some pressure” on Vitalik and forcing him to undo the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has been reversed before when a significant amount of funds was stolen by a hacker.)
Problem solved. Unfortunately, Ethererum’s credibility would be ruined along with its price.
Ethereum is just one example, but it is true for all other cryptocurrencies.
Bitcoin can’t be stopped
Then the same thing happens again. This time Iran uses Bitcoin as a payment method. The United States government sees this and has no power to stop it.
There is no one to call. There is no one to pressure. Bitcoin is beyond censorship.
All the other cryptocurrencies that exist have been created by someone or some company and that 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 all this and that is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should have some Bitcoin. However, it is still dangerous. If you are new to Bitcoin, you should learn everything you can before investing money. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.