Well, it has become 10 crazy years for Bitcoin. Actually it was more than 10 years since Bitcoin was first made by Satoshi Nakamoto. Anyone, he, he or them, they have a deep effect in the world. They must estimate that which is why they chose to disappear from the center of attention.
So more than a decade later Bitcoin was still alive and stronger than before. Thousands of other Crypto coins have come since all trying to imitate King Crypto. All failed and will continue to fail. Bitcoin is one type. Something that cannot be replicated. If you don’t know why then let me explain.
If you don’t know what Bitcoin I will only give you a few main points:
Bitcoin is Cryptocurrency Online
It has a maximum supply of 21 million
It cannot be forged
Not all coins have been circulating
It was fully decentralized without anyone controlling it
It cannot be censored
It is a peer
Anyone can use it
Bitcoin has a fixed supply that is reduced every 4 years
What makes Bitcoin different?
So what makes Bitcoin different from all thousands of other coins that have been found since?
When Bitcoin was first discovered, he began to spread slowly among a small group of people. It grows organically. When people begin to see Bitcoin benefits and how prices will increase due to their fixed supply, it starts to grow faster.
Bitcoin Blockchain is now spread in hundreds of thousands of computers around the world. This has spread out of any government control. The creator has disappeared and now runs independently.
Developers can improve and improve the Bitcoin network but this must be done by my consensus throughout the Bitcoin network. There is no one who can control Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are thousands of other Cryptocurrency available now but as an example of what makes Bitcoin different I will use Ethereum for example. This is one of the biggest alt coins today and since it was discovered in 2015 by Vitalia Beruterin.
Vitalia controls the Ethereum blockchain and basically has a final decision on developments that occur in the Ethereum.
Government sensors and interference
For this example, let’s imagine that Iran sent billions of dollars to North Korea to fund their new nuclear weapons program. This is not a good situation but should show you how your money is safer in Bitcoin!
Anyway … the first example. Iran uses a standard banking system and transfers this money to North Korea in USD. The US government says wait a moment, we need to freeze this transaction and confiscate money … it’s easy. They did it directly and the problem ended.
Second example. The same thing happened again but this time Iran uses Ethereum Blockchain to send money to North Korea. The US government sees what happens. Phone calls are made.
“Get Vitalik Beruterin here now”
The US government “puts pressure” to Vitalia and they make it roll back blockchain and cancel Iran’s transactions. (Blockchain Ethereum has actually been rolled back before when a hacker stole a large amount of funds).
Problem solved. Unfortunately Ethererum credibility will be destroyed along with the price.
Ethereum is just an example, but it’s true for every 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.
Nobody calls. No one presses. Bitcoin is outside the sensor.
Every other cryptocurrency out there has been made by someone or company and it will always be a point of failure. They are still centralized.