Well, it’s been a crazy 10 years for Bitcoin. In fact, it has been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever he, she, or they was, they had a profound effect on the world. They no doubt anticipated this, which is why they chose to disappear from the limelight.
So more than a decade later, Bitcoin is still alive and stronger than ever. Thousands of other crypto coins emerged as everyone tried to imitate the king of crypto. All have failed and will continue to fail. Bitcoin is one type. 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:
Bitcoin is an online cryptocurrency
It has a maximum supply of 21 million
It cannot be tampered with
Not all coins are in circulation yet
It is completely decentralized with no one controlling it
It cannot be censored
This is money from an affiliate network
Anyone can use it
Bitcoin has a fixed supply that decreases every 4 years
What Makes Bitcoin Different?
So what makes Bitcoin different from all the thousands of other coins that have been invented since then?
When Bitcoin was first invented, it began to spread slowly among a small group of people. It grows organically. As people began to see the benefits of Bitcoin and how the price would increase due to its fixed supply, it began to grow 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 has disappeared and now operates autonomously.
Developers can upgrade and improve the bitcoin network, but this should be done in my opinion across the entire bitcoin network. No one person can control Bitcoin. This makes Bitcoin unique and impossible to copy.
There are thousands of other cryptocurrencies out there right now, but as an example of what makes Bitcoin different, I’ll use Ethereum as an example. It is one of the biggest altcoins right now and has been since it was invented in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and essentially has the final say on every development that happens on Ethereum.
Censorship and government interference
For this example, let’s imagine that Iran sends billions of dollars to North Korea to fund its new nuclear weapons program. This is not a good situation, but it should show you how your money is safer in Bitcoin!
Anyway.. first example. Iran uses the standard banking system and transfers this money to North Korea in US dollars. The US government says wait a minute, we need to freeze these transactions and confiscate the money… Easy. They do it right away and problem solved.
Second example. The same thing happens again, but this time Iran uses the Ethereum blockchain to send the money to North Korea. The US government sees what’s going on. A phone call is in progress.
“Get Vitalik Buterin in here NOW”
The US government is “putting some pressure” on Vitalik, and they’re getting him to roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain was actually rolled back when a hacker stole a significant amount of funds).
Problem solved. Unfortunately, the trust in Ethereum will be ruined along with its price.
Ethereum is just an example, but it is true for any other cryptocurrency.
Bitcoin cannot be stopped
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.
I have no one to call. There is no one to pressure. Bitcoin is uncensored.
Every other cryptocurrency out there is 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 that and that is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own some bitcoins. Not without that it is dangerous. If you are new to Bitcoin, then you should learn as much as you can before investing money. Owning Bitcoin comes with many responsibilities. Learn how to use Bitcoin safely.