Well, it’s been a crazy 10 years for Bitcoin. In fact, it’s been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever he was, or who they were, they had a great impact on the world. Undoubtedly, they predicted it, so they chose to disappear from the spotlight.
So, more than a decade later, Bitcoin is still alive and well. Thousands of other cryptocurrencies have emerged since trying to emulate the crypto king. It all failed and will continue to fail. Bitcoin is a type. Something that cannot be repeated. If you do not know the reason, let me explain.
If you don’t know what Bitcoin is, I’ll give you a few key points:
Bitcoin is an Online Cryptocurrency
There is a maximum of 21 Million Supplies
It cannot be falsified
Not all coins are in circulation yet
No one is fully centralized without control
This cannot be censored
This is Peer to Peer Money
Anyone can use it
Bitcoin has a steady supply that decreases every 4 years
How is Bitcoin different?
So how does Bitcoin differ from the thousands of other coins invented since then?
When Bitcoin was first invented, it began 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 increase due to its stable supply, it began to grow faster.
The Bitcoin blockchain is now spread across hundreds of thousands of computers around the world. It is beyond the control of any government. Its creator has disappeared and now it works autonomously.
Developers can improve and enhance the Bitcoin network, but that should be my consensus on the entire Bitcoin network. No one can manage Bitcoin. This is what makes Bitcoin unique and impossible to replicate.
There are currently thousands of other cryptocurrencies available, but I will use Ethereum as an example of what makes Bitcoin different. It is currently one of the largest Lower Coins and has been around since it was invented in 2015 by Vitalik Buter.
Vitalik controls the Ethereum blockchain and basically has the final say on any developments that happen in Ethereum.
Censorship and Government Intervention
To illustrate: Imagine that Iran sent billions of dollars to North Korea to finance its new nuclear weapons program. This is not a good situation, but it should show you how much more secure your money is in Bitcoin!
Anyway … the first example. Iran uses a standard banking system and transfers the money to North Korea in US dollars. The US government says wait a minute, freeze these operations and confiscate the money. Easy. They do it immediately and the problem disappears.
The second example. The same thing is repeated, but this time Iran uses the Ethereum blockchain to send money to North Korea. The US government sees what is happening. A phone call is made.
“Get Vitalik Buteri here now”
The US government is putting “some pressure” on Vitaly, forcing him to return the blockchain and cancel Iran’s operations. (The Ethereum blockchain was actually returned before the hacker stole a significant amount of money).
The problem is solved. Unfortunately, Ethererum’s credibility will be ruined along with its price.
Ethereum is just an example, but it is true for all other cryptocurrencies.
Bitcoin cannot be stopped
So the same thing is repeated. This time, Iran uses Bitcoin as a payment method. The US government sees this and is powerless to prevent it.
There is no one to call. There is no one to put pressure. Bitcoin is beyond censorship.
Every other cryptocurrency out there has been created by someone or a company, and it will always be a point of failure. They are still centralized.
Another example would be if the Vitalik family were taken hostage. Bitcoin is beyond any of these and is therefore the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own some Bitcoin. Although not dangerous. If you are new to Bitcoin, you need to learn as much as you can before investing. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.