Well, it’s been a crazy 10 years for Bitcoin. It has actually been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever it was, he or they, they had a great impact on the world. No doubt they predicted 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 cryptocurrencies have arrived since trying to emulate 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 give you some quick basics:
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Bitcoin is an Online Cryptocurrency
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Maximum Supply is 21 Million
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It cannot be faked
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Not all coins are in circulation yet
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It is completely decentralized with no one in control
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It cannot be censored
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This is Peer to Peer Money
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Anyone Can Use
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Bitcoin has a fixed supply that decreases every 4 years
What makes Bitcoin different?
So what makes Bitcoin different from the thousands of other coins that have been invented since then?
When Bitcoin was first invented, it started 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 currently spread over 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 improve the Bitcoin network, but this should be my consensus on 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 currently available, but I will use Ethereum as an example of what makes Bitcoin different. It is currently one of the biggest Altcoins and has been since its invention in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and basically has the final say on any development that happens on Ethereum.
Censorship and Government Intervention
For this example, imagine Iran sending 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 much safer your money is 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 immediately and the problem goes away.
Second example. The same thing happens again, but this time Iran uses the Ethereum blockchain to send money to North Korea. The US government sees what’s going on. A phone call is made.
“Buy Vitalik Butter here now”
The US government is “putting some pressure” on Vitalik, who are forcing him to return the blockchain and decommission Iran’s operations. (The Ethereum blockchain was reversed before the hacker stole a significant amount of funds).
Problem solved. Unfortunately, Ethereum’s credibility will perish along with its price.
Ethereum is just an example, but this is true for all other cryptocurrencies.
Bitcoin cannot be stopped
So the same thing happens again. This time, Iran uses Bitcoin as a payment method. The US government sees this and is powerless to stop it.
There is no one to call. There is no one to pressure. Bitcoin is beyond censorship.
Every other cryptocurrency out there is created by someone or some company and that will always be a point of failure. They are still centralized.
Another example would be if the Vitalik family was held hostage.. Bitcoin is beyond any of these and 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 should learn as much as you can before investing. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.