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 they were, he, she or they, had a profound impact on the world. They no doubt foresaw this and therefore decided to disappear from the limelight.
So, more than a decade later Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have emerged since then, all trying to imitate the king of crypto coins. They have all failed and will continue to fail. Bitcoin is one type. 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 quick key points:
Bitcoin is an online cryptocurrency
It has a maximum supply of 21 million
It cannot be forged
Not all coins are still in circulation
It is completely decentralized without anyone controlling it
It cannot be censored
It is Peer to Peer money
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 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 rise due to its fixed supply, it began to rise faster.
The Bitcoin blockchain is now spread across hundreds of thousands of computers around the world. It has spread beyond the control of any government. Its creator disappeared and now works independently.
Developers can upgrade and improve the Bitcoin network, but this, I agree, has to be done throughout the 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’ll use Ethereum. It is currently one of the biggest Alt coins and has been since it was invented in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and effectively has the final say on any developments on Ethereum.
Censorship and government interference
For this example, let’s imagine that Iran sends 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 your money is safer in Bitcoin!
Anyway.. first example. Iran uses a standard banking system and transfers that money to North Korea in USD. The US government says just a little bit, we have to freeze these transactions and seize the money.. Easy. They do it immediately and the problem is over.
Another example. The same thing is happening again, but this time Iran is using the Ethereum blockchain to send money to North Korea. The US government sees what’s going on. A phone call is being made.
“Bring Vitalik Buterin NOW”
The US government is “putting some pressure” on Vitalik and they are forcing him to return the blockchain and cancel the Iranian transactions. (The Ethereum blockchain was actually already recovered when a hacker stole a significant amount of funds).
Problem solved. Unfortunately, Ethereum’s credibility would be destroyed along with its price.
Ethereum is just an example, but it also applies to every other cryptocurrency.
Bitcoin cannot be stopped
Then 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.
There is no one to call. There is no one to put pressure on. Bitcoin is beyond censorship.
Every other cryptocurrency was created by someone or some company and that will always be a point of failure. They are still centralized.
Another example would be if Vitalik’s family was taken hostage. Bitcoin is outside of all this and that is why it is the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own some Bitcoin. It is not without it, but it is dangerous. If you are new to Bitcoin, you should learn as much as you can before investing money. Owning Bitcoin comes with a lot of responsibility. Learn how to use Bitcoin safely.