Well, it was 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 were, they had a profound impact on the world. They no doubt foresaw this which is why they decided to disappear from the spotlight.
So, more than a decade later, Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have emerged since everyone tried to emulate the king of cryptocurrencies. 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 brief key points:
Bitcoin is an online cryptocurrency
It has a maximum bid 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’s Peer to Peer money
Anyone can use it
Bitcoin has a fixed offer that decreases every 4 years
What makes Bitcoin different?
So how does Bitcoin differ 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. She grew organically. When people began to see the benefits of Bitcoin and how the price would rise 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 has spread beyond the control of any government. Its creator has disappeared and now works autonomously.
Developers can upgrade and improve the Bitcoin network, but my consensus is that this must be done throughout the Bitcoin network. No 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 how Bitcoin differs, I will use Ethereum as an example. It is currently one of the largest Alt coins and has existed since it was invented in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and basically has the final say on every development that happens on Ethereum.
Censorship and government interference
For this example, imagine Iran sending billions of dollars to North Korea to fund their new nuclear weapons program. This is not a good situation, but it should show you how your money is more secure in Bitcoin!
Anyway .. first example. Iran uses a standard banking system and transfers this money to North Korea in USD. The US government says wait a minute, we need to freeze these transactions and seize the money. Take it easy. They do it right away and the problem is over.
Another example. The same thing is repeated, but this time Iran is using the Ethereum blockchain to send money to North Korea. The US government sees what is happening. A phone call was made.
“Bring Vitalik Buterin here NOW”
The US government is “putting some pressure” on Vitalik and they are forcing him to return the blockchain and cancel Iranian transactions. (The Ethereum blockchain was actually returned before the hacker stole a significant amount of funds).
Problem solved. Unfortunately, Ethererum’s credibility would be destroyed along with its price.
Ethereum is just an example, but it is valid for every other cryptocurrency.
Bitcoin cannot be stopped
So the same thing happens again. This time Iran is using Bitcoin as its method of payment. The US government sees that and is unable to stop it.
There is no one to call. There is no one to put pressure on. Bitcoin is out of censorship.
Every other cryptocurrency is created by someone or some company and that will always be a point of failure. They are still centralized.
Another example would be that Vitalik’s family was abducted as a hostage. Bitcoin is beyond all of this and is therefore the safest investment on the planet.
Learn how to use Bitcoin
Everyone should own bitcoin. However, it is not dangerous without it. 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.