Well, those were crazy 10 years for bitcoin. In fact, it’s been more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever it is, he or she, they have had a profound effect on the world. They no doubt predicted this, so they chose 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 imitate the king of crypto. Everyone has failed and will continue to fail. Bitcoin is one of a kind. 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 just a few brief key points:
Bitcoin is an online cryptocurrency
It has a maximum supply of 21 million
It cannot be forged
Not all coins are in circulation yet
It is completely decentralized, without anyone controlling it
It cannot be censored
This 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 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 fixed supply, it began to grow faster.
The bitcoin blockchain is now distributed to hundreds of thousands of computers around the world. Spread beyond the control of any government. Its creator has disappeared and now works autonomously.
Developers can upgrade and improve the bitcoin network, but this should be done according to my consensus in the whole bitcoin network. No single person can control bitcoin. This makes bitcoin unique and impossible to play.
There are currently thousands of other cryptocurrencies, but as an example of what makes bitcoin different, I will use Ethereum as an example. It is one of the largest Alt coins at the moment and has been invented since 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and generally has the final say on any development that happens on Ethereum.
Censorship and state intervention
For this example, let’s imagine that Iran is 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 your money is safer in bitcoin!
Anyway .. first example. Iran uses the standard banking system and converts this money into 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 the problem is gone.
Second example. The same thing is happening again, but this time Iran is using Ethereum’s blockchain to send the money to North Korea. The US government sees what is happening. A phone call is being made.
“Put Vitalik Buterin here NOW”
The US government is “putting some pressure” on Vitalik and they are forcing him to cancel the blockchain and cancel Iran’s transactions. (The Ethereum blockchain was actually set back when a hacker stole a significant amount of money).
Problem solved. Unfortunately, the credibility of Ethererum will be ruined along with its price.
Ethereum is just an example, but this 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.
There is no one to call. There is no one to put pressure on. Bitcoin is beyond censorship.
Every other cryptocurrency out there is created by someone or some company and this will always be the point of failure. They are still centralized.
Another example would be if Vitalik’s family is taken hostage. Bitcoin is beyond all this and is therefore the safest investment on the planet.
Learn how to use bitcoin
Everyone should have some bitcoin. Not without it, however, is dangerous. If you are new to bitcoin, then you need to learn as much as you can before investing money. Owning bitcoin comes with a lot of responsibility. Learn how to use bitcoin safely.