Why there will never be another Bitcoin
It’s been an amazing 10 years for Bitcoin. It’s been more than 10 years since Satoshi Nakamoto created Bitcoin. They had an enormous impact on the world, regardless of who they were. They predicted it, which is why they chose not to be in the spotlight.
Bitcoin is still strong and alive ten years later. Since then, thousands of crypto coins have attempted to emulate the king of Crypto. They all have failed, and they will continue to fail. Bitcoin is one-of-a-kind. It’s impossible to duplicate. Let me tell you why, if you don’t understand.
I won’t go into detail about Bitcoin, but I will give you some key points.
- Bitcoin is an online cryptocurrency
- It has a maximum supply of 21 million
- It can’t be faked
- Not all coins are in circulation yet
- It is completely decentralized without any control
- It can’t be censored
- It is Peer to Peer Money
- It’s for everyone
- Bitcoin has a fixed supply that decreases every 4 years
What makes Bitcoin different?
What makes Bitcoin unique from all the other coins that have been created since then?
Bitcoin spread slowly when it was first invented. It developed organically. It began to grow faster when people saw the benefits of Bitcoin, and how its fixed supply would cause it to increase in price.
Bitcoin is now distributed on hundreds of thousands of computers around the globe. It is now spread beyond any government’s control. Its creator is gone and it now runs on its own.
While developers can improve and upgrade the Bitcoin network, this must be done by consensus across the entire Bitcoin network. Bitcoin can’t be controlled by one person. This is what makes Bitcoin so unique and difficult to duplicate.
There are many other cryptocurrency options, but I will use Ethereum to show you what makes Bitcoin unique. It is one of the most popular Alt coins at the moment, and it has been since Vitalik Buterin invented it in 2015.
Vitalik is the Ethereum blockchain’s controller and has basically all the final say in any Ethereum development.
Censorship and Government Interference
Let’s say that Iran sends billions to North Korea for their nuclear weapons program. Although this is not an ideal situation, it is supposed to demonstrate how Bitcoin is more secure than your cash!
Anyway… First example. Iran is using the standard banking system to transfer money to North Korea in USD. The US government said, “Hang on a minute. We need to freeze these transactions. And confiscate the money.” The problem is solved immediately after they do this.
The second example. It happens again, but this time Iran uses the Ethereum blockchain to send money to North Korea. The US government is aware of what’s happening. An international phone call is made.
“Get Vitalik Buterin in Here NOW”
The US government puts pressure on Vitalik, and orders him to roll back the blockchain and stop Iran’s transactions. The Ethereum blockchain was actually rolled back by a hacker who stole large amounts of funds.
Problem solved. Unfortunately, Ethererum’s credibility and its price would also be destroyed.
Ethereum is only one example. But it holds true for all other cryptos.
Bitcoin Must Be Stop
The same thing happens again. Iran now uses Bitcoin to pay for their transactions. The US government is not able to stop this.
There are no one to call. There is no one to pressure. Bitcoin is not subject to censorship.
Every other cryptocurrency has been created by somebody or some company. That will always be the point where they fail. They are still centralized.
Another example is if Vitalik’s relatives were held hostage. Bitcoin is therefore the most secure investment on the planet.
How to Use Bitcoin
Everybody should have some Bitcoin. However, it can be dangerous. You should be as knowledgeable as possible about Bitcoin before you make any investments. Bitcoin ownership comes with a lot responsibility. Learn how to safely use Bitcoin.
There are many hidden dangers for those who just get into the cryptocurrency world. You should not spend your hard-earned cash until you are confident in your abilities.