Why there will never be another Bitcoin
Well, it’s been a crazy 10 years for Bitcoin. Actually, it was more than 10 years ago that Bitcoin was first created by Satoshi Nakamoto. Whoever he, she or they were, they have had a profound effect on the world. They no doubt predicted that, which is why they plan to fade from the spotlight.
So, over a decade later, Bitcoin is still alive and stronger than ever. Thousands of other crypto currencies have appeared since they all tried to imitate the king of Crypto. They have all failed and will continue to fail. Bitcoin is one of a kind. 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 some brief key points:
- Bitcoin is an online cryptocurrency
- It has a maximum offer of 21 million
- can’t be faked
- Not all coins are in circulation yet
- It is completely decentralized with no one controlling it
- cannot be censored
- It’s 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 currencies that have been invented since then?
When Bitcoin was first invented, it slowly began to spread among a small group of people. It grew organically. When people started to see the benefits of Bitcoin and how the price would increase due to its fixed supply, it started to grow faster.
The Bitcoin blockchain is now distributed across hundreds of thousands of computers around the world. It has spread beyond the control of any government. Its creator has disappeared and now it works autonomously.
Developers can update and improve the Bitcoin network, but this must be done by my consensus across the entire 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 what makes Bitcoin different, I’ll use Ethereum as an example. It is one of the biggest altcoins right now and has been since Vitalik Buterin invented it in 2015.
Vitalik controls the Ethereum blockchain and basically has the final say on any developments that happen on Ethereum.
Censorship and government interference
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 is supposed to show you how your money is safer in Bitcoin!
Anyway.. first example. Iran is using the standard banking system and transferring this money to North Korea in USD. The US government says wait a minute, we need to freeze these transactions and seize the money… Easy. They do it immediately and the problem is over.
Second example. The same thing happens again, but this time Iran uses the Ethereum blockchain to send the money to North Korea. The United States government is seeing what is happening. A phone call is made.
“Get Vitalik Buterin here NOW”
The US government puts “a little pressure” on Vitalik and forces him to reverse the blockchain and cancel transactions from Iran. (The Ethereum blockchain was actually reversed earlier when a significant amount of funds were stolen by a hacker.)
Problem solved. Unfortunately, Ethererum’s credibility would be ruined along with its price.
Ethereum is just one example, but it is true for all other cryptocurrencies.
Bitcoin can’t be stopped
So the same thing happens again. This time, Iran uses Bitcoin as a payment method. The United States 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 has been created by someone or some company and that will always be the point of failure. They are still centralized.
Another example would be if Vitalik’s family was taken hostage. Bitcoin is beyond all this and that is why it is the safest investment on the planet.
Learn to use Bitcoin
Everyone should have some Bitcoin. However, it is not without it being dangerous. If you are new to Bitcoin, you should learn as much as you can before investing any money. Owning Bitcoin comes with great responsibility. Learn how to use Bitcoin safely.