Because there will never be another Bitcoin

Well, it’s been a crazy 10 years for Bitcoin. It is currently more than 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they were, had a profound effect on the world. They undoubtedly predicted what is why they chose to disappear from the limelight.

So over a decade later Bitcoin is still alive and stronger than ever. Thousands of other cryptocurrencies have emerged since then, all trying to imitate the King of Crypto. All have failed and will continue to fail. Bitcoin is one type. Something that cannot be replicated. If you don’t know why then let me explain.

If you don’t know what Bitcoin is, I’ll give you some brief key points:

  • Bitcoin is an online cryptocurrency

  • It has a maximum supply of 21 million

  • It cannot be faked

  • Not all coins are still in circulation

  • It is completely decentralized with no one 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 group of people. It grew organically. When people started to see the benefits of Bitcoin and how the price was increasing due to its fixed supply, it started to grow faster.

The Bitcoin blockchain is now spread over hundreds of thousands of computers all over the world. It is spread beyond the control of any government. Its creator has disappeared and now it works independently.

Developers can update and improve the Bitcoin network, but this must be done by my consensus throughout the Bitcoin network. No single 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 will use Ethereum as an example. It is one of the biggest Alt coins right now and has been since it was invented in 2015 by Vitalik Buterin.

Vitalik controls the Ethereum blockchain and basically has the final say on any development that happens 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 is supposed to show you how your money is safer in Bitcoin!

In any case.. first example. Iran uses the 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 confiscate the money… Easy. They do so 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 US government sees what is happening. A phone call is made.

“Get Vitalik Buterin here NOW”

The US government is “putting some pressure” on Vitalik and making him retrieve the blockchain and cancel the Iranian transactions. (The Ethereum blockchain has actually been recovered before when a hacker stole a significant amount of funds).

Problem solved. Unfortunately, the credibility of Ethererum will be ruined along with its price.

Ethereum is just an example, but it is true for every other cryptocurrency.

Bitcoin cannot be signed

Then the same thing happens again. This time Iran uses Bitcoin as its 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 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 out of any of this and that’s why it’s the safest investment on the planet.

Learn how to use Bitcoin

Everyone should own some Bitcoin. It’s not without being dangerous though. If you are new to Bitcoin, then you should learn as much as you can before investing money. Bitcoin ownership comes with a lot of responsibility. Learn how to use Bitcoin safely.