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Tuesday, November 29, 2022

Bitcoin Has Been Standing Separate From Other Cryptocurrencies

For the uninitiated, let’s make one thing pretty clear- Bitcoin is pretty special- and so it deserves discussion and further study. Firstly, the cryptocurrency is quite decentralized. Around tens of thousands run their nodes all around the world. Interestingly, operating a single node can be quite simple.

One could do that within the hour with a computer that was connected to the Internet, and a few hundred gigabytes of storage. Back in 2017, the nodes had vetoed a controversial change that would see the centralization of the network increase in difficulty- making it harder for most ordinary people to run one node. By vetoing it, they did trump quite a majority of miners of BTC

Bitcoin Is Pretty Different From Cryptocurrencies- And For Good Reason

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And if one were to think about it, the decentralization of Bitcoin does make it pretty justified. No foundation does enjoy a favorable trademark or is able to govern its monetary policy. This contrasts with a few players in the big leagues- the centralized cryptocurrencies and also the Federal Reserve. In the last year, close to three different Federal Reserve officials have resigned after a couple of well-timed trades. In the case of BTC, none of their officials have had to resign in disgrace- as the network usually automates these jobs away. 

The decentralization of Bitcoin also makes it pretty secure. Most of the money out there is digital and usually sits under a few third parties like payment processors and banks. But innocent Canadian and Russian citizens would have known that third parties could easily freeze as well as seize those balances, especially when they have been subjected to pressure from the state. There have also been cases where overt reliance on third parties could jeopardize one’s funds. 

To put it simply, Bitcoin has never undergone any form of private token sale to venture capitalists.

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