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How Bitcoin Is Dealing With The Competition

Avatar newsbtc 5 years ago

Bitcoin isn’t the only cryptocurrency in existence at the moment, as plenty of competitors in the digital currency sphere have emerged. Ever since the introduction of bitcoin in 2008 by Satoshi Nakamoto and its rise to fame a few years back, a number of altcoins have also been created, claiming to have better features than bitcoin.

In the Midst of Controversy

For now, these digital currencies are still mired in a lot of controversy, as the lack of a centralized authority overseeing its operations and transactions pave the way for usage in criminal activities. Hacking incidents and security threats have also dominated the headlines in the past months, causing a loss of funds in online wallets and the shutdown of some bitcoin exchanges.

Bitcoin’s Unique Features

What sets bitcoin apart from its rivals is the blockchain, which is a public ledger of transactions per unit. For its creator, this has the potential for creating a financial system that doesn’t necessarily rely on trust in counter-parties.

Bitcoin is facing competition from litecoin, darkcoin, and dogecoin among many others. Earlier this month, a professor from Stanford University claims that he can create a cryptocurrency that will eliminate the security loopholes in bitcoin. According to Professor David Mazieres, he can create a better system for the cryptocurrency to operate, although industry enthusiasts are still waiting for his findings to be released.

Markets and a few financial authorities have expressed some support for bitcoin though, which suggests that this particular digital currency could continue to outpace its peers. In London, the British officials have announced their open support for bitcoin but indicated that they’re looking into creating a set of regulations to govern the industry. In Chile, a startup bitcoin exchange was able to secure $40,000 in funding from its own government as part of its startup initiatives.

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