A peer-to-peer version of electronic cash developed pseudonymously by Satoshi.
QC by RayQuan Fields
A pseudonymous developer set out to disintermediate banking institutions; by creating a peer-to-peer version of electronic cash called bitcoin. Presently, bitcoin is being used as a store of value and a transaction medium online. Being an open-source project, a comprehensive roadmap is not available for the project’s ongoing development.
Bitcoin was first generated through a decentralized mining process on January 3, 2009. No ICO was conducted. Currently 90% of all bitcoins that will ever exist are in circulation. Additional coins are added to the total supply through mining at a rate of 1.77% annually.
The bitcoin ecosystem consists of millions of participants, with the cryptocurrency sitting at the top of its niche. However, Ethereum (ETH) is a strong competitor. Ethereum has a sizeable network effect in the smart contract sector particularly. It is believed that bitcoin may absorb the technologies of its competitors over time, but this has yet to be realized.
Potential Red Flags
No blatant red flags were identified for the project at the time of the analysis.
View the Bitcoin (BTC) Dark Paper for a detailed scoring breakdown.
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