Bitcoin Community Questions Bitcoin Foundation’s Stability

Nov 09, 2015

Recently a document was leaked that discusses the possible separation of the Bitcoin Foundation into two separate organizations. The separation would create a brand new entity to fund core development. The remainder of the Bitcoin Foundation would continue its work as a promotional organization supported by its current membership. This leaked document has made some question the health of the foundation and the impact a split could have on the Bitcoin market as a whole.

Some organizations claim that the Bitcoin Foundation is going bankrupt and is having other financial difficulties. The foundation posted a response on its blog refuting these accusations and others. The response stated:

  • The Foundation did not fire 90% of its employees
  • Donors expressed concerns of governance structure
  • The Foundation is not bankrupt
  • The Executive Director, volunteered to step off payroll

The leaked document makes bitcoin followers question the stability of the currency, or at least the stability of major players who have gone unchallenged for years until now. Igot.com, the Australian bitcoin exchange, has recently launched a new cryptocurrency payment processing service. The company aims to compete directly with BitPay and Coinbase. The service will be distributed in 40 countries, and will let both physical and online merchants accept Bitcoin for goods and services for only a fee of 0.5 percent.

Bitcoins are virtual currency, mined using peer-to-peer computer networks comprised of machines, Skype, video, audio, a file-sharing system, and chat service. Bitcoins are generated using a mathematical process that is extremely difficult to replicate. While bitcoins don’t actually exist, transactions are tracked and logged on the peer-to-peer network. Every day the network updates the transaction log. It is during this process in which the bitcoins are mined every 10 minutes. Once a user’s updates are approved, the system releases an allotted number of bitcoins.

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