Already today we can perceive market scenarios and options which until even just a few years ago were unthinkable. The spread of cryptocurrencies could change substantially the traditional competitive structure.
Bitcoin has developed significantly in the last months. Bitcoin is an innovative peer-to-peer payment system and a new kind of money, a digital currency also known as crytocurrency.
The debate that surrounds it ranges from overt skepticism and confusion to enthusiastic acceptance. It is too early to say what the future of cryptocurrencies will be, but they already offer innovative aspects that deserve further study to understand what they are and their potential in technological, social and economic terms.
The lack of any centralized infrastructure or authority is generally considered to be their greatest innovation. While this is true technically, if we enter into the logic of how the Bitcoin protocol functions, what emerges is the possibility of constructing natural oligopolies which, in fact, govern the network.
Existing and emerging needs are satisfied using different methods and, above all, by new players. The traditional boundaries of competitive sectors are modified. Different players become potential competitors, with the additional possibility of occupying oligopolistic positions in the future.
This discontinuity—which is emerging at a surprisingly rapid rate—is still too immature for the profundity of the changes it could generate to be assessed. But, without question, it is already possible to perceive market scenarios and options which until even just a few years ago were unforeseeable. And for this reason—with the current dearth of ideas—the Bitcoin-driven discontinuity cannot be ignored.