Bitcoin accounts for 40% of the total value of all cryptocurrencies today, compared with 70% in January
MIAMI IS THE mecca of anti-establishment finance. Or so it seemed on June 4th-5th, when 12,000 people clad in everything from flannel suits to festival gear and whale-shaped hats descended on the world’s biggest bitcoin conference. On stage crypto gurus such as Jack Dorsey, Twitter’s boss, praised those striving for fortune and freedom. The crowd erupted when Nayib Bukele, El Salvador’s president, announced plans to make bitcoin legal tender. “This is not a moment,” beamed Miami’s mayor.
That still leaves 776 coins. Many are tiny: just 110 have a market capitalisation exceeding $100m. Some are fads and will prove fleeting. The more serious contenders fall into two categories: the “bitcoin clones” seek to fix the cryptocurrency’s flaws as a means of payment; and the “ether clones” aim to perform new functions.
Still other clones try to make payments cheaper and quicker to process. To ensure that transactions are legitimate without relying on a central authority, bitcoin relies on a system called “proof of work”, where “miners” compete to validate blocks of transactions by solving time-consuming numerical problems. Yet bitcoin’s design is such that it can handle only around seven transactions per second.
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