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What Is BitcoinDark?

The cryptocurrency ecosystem is about so much more than just Bitcoin these days. Various altcoins are all trying to make a lasting impact on the industry. Some currencies, such as BitcoinDark, even claim to be superior versions of the original Bitcoin. While the opinions on BitcoinDark may be a bit divided, the project has some interesting fundamentals well worth checking out.

Why Does BitcoinDark Exist?

Besides the fact that Bitcoin isn’t a perfect cryptocurrency, there are other reasons as to why BitcoinDark was created. Many people consider it to be a useless clone of Bitcoin, but the currency does focus on paving the way for financial inclusion for everyone. Additionally, it offers some rather nifty features and blockchain-based aspects to take note of. It’s not necessarily superior to Bitcoin on paper, but it does provide some things which people will appreciate.

The Unique Aspects of BitcoinDark

Bitcoin itself is linked to centralized exchange-based trading first and foremost. BitcoinDark, on the other hand, is all about embracing the peer-to-peer model. As such, the team has developed the InstantDEX protocol, which allows for the instant and decentralized exchange of BitcoinDark with other cryptocurrencies supported by the project. This feature is built into the main BitcoinDark wallet client for desktop users, and also supports pegged assets, securities, and even share indices.

Additionally, BitcoinDark touts its Pegged Asset Exchange, or PAX. This platform allows users to buy and sell pegged assets – including fiat currencies, commodities, ETFs, and stocks – in a decentralized fashion. Unfortunately, it seems this tool was never finalized. Such a platform certainly has a lot of merit, but it’s evident the development of BitcoinDark has hit a bit of a roadblock in recent months.

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Unlike Bitcoin, BitcoinDark also supports proof-of-stake. Users who stake their coins will be rewarded in the form of revenue generated by the decentralized exchange protocols mentioned above, as well as all SuperNET projects. All of this revenue is paid out in the native BTCD currency on a regular basis. These days, it seems BitcoinDark has been “absorbed” by the Komodo project, even though BitcoinDark is still listed as a separate currency on CoinMarketCap with a current value of US$105.

Where to Spend BitcoinDark?

The main challenge most altcoins face is gaining any sort of traction among merchants and retailers. To this day, there is no online or physical store dealing with BitcoinDark payments, nor will that situation change given that the future of this project is in question. It is evident BTCD is mainly a speculative vehicle as of right now, as there isn’t much else to this project. Whether or not the “integration” with Komodo will change things for the better remains to be seen.

Is there any official BitcoinDark Roadmap?

As of right now, there isn’t even a BitcoinDark website. Its former site has been offline for quite some time now, and it doesn’t appear as if the developers will be bringing it back. Given the lack of public communication regarding this project right now, it is evident things are not looking all that great for BitcoinDark. Only time will tell if this project is still viable in a few months, but for now, there is no real reason to invest in this currency.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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