[Analysis] Competing with Bitcoin Core

Bitcoin ($BTC) Core is often construed as an elite inner circle holding the Bitcoin network hostage. BitMEX Research disagrees, looking at three different ways competition exists within Bitcoin: between chains, between independent implementations, and other competing software projects. BitMEX finds that regardless of an offshoots goals, it requires network consensus. In the same manner, Bitcoin Core requires network consensus and its actual power is vastly overestimated. The ability to alter or maintain code does not mean it will be adopted by the greater network.