The clash of coins
The second reason is competition. In business, politics and pretty much everything else it's typically beneficial to the end consumer when there isn't a monopoly, but rather healthy competition. Competition makes players and the market more efficient, affordable and eventually allocates more value to society at large.
We already saw this play out in the cryptocurrency space where Bitcoin dominated for a very long time without the need to scale. As alternatives started gaining more traction due to improved performance, there was a new urge felt by some members of the Bitcoin community to make some changes.
In our view, this is important and healthy for consumers, businesses and the overall cryptocurrency ecosystem.
The road ahead
We're not necessarily Bitcoin maximalists at heart, but we also won’t blindly support any old cryptocurrency that comes across our way. Our biggest priority has always been maintaining the highest level of security when it comes to our customers and their funds. When considering any new coins and the benefits they may hold, there are a number of boxes they have to tick. Having said that, we're excited to announce we will be adding new cryptocurrencies to our platform soon!
Want to learn more? Read Luno's Bitcoin education series here.
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This article was paid for by Luno