Sorry I know subject is ambiguous; allow me to clarify.
I'm looking to understand more about the Bitcoin inner working (the Blockchain) and also about Bitcoin's comptetitors. So really this is two topics in one thread.
1. It's apparent that some exchanges have been hacked; my understanding is that it's due to weakness in their own security. Has the Bitcoin code itself ever been hacked (or the Blockchain in this case I believe)? I suppose an example would be the 51% hack? Is it even possible to hack Bitcoin? I've never heard any talk about it so I've always assumed it cannot be hacked; impossible (suchas duplicating Bitcoins or manipulating in any way).
2. Bitcoin's competitors; of that there are many. (as can be seen on coinmarketcap; I wouldn't consider fiat a competitor..)
example NextCoin, DarkCoin, some other alternat Bitcoin copycats.
Do any of these other altcoins stand a chance against Bitcoin? Are they in a position to replace Bitcoin? Does Bitcoin even need a replacement?
actually I'm going to go ahead and throw out a 3rd question related to the 2nd.
3. What is the value of all the hashing power that has gone into Bitcoin? Several months of Terahashes across the world.. accumulating? to the Blockchain? I assume the Blockchain becomes stronger? Fill me in or provide opinion on this please.
Feel free to comment on all 3 or any of the questions above. Thank you!