BF3.2CF3CH2OH complex was found to be a very effective superacidic catalyst comparable in acid strength to at least that of 100% anhydrous sulfuric acid for various acid-catalyzed organic transformations such as isomerizations, rearrangements, ionic hydrogenation of various ketones, and aromatics with triethylsilane and nitration of aromatics with metal nitrate. Studies of the pivalaldehyde-methyl isopropyl ketone rearrangement and the benzopinacol to phenanthrene transformation suggest that the complex has an acidity comparable to that of 100% anhydrous sulfuric acid. The structure and properties of the 1:2 boron trifluoride-trifluoroethanol complex have been further studied using NMR (1H, 13C, 19F, 11B) and DFT calculations at the B3LYP/6-311++G//B3LYP/6-31G level.