A detailed analysis of the stability of equilibriums and bifurcations of the two-dimensional autonomous competitive Lotka-Volterra dynamical system is performed. Necessary and sufficient conditions are determined for equilibriums (without the origin) to be asymptotically stable or unstable on $\left[0, +\infty\right)^2$. Necessary and sufficient conditions are determined so that the observed dynamical system has no equilibriums in $\left(0, +\infty\right)^2 $. All results are presented in five tables and five figures. We also found that four transcritical bifurcations occur in the observed dynamical system if it is analyzed on $\mathrm{R}^2$.