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Why Biticoin Remains the The Leading Cryptocurrency.

Naijaspicy(staff)
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                              07-09-2018, 12:15 AM
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When Bitcoin first went
mainstream, there were a lot of
people who believed that
alternatives would
eventually overtake it.

Not too long
ago, we wrote about
, including big names
like Litecoin and Peercoin and a few
lesser-known options, and there's
some enthusiasm attached to each
one.

Every time a new
cryptocurrency emerges, there
seem to be passionate advocate praising a single unique function or
feature that could help said
to become And sometimes, it's not just fans of
particular altcoins that suggest one
or the other might overtake
Bitcoin, but rather major news
outlets or financial analysts. For
instance, back in 2014 there were
numerous articles
and this year we've
seen some similar reports with
regard to Ethereum.

The common
assumption appears to be that
Bitcoin's secretive founder
stumbled on a , but that
others would be the ones to
perfect it and put forth a lasting,
dominant digital currency.


So far, however, predictions that
competitors would overtake Bitcoin
have fallen flat.

Certainly, there
have been other cryptocurrencies
to gain some influence and perhaps
catch up marginally to Bitcoin, but
none have overtaken the original,
and frankly none seem particularly
close to doing so.

But how and why
is it that Bitcoin is still out in front?

Let's consider some of the factors
at hand.


In the popular HBO comedy
, which is about a tech start-
up attempting to make it big,
there's a very insightful line about
. Basically,
one character argues, citing several
examples from the tech world, that
"inferior products win out all the
time" by being the first to market.

This is not to suggest that Bitcoin
is necessarily an inferior product;
many would still argue that it's the
best digital currency out there. But
it does imply that even if another
cryptocurrency superior, it
might not matter given that Bitcoin
was the first one on people's
radars.


To cement the point, it should be
clear that this isn't merely an
assertion from a television comedy.
In fact it's a clearly recognized fact
.

Ad Age wrote about
this in a thoughtful article about
numerous marketing myths,
arguing that the better product
does not always win, and that
numerous examples have
demonstrated that
.


For instance, Heinz
came before Hunt's; Google came
before Bing; Harvard came before
Yale. You'll absolutely find people
who will argue that the second
options in those pairings are
superior in one way or another, but
the first options are considered to
be the industry leaders in their
relevant categories. Similarly,

Bitcoin came before all of its
competitors, which suggests that
even if some of them are as good
or better, it might not matter when
it comes to market share.

Some have argued in recent years
that the blockchain — the digital
ledger that automatically records
all Bitcoin transactions — is the
real gem of the cryptocurrency
phenomenon.

Already, the
blockchain is being implemented
and imitated as a new tool for
transparency in various areas in
and financial
institutions, and it appears to be a
game-changing technology.

The
thought among many has long
been that even if Bitcoin were to
fizzle out or lose ground to a
competitor, the blockchain, or some
form of it, would survive. However,
so far the blockchain mostly seems
to be lending legitimacy to Bitcoin.
The fact that so many people view
it as a major shift in how we record
financial transactions and avoid
large-scale theft or fraud
essentially implies that Bitcoin has
a uniquely secure platform on
which to be traded.

When Bitcoin first came onto the
scene, it was billed almost
exclusively as an alternative to
everyday,
Its most enthusiastic
advocates suggested that it would
flat-out replace ordinary currency
in a matter of years.

When those
predictions proved to be a little bit
overzealous, some began to look at
Bitcoin more as a commodity or
long-term financial asset than a
spendable currency. And in fact,
those who may have "invested" in
Bitcoin, so to speak, may well be
feeling pretty good about treating
it that way right about now, given
that the value of the
cryptocurrency is approaching a
two-year high.

But even if Bitcoin looks relatively
strong when considered as a
commodity, it's also become
undeniably more useful as an
actual currency, and that's
something that currently sets it
apart from much of its competition.
If you actually take the time to
look into where Bitcoin can be
spent, you'll find that there are
several major online retailers
accepting digital currency
payments, as well as
From huge chains to
local shops, there are now
countless places to spend Bitcoin
just as easily as you might
exchange cash or use a credit card,
and that could gradually lead to
market dominance.

It's not that
alternative cryptocurrencies can't be used practically, but none can
quite match the scale of Bitcoin in
this regard.

It's also important to mention that
Bitcoin is the most valuable of the
major cryptocurrencies — and it's
not close at all.

As mentioned,
Bitcoin is near a two-year high, and
been flirting lately with its highest
peak since the incredible highs in
the middle of 2013, when the initial
surge of interest pushed the price
up around $1,000. At the time of
this writing, Bitcoin is worth just
under $600, while Ethereum and
Litecoin, the two leading
competitors, are worth about $12
and $4, respectively. That doesn't
at all mean that Bitcoin can't crash
back down to Earth while its
competitors seek slow, long-term
growth and catch up. But the
numbers right now do provide
some perspective regarding
Bitcoin's dominance.


There's still no telling which
cryptocurrencies we'll be talking
about in 10 or 15 years.

Perhaps Bitcoin will
have fully vanquished its
opponents and emerged as the
only viable option or maybe some
new option we don't yet know
about will ultimately take over the
market. It's important for those
who are interested to recognize
that we're still very early in the
process of this market's
development.

That said, however, a combination
of factors have helped Bitcoin to
establish a fairly commanding lead
at this stage. Because it was first
to market, possesses
and utility, and is simply
worth more than the competition,
it's still leading the way.

10 of those
alternatives
currency market
leader
suggesting that
Litecoin could become the superior
cryptocurrency
great idea

First To Market Matters
Silicon
Valley
competition in business
were
business
being "first in
mind" is crucial
The Blockchain Reigns Supreme
businesses
Increasing Utility
government issued
currency
an increasing
number of brick and mortar
businesses
Price Charts
In Summary
unique
technology.


(This post was last modified: 07-09-2018, 12:29 AM by Naijaspicy(staff).)
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