Bitcoin has brand positioning. It might not be technically the best, but brand positioning is really important if you are in a market. It occupies a clear position in people's mind.
Does the common man think of "cryptocurrency", or does he think of "bitcoin"? If in that persons head, "bitcoin" is the same as "cryptocurrency", then it will be really hard for a competitor.
Google is a nice example. "I will google it for you". Nobody says "I will bing that", or, sadly for other search engines, "I will search the web". We say "I will google it". In our head, google is the search engine, and the search engine is google. So if bitcoin is in that same ballpark, good luck to the competitors.
But I'm not saying other cryptocurrencies can't bring anything new to the table, such as Ethereum or Monero. But bitcoin definitely has the brand positioning advantage.
Does the common man think of "cryptocurrency", or does he think of "bitcoin"? If in that persons head, "bitcoin" is the same as "cryptocurrency", then it will be really hard for a competitor.
Google is a nice example. "I will google it for you". Nobody says "I will bing that", or, sadly for other search engines, "I will search the web". We say "I will google it". In our head, google is the search engine, and the search engine is google. So if bitcoin is in that same ballpark, good luck to the competitors.
But I'm not saying other cryptocurrencies can't bring anything new to the table, such as Ethereum or Monero. But bitcoin definitely has the brand positioning advantage.