Other coins obviously followed, probably some with better/stronger aspects. Had they been first, bitcoin would have stronger competition and potentially never have taken the lead?
Can Bitcoin only be the strong winner, as it was the 1st crypto out the gate, infamy, 1st dominant, with a strong almost flawless ecosystem
byu/SongwritingShane inCryptoMarkets
Posted by SongwritingShane
3 Comments
It is now seen as a store of value to many and it might still be seen this way long into the future. In the near future, quantum attacks could force alot of global databases to run on a DLT, there are other cryptos that could faciitate this. The other cryptos would need to be really secure and would also need to be exceptionally efficient. Only one crypto is both the most secure (aBFT, SHA384) and at the same time it is the most effiicient, 1 billion transactions uses only 3000kwh. As the digital world evolves there could be a few cryptos that succeed for a long time. Its upto us crypto folk to do a bit of research and hopefully back the winners.
Flawless ecosystem?? A deflationary currency is problematic for mass adoption
BTC’s strength doesn’t stem from being first to market, but because in finance, time equals trust.
If one bank has been operating for just 10 years while another has been around for 100, people will naturally prefer to deposit their money with the latter.