Last Updated on Apr 17, 2020 by James W
For many people, Bitcoin is synonymous with cryptocurrency, so much so that these people might be genuinely surprised that there are other coins in the market available to them. Bitcoin, after all, was the standard bearer in the cryptocurrency revolution, the one that came first and opens the doors for all of the others to come in its wake. Of course, there is always the possibility that such a trailblazing company can be a victim of its own success. In much the same that a championship sports team ends up facing teams that play their best games just to knock them off, so Bitcoin must deal with competitors hungry to get to that exalted spot on top of the cryptocurrency world.
Heavy lies the head that wears the crown, or so they say, and Bitcoin’s head must be getting heavy right now after a decade of dominance. Yet it is still the leader in market share among all other cryptocurrencies, and it’s not even close, even as some competitors have made slight inroads. Investors must now decide, whether they’re making guesses on their own or utilizing the sound advice of a trading robot like Bitcoin Code, whether Bitcoin can stay on its lofty perch or whether an upstart, perhaps one already in existence, or perhaps one that is still just the seedling of an idea, can take its place at the top.
1. The Head Start
The fact that Bitcoin was the first cryptocurrency gave it a kind of name recognition that is hard to deny. And even though crypto still really doesn’t advertise, Bitcoin has managed to develop a brand based on nothing more than all the free press it receives from both proponents and detractors in the news. Anyone trying to reach that level of success will have a hard time overcoming the head start that the granddaddy of all crypto coins has established.
2. The Present
Right now, Bitcoin thrives on the fact that many people looking to invest in crypto first check out the gold standard of coins before even considering anything else. But Bitcoin also suffers in that criticism of all cryptocurrency in general tends to stick to it first. So if a coin exchange gets hacked or some other coin in the market turns out to be a marketing scam, all of that reflects badly on Bitcoin through no fault of its own.
3. What’s Next
Bitcoin has had to deal with imitators who mimic its goal of replacing traditional currency with an unregulated, digital alternative. Some of those imitators can simply focus on doing what Bitcoin does and attempting to do it in a faster, more secure, and more convenient fashion. That means Bitcoin leadership has to decide whether to stay on the path or try and innovate and run the risk of losing the identity that it built in the first place.
It is not easy to stay at the top for as long as Bitcoin has. For now, their spot at the top is safe, but all bets are off as time passes.