Exactly a year ago, where towards the end of 2017 the price of bitcoin reached $ 15k. Then at the beginning of 2018 the price began to decline to date to $ 3800. Whatever happens with the price of bitcoin, in fact bitcoin is still always the most popular and become the king of crypto. Do you agree?
There are many reasons why Bitcoin remains "the king of crypto":
- It has the most proven and reviewed technology stack under its belt. As you might know, cryptography is very very complicated domain. It takes an enormous amount of resources (time and money) to develop a single algorithm, let along implementing the whole infrastructure based on it. People like to invest into proven and safe projects. And when you see how many new coin-related startups turns out to be vaporware, it becomes obvious why bitcoin is still the head of the train.
- Network effect. The more companies incorporate bitcoin, the more improved bitcoin ecosystem becomes. New users help in finding new bugs, providing valuable feedbacks, and spreading the word around the world.
- Tons of learning materials. There is no doubt that science the cryptocurrencies are based on is hard. For newcomers it's really important to get started from something very basic and understandable. And in case of Bitcoin there are more than enough guides and tutorials around the web which are sometimes available even for free.
- Brand awareness. It's often an underestimated factor, but brand awareness plays one of the most important roles in product success. It was thoroughly researched and discussed for many years, and, as a result, key metrics which influence consumer decisions were determined. It's not even about the brand name, it's about human psychology and mind manipulation.
I can recommend this article -
https://faculty.fuqua.duke.edu/~moorman/Marketing-Strategy-Seminar-2015/Session%203/Keller.pdf. It's not related to bitcoin per se, however, you will find some other interesting marketing techniques used to define the consumers response to the brand.