Quote from: legiteum on September 27, 2024, 02:08:50 AM

People choose BTC because BTC was first. Everything else is pretty irrelevant compared to that. There are thousands of examples of products in the world that people choose--and continue to choose--merely because the product was the first one the masses of people had heard of. First mover advantage is an enormous benefit that has kept products going long after competitors made far better products.

Bitcoin's market share of digital currency market cap continues to shrink, even as Bitcoin itself continues to grow in value. Very soon, BTC will be in the minority of the total crypto market--it's about 55/45 now. When that happens, I suspect this will be a psychological barrier for a lot of investors, who will start to see that the serious growth in the market is going to come from digital currencies that are not called "Bitcoin".

Although BTC's market dominance is shrinking, no other cryptocurrency can outmatch its level of resiliency, security, and reliability. I'd expect BTC to remain the largest crypto by market cap forever. That said, altcoins provide an exciting venture for those who missed the Bitcoin train. Many coins have shiny-new features that simply can't be ignored. Whereas Bitcoin fails to provide privacy and low fees, other coins excel at this. For instance, Monero is the best coin when it comes to achieving true financial privacy and anonymity. Coins like Solana and XRP are good for blazing-fast and low cost payments (however, they fail terribly at privacy).

The crypto industry will only grow larger in the future. Some people will choose only Bitcoin for obvious reasons. But the majority will "stick" with altcoins because of their lower entry barrier and versatility. Who cares? As long as projects work together to make crypto/Blockchain tech a better place, nothing else matters.