Beating Bitcoin
http://www.businessinsider.com/bitcoin-price-up-but-issues-still-hang-over-the-cryptocurrency-2017-11?r=UK&IR=T
In the attached article, the author describes the utility of bitcoin and it’s lasting place in the market. The cryptocurrency continues to surge in popularity and is currently being eyed by major financial institutions. With other cryptocurrencies in existence, some wonder if the success of bitcoin will be short lived. In the article, experts argue that network effects will keep bitcoin prominent.
A founder of a bitcoin hedge fund put it this way: “It’s something like Facebook. If someone creates a new Facebook that has slightly better features, say 10% better. That’s great, but network effects are strong. So, that new thing isn’t going to kill Facebook.” In other words, expectations about the use of other cryptocurrencies much reach a particular tipping point before they will be widely adopted, and this will be difficult to do, especially in a market where bitcoin is already widely used.