In many industries being first means a heck of a lot, but one place it is not a guarantee for continued success is technology.
Over the years, countless studies and billions of research dollars have been deployed in search of understanding the advantages and disadvantages of being first, and it looks like Bitcoin might be seeing a transformative shift from first-mover supremacy into “too big to adapt.”
One of the advantages of being first is the ability to capture your clients in such a compelling way that switching costs become expensive and burdensome.
This is not the case here – in fact, one thing we could say about currencies is that exchanging from one to another takes only the push of a button and you’re done, so popularity is easily won.
Facebook wasn’t first to market, either. Myspace.com, Classmates.com, and Friendster.com came before Zuckerberg took social media to a whole new level, but nobody remembers those early ones, since Zuckerberg used a strategy known as “free ride.” Myspace.com was the king of its time, but today nobody even knows what it is.
You see, one of the main problems with chopping the trees in the jungle and creating the path, clearing the bushes out of the way, is that those, who come after you now see a clear trail and are fresh and eager to race through the jungle and reach the highway.
In other words, what today’s developers have is hindsight – lots of it. Success leaves marks and a trail to follow and build upon.
Entrepreneurs have seen what works and what doesn’t, so they can build a ground-up operation, which could rival BTC and Pure Blockchain Wealth anticipates many issues with Bitcoin’s network – its size and liquidity, going forward. It will have a hard time keeping its place at the top because it looks like the future is centered on custom-tailored products.
Companies will commission miners and blockchain developers to create coins, which meet an existing demand, instead of launching a start-up coin, which may or may not capture the imagination of consumers.
Put differently, in the near future, I expect to see businesses, which want to use peer-to-peer transactions, assign blockchain professionals with the task.
The examples of this are innumerable and include marketplaces for second-hand goods, Esports, solar panels electricity and many other uses.
I do not see how the government ever becomes marginalized and irrelevant because our society is based on taxes, for the time being, and the majority is in favor of it.
In the U.S. alone, 50% of the population receives one form of subsidy. Forty million Americans are entitled to food stamps, 80 million are getting social security payments, and the list of subsidies goes deeper than that.
As long as we live in a world like this, the government will be married to the currency system of its country.
We need to take into consideration that disruptive technology can also make the king, Bitcoin, obsolete, in some regards, because the next, big innovation could be right around the corner.
What it all comes down to is value and what project can deliver value and become essential to a broad audience. This type of solution must be sensible and comfortable.
The opportunity with cryptocurrencies is truly ahead of us. The first wave was the birthplace of the idea, a speculative mania, which went too far, but now commercialization is coming, and exciting profit moments will present themselves.
Best Regards,
Brad Robbins
President, PureBlockchainWealth.com
