If you don’t know what Bitcoin is, chances are you’ve been living under a rock for the last decade. But is brand recognition alone the reason that Bitcoin is the number one cryptocurrency by market cap?
Brand recognition is a powerful force. Think Coca Cola, McDonalds, Google... They’re all household names and dominate their industries. Bitcoin was the very first cryptocurrency ever created. This gave it first mover advantage. Which is a powerful thing. There have never been any paid marketers for Bitcoin - it wasn’t owned by anyone and it didn’t need them anyway, able instead to rely on word of mouth. It was simply an ingenious solution to an age old problem and people were happy to spread the word organically because it was so smart.
Many other cryptocurrencies have emerged since Bitcoin was released to the world, offering different things in terms of technology and functionality. But still today, none comes close to Bitcoin in terms of brand recognition.
First mover advantage isn’t always a defining factor in a brand’s success, but it is especially important for blockchain.
Bitcoin ultimately holds the top position because of the strength of its underlying technology and the amount of computing power dedicated to keeping it secure. With blockchain, the more miners in the network there are, the harder it is to mine and the harder it is to hack. This means brand recognition is even more important, as the more users it has, the stronger the product, and the more appealing it becomes. The Bitcoin network has been leading the way for over 10 years. This proves it actually has long-lasting stability. Maybe in 10 years time, the situation will have changed.