Quote:
Originally Posted by JoshGirls Josh
LOL how you answered your own question with your own post on a related topic. Bitcoin has the advantage of what business class calls "first to market" advantage...all this recent publicity puts bitcoin's brand name ahead of the 10,000 other cryptocurrencies. As a result bitcoin could earn the trust of merchants & customers, to where the other 10000 currencies would not be accepted, exactly like your canadian currency example.
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Friendster was "first to market" too. Then came MySpace, then Facebook. Now no one knows wtf Friendster is. You think there aren't any other nerds out there that can come up with an algorithm and market it better? Hell, what other business relies on an algorithm? Search engines. Was Google the first search engine? Fuck no.
Bitcoin is expensive right now, whereas Wirecoin and GCoin and CyberCent and whatever else comes tomorrow will start off the same cent or 2 cents each or whatever and the craze will turn to that, then Bitcoin will all of a sudden be nearly worthless.
Bitcoin isn't even the first of its kind technically. Remember Flooz? There were stores that accepted that. Til there weren't.
Collapse simply doesn't happen to normal currencies - maybe 3rd world ones like Zimbabwean dollars, which now are at least useful as toilet paper. When bitcoins are worthless, you can't even wipe your ass with them.