Bitcoin is the boss of crypto currencies, that’s for sure. Bitcoin has been at the forefront of all digital currencies for years. Will Ethereum or Ripple (XRP) ever manage to dethrone Bitcoin?
Bitcoin code as a brand
Stop a person on the street and ask them for crypto currencies. The first thing that comes to this person’s mind is probably Bitcoin code. Bitcoin is the first and most important crypto currency that has stayed at the top of the charts since the beginning and currently still has 38 percent market dominance like seen here: https://www.onlinebetrug.net/en/bitcoin-code/
Bitcoin dominates: The primary rock of crypto currencies has a market capitalization of over 129 billion euros. The two biggest competitors are far behind. Ethereum (ETH) has a market capitalization of 54 billion euros and Ripple (XRP) only 27 billion euros. Neither of the two digital currencies is a real danger for Bitcoin – at least not yet.
Ben Way, CEO of Digits.io, said in an interview about Ethereum code:
It would require an enormous price push that would outstrip Ethereum code price increase over a long period of time. Markets aren’t always rational and currently Ethereum code is the gold standard – because it’s the currency everyone knows.
Bitcoin is a strong brand. Crypto currency and Bitcoin are the same for the average person. It is unlikely that Ethereum or Ripple will dethrone digital gold in the near future. Although Bitcoin never had a marketing plan or a company marketing for Bitcoin, Bitcoin is a strong brand.
Darren Marble, CEO of CrowdFundX, agrees and said in a Forbes interview:
I don’t think Ethereum or Ripple will ever dethrone Bitcoin. […] Bitcoin is a power brand. The majority of the press reports about Bitcoin, not Ripple [or Ethereum]. Bitcoin is the brand of the market, which should not be underestimated.
Bitcoin | The Original
Marketing-VP of Rewards.com says that Bitcoin danced first and alone at the (crypto) party and therefore will keep the lead for some time. Bitcoin is a household name and Bitcoin benefits from marketing and branding – free of charge. He believes that Bitcoin can only be dethroned if digital currencies are built into everyday life in a way that everyone can use.
But there should be a way. At least that’s what the CEO of Blue Chip Vision, Robert Masters, thinks. Ethereum or Ripple could overtake Bitcoin on future protocol improvements.
However also Bitcoin does not sleep. The first beta of the Lightning version was released and first LApps are tested. A dethronement does not take place for the time being.