Bitcoin is the original cryptocurrency. Since its genesis in 2009, countless DeFi projects and altcoins have popped up; from Dogecoin to ETH, there's undoubtedly a huge market for alternatives to bitcoin.
People love how applications of different altcoins have use cases beyond just bitcoin's main selling point as a store of value. Several new altcoin projects built on Ethereum or forked off of existing cryptocurrencies have improved privacy, increased scalability, enabled smart contract capabilities, and much more. Arguably, there's a case for choosing other cryptocurrencies over Bitcoin; Bitcoin's technology is far from perfect, and new developments are slow to implement.
Yet, it's this "hard to change" feature that makes bitcoin so special — and that's due to the vast size of the Bitcoin network.
Network effects are a special phenomenon because with each additional user, there isn't just a linear growth in network dominance — there's an exponential one. Think about it this way: If Nick and Alex are part of the network, then they make one connection with each other. If Jeremy comes into the picture, the three of them can now make three connections in total. Now add Nicole, and we have six connections. Here's what the numbers look like if we keep adding people to the network:
This is how Facebook, Amazon, and Bitcoin have each dominated their respective industries. Facebook, one of the biggest companies and social networking sites alive today, was once just a competitor in a rapidly growing space. Before Facebook's dominance, MySpace had held the title for #1 social networking site. As Facebook grew and honed in on its mobile app development, it became a far better product than MySpace — arguably, a 10x better product — leading to its status as social media king. This is due to a concept known as the "10x Rule," where a new competitor must be magnitudes better than the incumbent in order to take over the incumbent network.
In the world of cryptocurrency, no altcoin will come close to being 10x better than bitcoin. That's because Bitcoin's security and network dominance strengthen exponentially: As more nodes join the network, Bitcoin becomes more secure, and it becomes increasingly more impossible for a new crypto to dominate.
Other blockchains do it better but you bitcoin maxi's refuse to believe this. Unless lightning becomes the main focus of bitcoin, it will die eventually simply because people are greedy and there are other blockchains that are either free or virtually feeless to transact on. And don't get me started on the unknown wait time to get included in a block, or if you will ever even get into a block! Too many variables and unknowns and way too expensive to transact. Until the bitcoin developers realize this and adapt/evolve bitcoin will be left behind in the long run in favor of chains that have evolved.