This is no David and Goliath story, and neither is this a tale of the underdog exceeding expectations and coming out on top. This is perhaps, the story of two equally capable giants going head-on in their journey to be ‘The One.’
More often than not, in a nascent market that has a massive future, the first mover has all advantages. The first one that grabs the opportunity of promising technology and builds on it tends to remain a big player. Take for example, Google. Yes, there were many other search engines before Google, but Google made the best use of ideas from the failed enterprises and look where it is now. The same can be said of Amazon.
However, what’s important is that both these companies have gotten so big that they engage most users in their respective sectors. Often, the newcomers fail to rise above their competitors. This is why the U.S. has Antitrust laws and statutes that protect competitors and consumers from predatory business practices. Since the cryptocurrency ecosystem hasn’t particularly matured, there is still time for already present and incoming incumbents to take a shot at becoming the giants of cryptospace.
“Cut-throat” is the most appropriate word that can describe an atmosphere that includes both businesses and competition. The DotCom era or the current e-commerce market can be called cut-throat, then again, so can the cryptocurrency ecosystem. The technology that cryptocurrencies bring to the table is budding, yet has the potential to be bigger than the DotCom bubble or as big as the stock market. Hence, businesses rising in this ecosystem are also levied by the same rules.