Why BTC Leads The Bitcoin Culture Wars in 2021: A Marketing Analysis
In this post, I share an explanation (adapted from a Twitter thread) of why BTC is winning the Bitcoin culture wars in 2021 versus camps like BCH or BSV. Inspired by an email I was reading from Henry at MarketingExamples.com.
Firstly, take a look at this image below. It's showcasing Samsung ads vs iPhones. One you remember, other not so much.
Now, here's what you'll usually hear from BCH & BSV (left), versus BTC (right).
BCH & BSV are more remembered for espousing its feature benefits, while BTC "community" is more well-known for its linguistics around "HODL", "when moon", or "have fun staying poor."
Whether "right" or "wrong", the appeal of BTC is its quick wins (stories of overnight millionaires, etc.). It is no different to why its popular for average joes to buy lottery tickets. Most people love the idea of making money quickly, while only a FEW will seek hard work.
The distinction in marketing - whether intentional or not - is how Steve Jobs separated Apple from incumbents like Microsoft. Both exist but in different capacities now. If you wonder why BTC wins the culture war, even if its tech is stifled, it's because of this fundamental.
Now, the * to this is that protocols are different to product brands.
In the long run, the name MIGHT not matter as much, just like TCP/IP doesn’t matter to users in the context of using websites.
We’re seeing this already in the #NFT space, which is encouraging.
IMO, the only way others can overcome the momentum and inertia of “Bitcoin” (BTC) is if there’s a serious technical flaw that causes many to lose LOTS of money, instantly.
That, or if governments decide to outlaw it overnight.
Both possible scenarios.
OR if enough people make MORE money using alternatives through the apps being built themselves. In which case, such users may not care which #blockchain tech they’re using. They’ll be caring more about how it benefits them.
"Boring plumbing" does not inspire, which is why a "digital gold" narrative overtook BTC.
Therefore, my suggestion here is to focus more on selling "the dream", but a dream that supersedes getting-rich-quick.
What this is for camps like BSV, well, that's now the question..