Bitcoin and Mt. Gox Prove That a Strong Brand Beats a Better Mousetrap
Posted in: UncategorizedThe rise of Bitcoin, the ballyhooed virtual currency that has lately exploded onto the world scene, reflects the answer to a question that has historically vexed brands such as Burger King, Pepsi and Microsoft’s Bing: “If we build a better mousetrap, why do we struggle to attract customers?”
By any measure of a “better mousetrap” Bitcoin certainly leaves a lot to be desired. Its extreme volatility, with prices swinging between $110 and $1,100 in the last six months alone, limits its use for buying and selling expensive, durable goods.
Its narrow acceptance also hampers its ability to meet day-to-day purchasing needs, and a lack of banking infrastructure exposes those who do use it to considerable risk.
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