A piece of code written by an anonymous developer has created an industry worth $263 Billion in 10 years.
An establishment with no CEO, no marketing and no customer support has garnered the support of millions of people the world over to create this decade’s biggest unicorn.
Bitcoin went from ‘magic internet money’ to being touted as an ‘unstoppable force’ in the U.S House of Representatives.
“The world that Satoshi Nakamoto, author of the Bitcoin whitepaper envisioned, and others are building, is an unstoppable force.”
— Patrick McHenry, U.S. House Financial Services Committee
So how did Bitcoin achieve the perfect product-market fit?
- One size doesn’t fit all
- Bitcoin means different things to different people. Some view it as a shift of power from the rich and powerful to the not so rich and powerful. Some view it as a way to circumvent the financial institutions that control the global money supply, while others see value in the peer to peer censorship-resistant payments made possible via Bitcoin.
- Community is the product
- The block reward incentive scheme as a way to distribute bitcoins to people investing in the project was the spark that spread bitcoin like wildfire over the past decade, making the product inherently viral.
With people sold on whatever Bitcoin meant to them, the community helped create the right product-market fit for bitcoin. Without a product, the Bitcoin’s technology’s use cases wouldn’t find product/market fit.
In the cryptocurrency world, the product is the code, the community, and the complete ecosystem behind that code. For any token or coin to be successful, you need to look at all the pieces and build the right product for each stakeholder.
At COSS, we ask ourselves — “are we building a product that solves a real problem?” Our product is not just a single product, but the entire COSS Group ecosystem — COSS Wallet, COSS Exchange, and our loyal COSS Community.
This is why each product upgrade, whether it’s the 50% Fee Split via DAO FSA, the 25% Trading discount, or the Negative Maker Fee, is closely aligned to user feedback gathered through our active communities on Telegram, Twitter and Email (yes we really go through each and every one of them, and it’s our favorite part of the day!).