Network effect. If #Monero had been invented first, we might all be using it now. But given that #Bitcoin was first, most people evidently feel that it's "good enough", and since everyone else is using it, that's what they are using.
Discussion
You are unfortunately correct. Over time, innovation does occur and even if the new product is superior, a lot of people tend to be stubborn. It's the same situation why NOSTR hasn't had even 1/100 of X or Facebook's users.
Have you ever looked at merchant stats? Because just as much people are using Monero than Bitcoin. Despite its market cap being 500 times smaller.
It's because Bitcoin is seen as an investment, while Monero is used as a currency.
Man, nobody is using Litecoin. I remember back in the day it was Bitcoin, Litecoin, and Ethereum. Bitcoin had greater use, but Litecoin was solid 2nd place, followed by Ethereum. Then, once Ethereum got the smart contracts going, it surpassed Litecoin as the 2nd place coin. But Litecoin remained popular, and was used pretty extensively. It was a cheaper version of Bitcoin that was used for smaller-dollar transactions. It's kinda sad to see it cast to side now.
LTC might have found a fit with the MW extensions
but why would you use that over Monero?
or use it over BTC for basically anything else except lower fees,
for which there's LN
its just stuck in no-man's-land
Today, I wouldn't use it because it doesn't really have any practical utility, and as you mentioned, there are other superior options. It just makes me a little sad because it was a pillar of my earliest crypto days.
yeah
the curse of just being a little better at everything
but not differentiating enough
That's a great way to put it. There've been so many projects that are better than bitcoin on this one thing. But they never really took off. The technology is very important. But it's also about building a community - a lot of people miss that.