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Professor Potts said it stood to reason that Bitcoin could one day fall by the wayside, as newer and superior technology often replaced the old.

Just think My Space, Netscape Navigator and Nokia mobile phones being replaced with Facebook, Google, and i Phones."This is a pattern that we've seen with almost every new technological development," Professor Potts said."Whoever goes second doesn't have to pay the upfront development costs and whoever goes second already knows where the market is and what successful products will look like.""Often the first movers that come in end up getting displaced by the second movers and the third movers and the fourth movers."But Professor Potts said having superior technology did not guarantee success.

Their problem is they can't build a community."It is a point trader Alex Saunders agrees with."Just because something's better doesn't mean someone's going to use it," Mr Saunders said."A lot of people would argue that Apple don't make the best phone." He also warned that many of the newer crypto currencies would also struggle if they had the same number of users as Bitcoin."It's not really the technology bogging down Bitcoin, it's the number of people using it," Mr Saunders said."Even though there is Litecoin or Ethereum, which is faster and cheaper at the moment, if everyone jumped over to that network they would be severely bogged down."As for cafe owner Ben Kim, he is hoping his customers would be able to pay for their coffee with crypto-currency in a simpler way."We can't run away from blockchain.

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For instance, in the videotape format wars, Betamax had superior video quality but it lost to VHS as the latter cornered the rental movie market.

Professor Potts describes this as the "network effect." That is, people will gravitate to the same technology that others are using for convenience, simplicity or a safety-in-numbers type approach."If customers are very sticky, it's very hard for them to switch," Professor Potts said."In the crypto space you've got a lot of really good technical platforms and coins and so on.

Other platforms want to be more than a digital currency by offering services such as peer-to-peer trading of electricity, tracking goods from across the globe, or even being a 'safe' space to store medical records.

Giant "farming" operations that use specialised machines and consume a lot of electricity now dominate Bitcoin mining.

And transfers were getting stuck in the network's bottlenecks during busy trading periods, giving miners the power to charge exorbitant fees.

Internet capacity plus a desire to keep Bitcoin mining for the common folk meant the maximum data that could be processed at a time was capped at 1 megabyte.

But things have not worked out as initially planned.

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