Let's look at Facebook: It as a service cannot function if our populace uses multiple separate social networks. A user will not be inconvenienced with logging-in to multiple services in order to interact with different friends, especially if said user is a casual user of the internet. Naturally, as a matter of a genuine desire to have a single place to meet with all acquaintances online easily, users will gravitate towards one service according to societal and peer pressures. We know this as Facebook today. Facebook has what we call a natural monopoly since it sufficiently meets the desires of its users and the requirement that it be the main service.

This monopoly can only be toppled if the value of having a single meeting place is superseded by new innovations in another social service, which is incredibly difficult. Minor additions and improvements will not create enough pressure to overpower the societal and peer pressures that keep users on the original network as shown with the failure of Google Plus.

Unless the original service is severely flawed from its inception -- as with the poorly-made interfaces and annoying quirks found in Myspace -- will users leave a natural monopoly for a superior competitor.

Bitcoin has the same attributes of a social network. The world indeed has the desire for a single digital currency to trade in instantly across the planet. Multiple currencies add severe overhead that can be easily eliminated. We must also note that the more supporters of a crypto-currency there are, the safer it is from attack. People will certainly desire the strongest security more than anything else.  There should be only one currency in the end if we truly desire a more efficient and stable world.

Can Bitcoin be it? Is Bitcoin severely flawed or is Bitcoin strong enough to continue to be the crown-champion, the natural monopoly of crypto-currencies?

This will be answered all in good time but feel free to make your predictions.