Topic: Bitcoin - Diffusion of Innovation | Roger's Theory | Innovator or Early Adopter (Read 745 times)
March 26, 2015, 04:50:13 AM
"The diffusion of innovations according to Rogers. With successive groups of consumers adopting the new technology (shown in blue), its market share (yellow) will eventually reach the saturation level. In mathematics, the yellow curve is known as the logistic function. The curve is broken into sections of adopters."
"Diffusion of innovations is a theory that seeks to explain how, why, and at what rate new ideas and technology spread through cultures. Everett Rogers, a professor of communication studies, popularized the theory in his book Diffusion of Innovations; the book was first published in 1962, and is now in its fifth edition (2003).[1] Rogers argues that diffusion is the process by which an innovation is communicated through certain channels over time among the participants in a social system. The origins of the diffusion of innovations theory are varied and span multiple disciplines. Rogers proposes that four main elements influence the spread of a new idea: the innovation itself, communication channels, time, and a social system. This process relies heavily on human capital. The innovation must be widely adopted in order to self-sustain. Within the rate of adoption, there is a point at which an innovation reaches critical mass. The categories of adopters are: innovators, early adopters, early majority, late majority, and laggards.[2] Diffusion manifests itself in different ways in various cultures and fields and is highly subject to the type of adopters and innovation-decision process." (source: WikiPedia)
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The question is where do you think Bitcoin is currently at as far as Diffusion of Innovations or Technology Adoption?
I would also qualify Bitcoin as being in the tail end of the Innovator or Early Adopter category.
Meaning, between 0%- 16% of the global market has adopted Bitcoin.
Lastly, if Bitcoin takes off and we are in the Innovator or Early Adopter category, then the value of Bitcoin will continue to go up exponentially.
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