Since its inception in 2009, cryptocurrency has become both a cultural and financial phenomenon. As news headlines tout its ever-increasing exchange values and disruptive potential, investors and banking experts have gone into a frenzy. And yet, while digital money is on a lot of people’s minds, there is still a lack of understanding about what it is and what it can do among mainstream consumers.
This is because cryptocurrency is a discontinuous or disruptive innovation, and its adoption demands significant consumer behavior changes and the infrastructure of supporting businesses. In order to succeed and get closer to the point of mass adoption, cryptocurrency as a product needs to create a bandwagon effect and build momentum so that it becomes a de-facto standard. This process is called a technology adoption lifecycle, and media plays an essential role in it. The crypto industry needs a marketing model that can effectively publicize its continuous changes and innovations.
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