The Road to Widespread Technology Adoption: Lessons from the Automobile and Bitcoin
Today, we're diving into the fascinating world of technology adoption. Just as the transition from horses to automobiles revolutionized transportation, Bitcoin is reshaping the financial landscape. In this blog, we'll take a closer look at the evolution of these two innovations and explore the factors that influenced their adoption.
The Road to Widespread Adoption
Invention and Creation
Our journey began in 1885 with the invention of the automobile. Carl Benz's creation, the Benz Patent-Motorwagen (make sure to read about Carl’s wife Bertha and her adventure), marked the dawn of a new era in transportation. Priced at $1,000, this remarkable vehicle eventually found its home in the Deutsche Museum in Munich, where it can still be admired today.
Early Adoption
In the early days, automobiles were primarily a status symbol for wealthy families, and racing was a prominent use. However, it wasn't until 1908 that mass production made automobiles more affordable for the average working person. Henry Ford's Model T became a symbol of accessibility and convenience.
2. Replacing Horses
By the 1920s, the pace of change was evident as cars gradually replaced horses as the preferred mode of transportation. The 1930s solidified the shift, with cars dominating the roads over their equine counterparts.
Why the Delay?
The transition from invention to widespread adoption was not without its challenges. Several factors played a crucial role in the delayed adoption of automobiles:
Infrastructure: The lack of suitable roads and fueling stations hindered car adoption. New infrastructure was essential to support this transformative technology.
Fear of Change: People were accustomed to horses, and cars were unfamiliar, often seen as unreliable and dangerous. Overcoming these perceptions took time. If you need a laugh, see how the Farmers’ Anti-Automobile Society (FAAS)of Pennsylvania welcomed the automobile.
Existing Powers: Car manufacturers faced opposition from powerful horse-related industries, such as carriage makers and blacksmiths. Established interests resisted change.
This delayed adoption of the automobile parallels other technological shifts, such as the transition from candles to electricity, the internet, and LAN lines to the iPhone.
The Adoption Curve
Cars replace horses, a timeline!
To illustrate this journey, we turn to the adoption curve map, provided by stadafa.com. From 1900 to 1960, we witnessed the remarkable growth of the automobile. In 1900 the United States had 21.5 million horses and only 8,000 automobiles. However, 30 years later, these numbers had drastically reversed, with fewer than 19 million horses and 26.5 million automobiles on the road.
Today, the United States boasts 273.6 million registered vehicles, with approximately 83% of the population owning an automobile. Meanwhile, the horse population is also making a comeback, with a 33% increase in American horse numbers from 2003 to 2013. I don’t think they will be taking back the roads anytime soon.
Applying the Lessons to Bitcoin
Now, let's shift our focus to Bitcoin, a groundbreaking technology with similarities to the early days of the automobile. The Genesis block of Bitcoin was mined on January 3, 2009, with only a handful of knowledgeable users. Fast forward 14 years, and we're witnessing grassroots growth, with an estimated 254 million Bitcoin users globally, constituting around 3% of the global population. This all being done with no sales or marketing team behind it.
Conclusion
The transition from invention to widespread adoption can be a slow and challenging process, as exemplified by the journey of the automobile and the ongoing rise of Bitcoin. However, history has shown that with time, infrastructure, and education, even the most revolutionary technologies can find their place in our lives. If you're interested in learning more about Bitcoin and its evolving ecosystem, don't hesitate to reach out to us at Keybit Consulting.
As we look to the future, we can expect more transformative technologies to follow similar adoption patterns. Keep an eye on our blog for the latest updates on the ever-evolving Bitcoin landscape.
The horse gets a break!