Is there really still an excuse to remain poor with the amount of information we are exposed to? Of course giving an answer is a lot more complicated than this as there are several unique factors to consider. Notwithstanding, it does appear like those struggling among us simply do not take clear-cut cues to improve their situation.

At the community level the problem persists. When a new innovation or technology is on ground it is usually the developed nations who jump on them and quickly figure out ways to harness them and improve their economies. It isn't until it is proven in other nations that poorer countries begin to utilize them, by then the first movers advantage is lost.

First Movers Advantage

First movers advantage plays a big role in transformation especially in today's society that is marked by global competition. Not only is it advantageous from a demand perspective, but it also gives time to consolidate on the new product through innovation. Theoretically by the time the others catch up, the full benefits of starting early would have been realized.

Back in those days information was a privilege accessed by a specific number of people. Knowledge sharing wasn't as common as it was today, so it was quite understandable when individuals and communities developed at different rates. Things are a lot different today though, as we have more access to information than we could possibly need.

Action Needed

The thing left then is action. What prompts the successful to take action that is ignored by others? As stated earlier, certain factors could actively sabotage developmental strides but it is also worth noting that no amount of external factors can truly block action if the intention is there.

New technologies and innovations don't simply go mainstream overnight anymore. There is now ample time to prepare for and harness their potential. This means investing in both financial and technical know-how, as well as taking a considerable amount of risk. Perhaps it is the risk that scares people off, because those who should be getting in early simply don't.

Crypto is one of those potentially transformative innovations that we are privy to today. Years from now we'll see how the countries that took a gamble by going in early fare. For developing countries like El Salvador, it will be all to gain with little to lose. Even if the space fails, I doubt they would be in a worse position than they previously were pre-acceptance.

Conclusion

Those who are successful only achieve it as a result of their willingness to act with the information they receive. It is left to us to follow suite, especially as the crypto space offers a clear opportunity for transformative growth at both an individual and communal Level

Posted Using LeoFinance ^Beta