What is a Network Effect +? why is it Important? (Asking for a friend) from Facebook to Bitcoin

Many people remain unclear as to what a network affect is and why it is so advantageous in business. Basically the more users you have on existing networks, the more you attract, like a magnet, thus cementing the business. Explanation with examples of broken networks like Kodak, Blockbuster, and rising networks like #Facebook + #Bitcoin
#networkeffect

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