Cryptocurrencies are expected to occupy more space in our daily lives. However, the French are far from jumping on the digital currency bandwagon.
A certain misunderstanding of blockchain
The hesitation of the French public towards the use of cryptocurrencies is justified through several factors. Unsurprisingly, misunderstandings about the blockchain system and its benefits include the first: what are cryptocurrencies actually used for and how do they work?
Research firm Iligo recently polled a sample of the population to draw a barometer of multi-screen usage. Although focused on the metaverse, research shows that most French people still see the art as mere entertainment.
The French mainly project themselves into the metaverse and see it as a leisure and entertainment aspect: watching a movie (74%), going to an exhibition (65%), attending a concert (64%) or even visiting a country (62%). %) is the most popular activity. The educational and professional aspect, including courses, conferences and training, is a possible dimension for 7 out of 10 French people. On the other hand, the level of financial gain through investment and real estate and cryptocurrency acquisition are more polarizing and not. Still conceivable by the majority.
Excerpt from research done by Iligo
Similarly, 59% of French respondents believe Metaverse can be very useful for shopping. However, unlike brands who see it as an economic interest and who think that virtual purchases can constitute a significant part of their turnover, the population does not consider the metaverse and the crypto market as a viable economy. Furthermore, while 77% of respondents expressed a desire to watch the Metaverse, 62% of them continue to view the Metaverse as uninteresting.
For now, the industry doesn’t seem to be present enough to force them to reconsider their consumption habits or to adopt cryptocurrency as a new means of payment. A phenomenon that is also explained by a lack of education and understanding, since most French people do not understand the need we already have to create a parallel economy and do not know how crypto can be more reliable than conventional systems. Similarly, some individuals do not trust technology or are too detached from it to discover new ways of doing things.
Cryptocurrencies: The source of generational conflict
Since the current economic system is still controlled by the older generation and most of the population feels overwhelmed by new technologies, the use of cryptocurrencies remains marginal worldwide. The 18-34 year old generation tends to lean towards virtual currencies and the metaverse.
For 75% of them, the metaverse and virtual worlds are above all a place to meet new people regardless of health limitations, so it’s a way to communicate differently. These 18-34 year olds, however, express the most reservations about a potential lack of security regarding personal data.
Excerpt from research done by Iligo
Having grown up with and been educated by new technologies, 18-34 year olds therefore see the transition to virtual as something natural. Yet, for 75% of them, the crypto sphere is still considered entertainment and less as a way to make money. The industry is therefore distinguished by its social aspect and is far from being considered a long-term investment.
The French still fear technology
Although social networks have completely transformed the ways of interaction and the virtual has taken precedence over the real for older generations’ concerns, the French people interviewed by Iligo all expressed a certain fear of the metaverse. Facebook’s use is constantly questioned and Twitter sits in the hot seat of freedom of expression, but fears remain that the metaverse will become a new social network.
If the integration of virtual worlds is not a problem, it is the excesses that result from it that prevent its acceptance by the majority.
62% of the French perceive the rise of these new virtual worlds and a third believe they will have a negative impact on society. This negative feeling is especially linked to this insecurity of data, but also to this perception of the threats and dangers that these virtual worlds can create (especially cyber harassment and addiction).
Excerpt from research done by Iligo
Metaverse has not been spared from the wave of cryptocurrency scams. Unfortunately, with fraud and misconceptions being widely circulated, the French seem to see more of the “dangerous” side of the crypto sphere than the positive side it can bring to a world already weary of its economy.
Solutions exist to bring the French closer to cryptocurrency
However, all is not lost. Far from turning away from cryptocurrencies entirely, the French are prepared to take an interest in them under certain conditions. According to a study conducted by Sia Partners and Finance Innovation, the crypto sphere can find its nobility in the country of human rights through education. Thus, 43% of the respondents said that they would invest in this sector if they had better knowledge about it.
Education to the population will enable them to respond to all the issues raised by the ILigo study. Explaining how blockchains, wallets and transfers work, among other things, the French see that the industry is much more than just entertainment, even though its reputation is constantly tarnished by stories of speculation. Then we have to mention the existence of stablecoins, although the advent of the digital euro could potentially open up some new horizons.
However, the biggest task lies in the education of the older generation, which will require practical work. Still, a crypto module can easily be integrated into the fight for digital inclusion. For the moment dedicated to adults, it can be open to a wider audience to whom we will take the opportunity to talk about the security of the metaverse and cryptocurrency while teaching the right gestures that everyone will be able to take advantage of. Art with peace of mind.
Finally, according to a survey conducted by Sia Partners and Finance Innovation, 23% of respondents would invest in crypto if their bank offered them. Because they are seen as a guarantee of trust (digital currencies are therefore no longer seen as shadow assets), opening up crypto services allows consumers to invest and save more easily without using third-party sites. So the impression of not knowing where to start or which reliable company to turn to also keeps the French away from the industry at the moment.
From a more pessimistic point of view, the French may turn to cryptocurrency in the event of force such as war or economic crisis, as some have done in Ukraine. Finally, it would nevertheless seem that the concerns of the population are quite different from those of the world of government and finance, although this is most ambivalently expressed through media coverage. The democratization of the industry will therefore not happen without the latter who still enjoy majority support, but by reaching out to the French, we can encourage them to form their own opinions and experiment with the metaverse and digital currencies.
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