Digital currency and metaverse: the French have listed their conditions for cryptocurrency entry

Cryptocurrencies are expected to take up more space in our daily lives. However, the French are far from jumping on digital currencies.

A specific blockchain misunderstanding

The skepticism of the French population about the use of cryptocurrencies is justified by various factors. Not surprisingly, the first lies in the misunderstanding of the blockchain system and its interests: what exactly are cryptocurrencies used for and how do they work?
The Iligo research agency recently questioned a population sample to create a barometer of multi-screen use. Although focused on the metaverse, the study reveals that most French people still view the industry as just entertainment.

The French mostly project themselves into the Metaverse and see it more as a fun and entertainment aspect: watching a movie (74%), going to an exhibition (65%), attending a concert (64%) or even visiting countries (62). %) are the most popular activities. The educational and professional aspect with courses, conferences and training is also a possible dimension for 7 out of the French 10. On the other hand, the dimension of financial gain through investment and acquisition in real estate and cryptocurrencies are more polarizing and not. but conceivable to most.

Excerpt from the study conducted by Iligo

Similarly, 59% of respondents in France believe that the metaverse can be very useful in shopping. However, unlike brands that view it as an economic interest and who consider virtual purchases to be a significant part of their turnover, the population does not consider the metaverse and crypto to be market as a practical economy. In addition, even though 77% of respondents expressed a desire to visit the metaverse, 62% of them continued to view the metaverse as uninteresting.

Right now, the industry doesn’t seem to be available enough to force them to rethink their consumption habits or to push them to adopt cryptocurrencies as a new means of payment. A phenomenon that is also explained by the lack of education and understanding, as most French people do not understand the need to create an equal economy to the one we already have and do not know how crypto can be. more reliable than the traditional system. Similarly, some individuals do not rely on technology or are too far removed from it to want to discover new ways of doing things.

Cryptocurrencies: source of generational conflict

As the current economic system is still controlled by the older generations and most of the population feels overwhelmed by new technologies, the use of cryptocurrencies therefore remains marginal around the world. The 18-34 year old generation remains more inclined to go for virtual currencies and the metaverse.

For 75% of them, the metaverse and virtual worlds are above all a place to meet new people while bypassing health restrictions, so it’s a way to interact in a different way. These 18-34 year olds, however, are those who express the most reservations about a potential lack of security related to personal data.

Excerpt from the study conducted by Iligo

Because of growing up with new technologies and being educated through them, 18-34 year olds therefore see the virtual transition as something natural. However, for 75% of them, the crypto sphere is still considered fun and not much of a way to make a profit. The industry is therefore distinguished by its social aspect and remains far from being considered a long -term investment.

Source: taken from the study conducted in Iligo

The French are still afraid of technology

While social networks are completely changing the ways of interaction and the virtual dominates the real to the annoyance of the older generation, the French people interviewed by Iligo all expressed a certain fear of the metaverse. The use of Facebook has always been questioned and Twitter sits in the hot seat of freedom of expression but fears that the metaverse could be a new social network remain.

If the reality of unification in a virtual world is not a problem, it is the excessive consequences from it that prevent widespread acceptance.

The French 62% to recognize the emergence of these new virtual worlds and a third believe that it has a negative impact on society. This negative feeling is primarily linked to this data uncertainty, but also to this perception of the threats and dangers that these virtual worlds can pose (especially cyberharassment and addiction).

Excerpt from the study conducted by Iligo

The metaverse has not escaped the wave of cryptocurrency scams. Unfortunately, with frauds and misconceptions being so widely publicized, the French seem to see more of the “risk” side of the crypto sphere than the positive it can bring to a world that is already tired of its economy.

There are solutions to bring the French closer to cryptocurrencies

However, not all is lost. Far from completely turning away from cryptocurrencies, the French are willing to take interest in them under certain conditions. According to a study conducted by Sia Partners and Finance Innovation, the crypto sphere will see its letters on the nation’s greatness in human rights through education. Thus, 43% of respondents said they could invest in the sector if they had better knowledge about it.

The education provided by the population may make it possible to address all the issues raised in the Iligo study. By explaining how blockchain, wallets and transfers work among other things, the French see that the industry is more than just entertainment, even though its reputation has always been tarnished by speculative stories. We need to talk about the existence of stablecoins, even if the advent of a digital euro could open up some new horizons.
The greatest work, however, is in the education of the older generation, who require practical work. However, a crypto module can easily get involved in the fight for digital inclusion. Once dedicated to seniors, it may open up to a much wider audience that we will give the opportunity to talk about metaverse security and cryptocurrency while teaching the right actions that will allow everyone to benefit from the industry. with peace of mind.

Finally, according to a study conducted by Sia Partners and Finance Innovation, 23% of respondents could invest in crypto if their bank offered it. Because it is seen as a guarantee of trust (digital money is no longer seen as a shadow asset), opening up crypto services will allow customers to invest and save more quickly unnecessarily. to use third party sites. It’s also the impression of not knowing where to start or which reliable company to resort to that keeps the French away from the industry right now.

From a more pessimistic point of view, the French may have to resort to cryptocurrencies in the event of force majeure such as war or an economic crisis, as others in Ukraine have done. In the end, however, it seems that the population’s concerns are completely different from the government and the financial world, even if it is the latter that expresses the most skepticism through media coverage. The democratization of the industry would therefore not have happened without the latter still enjoying a lot of support, but by reaching out to the French, we could encourage them to form their own opinion and experiment with metaverse and digital ones. money.

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