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Bad demographic data for GlobalCoin
According to a study published May 28 by the company Diar cryptocurrency badysis, the piece focused on Facebook payments will not be seduced by the demographics of the user base of the platform. Although it is one of the largest social media hubs on the Web, adoption of GlobalCoin will face a tough battle with Facebook's aging population.
Diar's research shows that less than half of Facebook users are under 35, with the number of retirees (aged 65 and over) more than doubling since 2012. Boomers remain the largest demographic group in the world. lower in terms of interest and investment in bitcoin. There is little reason to think that they will change their minds because of GlobalCoin and are even less likely to learn the complexity of using cryptocurrency.
As Diar pointed out, even for Facebook, it will be difficult to overcome even to force adoption on an aging user base:
"It is also unlikely to inform 25% of the world's population about the current cryptocurrency infrastructure requiring private key management and the blatant reminder of the possible loss of funds, which would result in the loss of money. immediate failure of the project. "
Demographics on Facebook | Source: Diar
In addition to its aging user base, Facebook is lagging behind younger demographics. According to the Pew Research Center, Facebook has lost its grip on the teen market compared to other platforms. Barely half of American teens use Facebook, compared to 85% of teens participating in YouTube. Even SnapChat has managed to win on Facebook among teenagers.
Pew says Facebook is starting to be skewed in favor of low-income households – a fact that augurs badly for a payment-based technology such as GlobalCoin:
"Low-income teens are much more likely than those from high-income households to say that Facebook is the online platform that they use more often."
GlobalCoin a bitcoin killer? Not likely
GlobalCoin has been positioned as a killer of bitcoins on the badumption that the currency will find traction with 2.2 billion Facebook users. If Diar's badysis proves to be accurate, Facebook's existing user base is ill-prepared to receive the currency and even less likely to find appeal elsewhere.
Will the Facebook coin be useful for global payments? May be.
Is this a threat to Bitcoin? Nah.
Despite what the media will emphasize, it will always be a centralized finance, authorized at the cost of your personal data.
Stack sats. Hodl on. Change the game. Https://t.co/YD9t89X9NO
– Stephen Cole (@sthenc) May 24, 2019
Supporters of cryptocurrency will avoid the coin based on the centralization imposed by Facebook. Large companies may impose their will on other examples of financial technology, but cryptocurrency is the product of a process of decentralization. The community has expressed skepticism about GlobalCoin, a chorus that will continue to grow. In addition, GlobalCoin is a stable currency set at $ 1, thereby eliminating the market for potential speculators.
Long-term crypto traders and investors have no reason to trust GlobalCoin, and the Facebook user base is not ready to find cryptocurrency appeal. Next year's release may not touch the Facebook coin and provide validation for bitcoin and established cryptos.
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