Cryptocurrency and metaverse: the French list their conditions for entering cryptocurrency

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

Certain misunderstanding of blockchain

The reluctance of the French population regarding 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 are cryptocurrencies really used and how do they work?
The Iligo Research Agency recently questioned a sample of the population in order to draw a scale of multi-screen use. Despite the focus on the metaverse, the study revealed that most French still view the industry as mere entertainment.

The French largely feature themselves in the Metaverse and see it as a leisure and entertainment aspect: watching a movie (74%), going to a fair (65%), attending a concert (64%) or even visiting a country (62%) are the most popular activities. The educational and professional aspect with courses, conferences and training is also a potential dimension for 7 out of 10 French people. On the other hand, the dimension of financial gain through investing and acquiring real estate and cryptocurrency is more polarized and not yet conceivable by the majority.

Excerpt from the study by Iligo

Similarly, 59% of French respondents believe that the metaverse can be very useful for shopping. However, unlike brands who view it as an economic interest and who consider virtual purchases to make up a significant portion of their sales volume, residents don’t view the cryptocurrency market and metaverse as a viable economy. Moreover, although 77% of respondents expressed a desire to visit the metaverse, 62% of them continue to view the metaverse as uninteresting.

At the moment, the industry does not seem to exist enough to force them to rethink their consumption habits or to push them to adopt cryptocurrencies as a new form of payment. A phenomenon that is also explained by a lack of education and understanding, since most French people do not understand the need to create an economy parallel 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 trust technology or detach from it so much that they do not want to discover new ways of doing things.

Cryptocurrencies: the source of intergenerational conflict

With the current economic system still under the control of older generations and most of the population feeling overwhelmed by new technologies, the use of cryptocurrencies remains marginal globally. The younger generation between the ages of 18-34 is still more inclined to turn to virtual currencies and metaverses.

For 75% of them, the metaverse and virtual worlds are primarily a place to meet new people while bypassing health restrictions, so it’s a way to interact differently. However, it is these people between the ages of 18 and 34 who have expressed the most reservations about the potential lack of security related to personal data.

Excerpt from the study by Iligo

Having grown up with and learned through new technologies, children between the ages of 18 and 34 see the transition to virtuality as normal. However, for 75% of them, the crypto field is still considered a way of entertainment and the least way to make money. The industry is therefore characterized by its social aspects and is still far from being considered as a long-term investment.

Source: Excerpt from the study by Iligo

The French are still afraid of technology

While social networks have completely changed ways of interacting and virtualization takes precedence over reality that displeases older generations, the French Iligo interviewed all expressed a certain fear of the metaverse. The use of Facebook is constantly being questioned and Twitter sits in the hot seat of free speech, but the fear that the metaverse will become a new social network remains.

If the fact of integrating the virtual world is not a problem, the excesses that result from it prevent acceptance by the majority.

62% of the French are afraid of the emergence of these new virtual worlds and a third of them believe that it will have a negative impact on society. This particularly negative feeling is related to this insecurity of data, but also to this perception of the threats and risks that these virtual worlds can generate (cyber harassment and addiction in particular).

Excerpt from the study by Iligo

The metaverse has not escaped the wave of cryptocurrency scams. Unfortunately, scams and misconceptions are widely spread, and the French seem to see the “dangerous” side of the crypto space more than the positive it can bring to a world already exhausted by its economy.

There are solutions to bring the French closer to cryptocurrency

However, all is not lost. Far from completely moving away from cryptocurrencies, the French are ready to take an interest in them under certain conditions. According to a study by Sia Partners and Finance Innovation, the field of cryptography can find its gentry messages in the country of human rights through education. Hence, 43% of the respondents said that they could invest in this sector if they had better knowledge of it.

The education provided to the population will make it possible to respond to all the issues raised by the Iligo study. By explaining how blockchain, wallets and remittances, among other things, work, the French can see that the industry is much more than just entertainment, even though its reputation is constantly tarnished by speculative stories. We will then have to mention the existence of stable currencies, although the advent of the digital euro may open some new prospects.
But the bigger job is to educate the older generations, which requires practical work. However, the encoder can be easily integrated into the fight for digital inclusion. In this time for seniors, it can open up to a wider audience as we take the opportunity to talk about metaverse and cryptocurrency security while teaching the right gestures that will allow everyone to benefit from the industry with peace of mind.

Finally, according to a study by Sia Partners and Finance Innovation, 23% of respondents could invest in cryptocurrency if their bank offered it to them. Since they are seen as a guarantee of trust (and thus cryptocurrencies are no longer seen as a shadow asset), opening crypto services will allow customers to invest and store more easily without having to use third-party sites. So it is also the impression of not knowing where to start or which reliable company to turn to which keeps the French away from the industry for the time being.

From a more pessimistic view, the French may have to turn to cryptocurrency in case of force majeure such as war or economic crisis, as some have done in Ukraine. Finally, it seems nevertheless that the interests of the population are quite different from those of the government and the world of finance, although it is the latter that transmits the most hesitation through media coverage. La démocratisation de l’industrie ne se fera donc pas sans ces derniers qui bénéficient encore d’un soutien majoritaire, mais en tendant la main aux français, on pourrait les pousser à se faire leur propre avisies et enter le expé le expé without fear.

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