The dubbed GlobalCoin by Facebook has been in our latest cryptocurrency news section for some time now, mostly because of the interest of many users and cryptocurrency enthusiasts towards it. However, the excitement is not always present, as reports show.
In particular, there has been one report lately which shows that the future of the GlobalCoin by Facebook is not that bright. According to research published by the cryptocurrency analytics Diar on May 28, Facebook’s payment-focused coin will fail to gain tranction based on the demographics of the platform’s user base. Even though Facebook is one of the largest social media hubs on the web, the coming altcoin news feature this report which says that GlobalCoin adoption will face an uphill battle with Facebook’s aging population.
Diar’s research also showed that less than half of Facebook’s users are under the age of 35. The number of retirees (aged 65 and older) is more than doubling since 2012, on the other hand. However, baby boomers have continued to be the weakest demographic for interest in Bitcoin and crypto investments, which is why the GlobalCoin by Facebook may not bring the revolution that we all hope to see.
The barrier of forcing adoption that Diar posted has been re-shared by many best cryptocurrency news sites, showing how hard it could be for Facebook to overcome it:
“Educating 25% of the world’s population about current cryptocurrency infrastructure that requires private-key management and the glaring reminder of the possible ultimate loss of funds is also unlikely as it would result in the project’s near instant failure.”
Aside from the aging user base, the GlobalCoin by Facebook won’t be accepted that well with youngsters, the report notes. Recently, another report by Pew Research Center showed that Facebook has lost dominance within the teen market in comparison to other platforms.
“Lower-income teens are far more likely than those from higher-income households to say Facebook is the online platform they use most often,” the report said.
All in all, the reports show that the Globalcoin by Facebook is far from a ‘Bitcoin killer’ even knowing that Facebook has a user base of 2.2 billion. Nonetheless, it is also worth stating that this is only a report and nothing has been actually tested or confirmed.
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