Cryptocurrency analytics specialist Diar on the 28th of May published a report predicting the possible failure of Facebook’s payment-focused crypto coin, stating it may fail to gain sufficient traction amongst the social media platform’s member base. The report envisages Mark Zuckerberg’s GlobalCoin to face choppy waters in the short term with equally slim chances of is financially effective survival in the long term.
The report bases its findings mostly on Facebook’s reducing teen demographic with failure of acceptance amongst its ageing user base adding more fuel to the fire it’s about to face. It surmises the platform’s ageing user base, and its flagging number of penniless teens will both rebuff GlobalCoin.
Despite backing from the internet’s largest social media brand, GlobalCoin may face an uphill battle to gain the popularity level required to reach the critical mass needed to become an internationally accepted payment format. Diar research reveals less than 50% of Facebook users aged 35 or under, while the number of retirees over the age of 65 have more than doubled since 2012. Similarly, baby boomers continued with their historically low demographics against showing an interest in cryptocurrencies.
At this stage, evidence suggests there is little reason to have any faith the group having a sudden change of heart in the near future and start showing enough interest in learning the intricacies involved in transacting via cryptocurrencies. Most instead prefer whiling away their leisure hours at one of their favourite online sportsbook or casino destinations. Alternatively, they tend to hunt for additional online entertainment sources by perusing the extensive lists of vetted online entertainment site at one of the premier online affiliates like Nostrabet.com, known for providing good advice and tips aimed at all levels of player experience.
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To further jab a stick in its wheels, the Diar report speculates a forced adoption may create a barrier in the minds of its ageing member base which may prove difficult for even Facebook to break down. Stating Facebook may need to educate 25% of the global population on the usefulness of cryptocurrency infrastructures which requires private-keyed management as well as the stark reminder of the potential for losing all investments, which may prove insurmountable leading to the projects near instant death.
Forward-looking statistical projections show Facebook offer ever reducing levels of appeal amongst younger generations, with findings based upon data provided by the Pew Research Center the social media giant underperforms having lost its position of dominance in the teen market in comparison to other similar platforms. With less than 50% of American teens active on Facebook in contrast to 85% of teens actively using YouTube.