It should come as no surprise to find out a lot of people have heard of Bitcoin by now, even though very few consumers have used the cryptocurrency so far. A new German Consumer Payment Study shows 1% of participants have ever used Bitcoin, which is a disappointing number.
Although these types of studies do not paint the complete picture of consumerism in Germany, there are some telling signs regarding Bitcoin adoption in the country to be found. Considering how there are so many different payment options available in the country, it should come as no surprise to know Bitcoin is not all that popular in Germany right now.
To be more precise, the study shows how only 1% of participants knows what Bitcoin is, and have used the cryptocurrency in the past. While this is a rather low number, there is nothing to worry about just yet, as only 26% of respondents indicated they had never heard of Bitcoin before they were shown a video on what it is all about.
What is rather surprising, however, is how a significant portion – 44% – of participants indicated they know what Bitcoin is, but have not used it yet. This is a promising sign for cryptocurrency adoption in the country over the coming years, as there seem to be educational efforts taking place to promote the benefits of Bitcoin in general. However, 29% indicated they heard of it but are uncertain as to what Bitcoin is or does.
Another interesting piece of information comes in the form of how people seem likely to use Bitcoin in the next year. Especially the ones who haven’t used it yet, 12% seems willing to give Bitcoin a try in the next 12 months. If this were to be the case, Bitcoin adoption in Germany would get a significant boost.
If there is one thing to take away from this survey, it is how it is difficult to get a complete grasp of how people feel about Bitcoin in Germany. However, there seems to be a growing awareness of cryptocurrency in general, which can only be seen as a positive trend. But there is still a long way to go before mainstream adoption will be achieved in this country, as well as the rest of the world.
Whether this is due to a lack of educational efforts, or not making Bitcoin accessible enough for general consumers, remains a big mystery for now. One thing is for sure, though: both types of solutions are direly needed. With a healthy portion of participants indicating their knowledge on Bitcoin, new ways have to be found to get cryptocurrency into the hands of these people in a convenient manner.
What are your thoughts on this German consumer study? Would you expect to see similar statistics in your country? Let us know in the comments below!
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