German Survey Participants Say Bitcoin Is Heading in the Right Direction

August 17, 2016 08:54 UTC

A recent survey has found that a high percentage of German participants have heard of the digital currency, bitcoin while 80 percent have stated that they know what it is or have used it in the past.

A survey by BearPointStudy has found that digital currency payment methods are on the rise in Germany. According to the results, 72 percent of respondents indicated that they have heard of bitcoin as a payment method while 80 percent stated that they know what it is or have utilized it before. PayCoins and BitShares are also doing well in the country too.

Other Payment Methods Still Ahead

Of course, while bitcoin is clearly on the rise in bitcoin other payment methods still dominate the market.

The survey found that mobile payments, which account for 13 percent, are still ahead and used significantly more in Germany compared to bitcoin. Online bank transfers account for 84 percent and PayPal is 77 percent.

However, while bitcoin is still behind other payment methods 5 percent can be considered a decent market share for the digital currency. According to BearPointStudy, they believe the spread of bitcoin use will quickly rise.

This feeling is shared by the respondents of the survey. Accordingly, while 43 percent said that further development was needed, 52 percent stated that they would use bitcoin in the future.

Germany Ahead with Bitcoin Development

Over the years Germany has come across as a country unafraid of embracing the unknown, and that’s certainly the case when it comes to bitcoin

In 2014, CCN reported that Germany had become the first country in the world to recognize bitcoin as a currency.

Since then Germany has witnessed cities such as Berlin and Munich become hubs for bitcoin startups, it has helped fund a bitcoin financial crime research project with Austria, and it has collaborated with Canada which saw the two countries undertake a Ripple blockchain payment that took around 20 seconds.

As the country continues to embrace the use of bitcoin and its underlying technology, blockchain, it could eventually end up becoming known as the centre of bitcoin developments.

Featured image from Shutterstock.

Last modified: August 17, 2016 08:56 UTC

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