Europeans Not Quite Convinced On Crypto Future

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A new poll shows that just 32% of Europeans believe that cryptocurrency is “the future” of online spending.

The survey, conducted by ING Bank, asked 15,000 Europeans questions about cryptocurrency. Apparently, a lack of information was common among those surveyed, with over half saying cryptocurrencies can already be spent at most stores.

Misunderstandings About Crypto Persist

About 27% of the people polled believe that cryptos are controlled by a central body.

A majority of people have high hopes for cryptocurrency in the future, while only 21% have low expectations.

27% of people surveyed said they’re open to the idea of accepting a new cryptocurrency offering from a brand they already knew. They also said banks should be offering cryptocurrency products – a notion that doesn’t necessarily mesh well with the “be your own bank” ethics of the Bitcoin world.

A lack of good information about cryptocurrencies may be a serious barrier to mass adoption, as polls like this make evident.

Even when Bitcoin is in the mainstream news everyday, people need to educate themselves as to what it is and what it can do for them. Ten years after its creation, it’s still rare to see a brick and mortar store that will accept Bitcoin, yet more than half of the people asked believed it was commonly used. A

As ING writes, in part:

“While most of us now know something about cryptocurrencies, many of the details are still a little sketchy. We aren’t clamouring to understand the details of how cryptocurrencies work, or even what they are.”

Turkey Loves Crypto

Of the countries surveyed, cryptocurrency has the most positive feelings in Turkey.

Turkish people were about twice as likely as Americans to have a positive view of cryptocurrencies, while Austrians were the least likely. Only about 13% of Austrians had a positive view of cryptocurrency, while over 60% of Turks did.

One of the most interesting outcomes of the survey was the question of a cashless society. Over 50% of all Europeans – out of a massive sampling – “would prefer that cash no longer exists.” Interestingly, over 70% of Austrians said they would prefer cash to cease existing.

As cash is increasingly phased out in modern countries around the world, Bitcoin and other cryptocurrencies get a chance to take center stage as alternative payment networks.

If nothing else, mobile payment solutions like Apple Pay could get people warmed up to the idea of paying with a mobile device, rather than cash or a card, which means that the user experience of cryptocurrency could already be normalized.