Bitcoin Is Well Known In Germany - Yet People Are "Scared"!
More than 64% of all people in Germany at least know about the existence of Bitcoin. It might not appear as a very high number at first sight but it´s actually quite a lot compared to some other countries like e.g. Russia or China.
Compared to 2016 the numbers almost doubled after only about 36% of all people had heard about Bitcoin back then. Going back even further the number more than quadrupled since 2013, which is not really surprising given the recent media coverage of the cryptocurrency market, which made it a hot topic around all around the globe.
Despite the fact that so many people know about the existence of Bitcoin there are only 4% actually owning it with the main reason for that being the high volatility in price. It´s actually not too surprising to me as many people in Germany like to play it safe whenever it comes down to money and investing it. But that all being said it might once again highlight the early stage of the market we are still in today.
That being said I don´t believe that we are at the peak of a bubble at all but rather at its very beginning. Just ask your friends and family, whether they own some cryptocurrency and I guess you won´t find too many who actually do. So don´t worry but rather be glad about being one of the early adopters in this new rapidly emerging market.
Bitcoin will conquer the masses sooner rather than later. Especially now that the technology got more advanced once again through the successful implementation of the lightning network.
Do You Agree with me?
(Source - edigitalbusiness.com)
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I think everyone with a computer and internet connection, who doesn't live under a rock, has heard of bitcoin at least once by now, but getting people comfortable with this new paradigm shift will take many more years.
Germans are still afraid of credit cards and therefore even more afraid of cryptos
Yeah that's actually true xD I'm germam and as I lived in Asia for some time it's really annoying to always have some cash with you in germany...
I agree 1000% @steembusiness.
There are so few who I talk to who even know about crypto...and even fewer, but a huge margin, that own some.
I would say the 4% figure is high based upon people I talked to. I think if I asked 100 people maybe two would have bought some crypto...I might see a 4% response rate if people were able to earn some but I am not sure.
So based upon that, yes there is a ton of room to grow. The gold market is a rather niche market in the investment world and yet we see that worth $8.5 trillion....crypto right not is about $.5T...1/17th the size of the gold market.
Yeah 4% is actually a good number compared to the overall figure worldwide.
Like you say the crypto market is tiny compared to gold but it'll grow beyond it one day as it got some real use cases hidden in its assets. I mean just think ehat you can do with crypto and what you can do with gold ;)
An exceptional point. I didnt give it that much thought but it is true. Many debate the viability of BTC as currency for payments...but there is no doubt that large dollar value transactions, like a company payroll, can easily be handled by even BTC. Try doing that with gold. And it is still faster and less expensive than what the banks charge.
So even though it isnt all worked out, there is the currency, transactional market which is enormous. Gold does not take any of this.
Damn I might have to buy more crypto....I dont have enough. 😀
The take on each nation is interesting. By contrast in Ireland, we are very much embracing it, and the cost south of Dublin is becoming a crypto hub of sorts. Or at least aiming to be.
Then again, with Intel and the like having been encouraged to setup on the west coast, Ireland is comfortable with establishing new sectors of business.
What I like about crypto in Ireland is this is just happening organically, not through gov grants. Its just Irish people embracing a great technology.
Too many people sitting on the fence atm due to all the negative press.
The same thing is happening in germany as well but it's still a minority of people getting active in the cryptospace. But let's see how that'll be 3 years from now ;)
https://www.cryptocoast.org/
Why are they scared to own? For anyone to be successful, you have to take risk. Anyways I agreed with you and I'm happy to one of the early adopters in this new rapidly emerging market.
Just like many people they are scared to invest into the market as they could loose 50% of their money within a day. Many are just not willing to take such a high risk yet while still not knowing a lot about Bitcoin after all.
Just look how many people won't even invest in stocks /ETF and because it's too volatile.
Most try not to lose anything before thinking about how to make a profit.
I can understand them as well though. Many don't earn a lot and have to make sure that they have enough money to care for their family. Playing it safe isn't wrong after all.
I like your work dear
You and analyst @salahuddin2004 are two top analysts of cryptoworld.
Same problem everywhere I think... except Asian countries lol.
Even in the Asian countries it's still a minority that actually invests in cryptos while Korea and Japan might be the exception here eventually.
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It's a matter of understanding the technology, having a hard time to purchase for the early majority and the fear of losing your investment due to volatility as well as all the FUD traditional monetary industry is sending out.
Germany is no different than most of the countries except the knowledge of the currency by many people so far and also the struggling when they remember the hyperinflation the country suffered after losing the first world war and not being able to pay for the depth having the german mark not tied to the gold.
Even though that is kind of far away for all living germans, it happened only at the begginnign of the XX'th century and I am sure all germans remember that period from their history classes.
very useful sharing
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your analysis seems correct but still things are like what is legal and what is not and here people hesitates. lets wait for some time and see where crypto currency ends. :)
I'm not afraid of bitcoin... i love it and i'm in it! ;-)
+best wishes from germany to all crypto addicts all around the world!