The latest survey on new technology published Wednesday by Dutch bank, ING notes that a few numbers of European consumers have limited knowledge about the concept of cryptocurrency, with fiat currency still dominating.
Despite the fact that a lot of people can attest to a positive view about the future of digital currencies, the report still suggests that many are curious about its possibilities.
The now seventh ING International Survey noted that 32% accepted cryptocurrencies as the future of online spending, whereas 27% said they are open to welcome new digital currency offerings from brands and familiar entities.
They agreed that banks should provide current accounts in digital currency. However, the report held that cryptos would remain a speculative and volatile investment option at the moment, adding that “local supermarket doesn’t accept Bitcoin for bread.”
While a lesser percentage believe that cryptos are the future of e-money, 82% of European respondents have less knowledge of cryptocurrency. Among this group, 41% had high expectations for cryptos in contrast to 23% with low expectations.
“These findings are consistent with how people say they learn about cryptocurrencies,” the report reads. Most people built their knowledge about cryptocurrencies passively; 33% learned through news outlets and 13% from social media.
Knowledge about the workings of crypto does not necessarily account for positive expectations for them. The interest could be influenced by the local context.
Following this observation, the ‘crypto curious’ aren’t necessarily convinced of the benefits attached to cryptocurrency. It is unlikely we will have the option to choose between fiat currency and digital currency at the checkout anytime soon.
Given that cash still retains high every-day value, there could perhaps, be a diversification of the different payment and investment suppliers we use, if at all we are to move towards the mainstream acceptance of digital currencies.
Understandably, the latest survey published by the ING augments previous findings by Bitpanda that one in five crypto holders in Europe are women.
