Two thirds of Germans know Bitcoin

Currently, around two-thirds (64 percent) say that they have already heard of Bitcoin. In 2016, the share was only 36 percent, and in 2013 only 14 percent.

This is the result of a representative survey of 1009 German citizens aged 14 and over commissioned by the digital association Bitkom. At the same time, 19 percent say they can imagine acquiring and using Bitcoins, while the proportion of those who have already done so is significantly lower at 4 percent.

However, the vast majority (72 percent) say they are not interested in using Bitcoins.

Change through blockchain

"Bitcoins and other cryptocurrencies are a good example of how digitalization can change the financial industry. It's not so much about the individual currency itself, but about the blockchain technology behind it. It will have an impact on the entire economy"

says Bitkom Chief Executive Bernhard Rohleder.

"Currently, cryptocurrencies are actually only of interest to a very small group of users, and quick speculative profits should only be bet on by those who enjoy the game and can easily cope with a total loss."

Those who can imagine using Bitcoins cite curiosity as the main reason for simply trying out this new type of currency (53 percent).

In addition, dissatisfaction with the monetary policy of central banks and the search for alternative currencies (37 percent) also play a role, as does the desire to pay for something on the Internet with Bitcoins (31 percent).

Only 6 percent say they hope for price gains when buying Bitcoin in order to increase the money they have invested. And 3 percent believe that digital money is simply part of modern society.

"In the future, cryptocurrencies will enable microtransactions on the Internet of Things. Then, for example, the electric car can be charged during the short wait at the traffic lights and the fee for this can be automatically agreed and paid between the vehicle and the charging point without the driver having to deal with it"

says Rohleder.

Those who do not want to use Bitcoins say the most important reason is that they are simply not interested in the subject (63 percent of respondents).

What is the use of Bitcoins?

In each case, 4 in 10 say they are afraid of bitcoins losing value (44 percent) or do not know what to use bitcoins for in the first place (41 percent). One in four from this group (26 percent) complain that it is too complicated to acquire Bitcoins.

Bitcoin cannot simply be ordered from the bank like a security, but you need access to a so-called crypto exchange. One in five people are afraid that their Bitcoins could be stolen (21 percent) or simply do not know how and where they can buy Bitcoins (19 percent).