According to survey conducted by the centre for European economic research(ZEW), it was predicted that cryptocurrencies will not serve as an option for payment in Germany by 2020.
Before the survey was conducted, the research institute brought together up to 300 experts from banks, insurance, companies and finance departments so as to make the survey exercise a succes without interference.
Some people were asked to say what they think would happen in the crypto world by 2020, most of them are still skeptical about the whole scenario. Only 13% could imagine a general cryptocurrency payment option in 2020.
23% suggested that it would be used to pay for digital products like music while only 6% of the respondents suggested that crypto will be an accepted instrument of payment in the future(by 2020), specifically, for buying cars in Germany.
The results for the survey carried out in Germany was presented by ZEW scientist, Dr. Dominik Rehse as thus:
“One explanation for our findings could be the expectation that conventional payment methods already largely satisfy the requirements of market participants, while cryptocurrencies – even by the end of 2020 – are seen as still being too technically complex for everyday use or involving excessively high transaction costs”.
The use of crypto as a payment method seems to remain a marginal phenomenon despite the fact that it has massive boom over the years. However, the CEO of western union said in speech at the economic club of New York that customers still prefer fiat ove digital currency, as a result, they won’t be offering any crypto transfer option to their global money transfer service in the foreseeable future.