A new study from Dutch bank ING entitled “From cash to crypto: the money revolution” shows that general knowledge about cryptocurrencies is still low. The survey of 14,824 people from 15 countries including Europe, Australia and the US reveals that cash is king.
“What we see is that people aren’t looking for cryptocurrencies to replace other monetary forms any time soon. In fact, physical cash, a medium which may have been presumed to be on the way out, retains very high every-day acceptance.
But this isn’t at the expense of a curiosity towards new payment and storage methods, such as digital currencies and cryptocurrencies. A specific type is already aboard the cryptocurrency train.”
People who are more apt to get rid of cash are more likely:
• To be men
• To be in full-time work or study
• To have a higher education
• To have a higher income
• To be young
People who share a positive outlook on the future of cryptocurrencies are generally tech-heads.
“They were more likely to rate newer technologies such as voice, face and fingerprint login as secure. And of those who used multiple devices to manage their money, did so without preference for one over another, trusting a variety of different technologies.”
An index showing the percentage of people with a “positive outlook” on crypto varies widely from country to country.
Generated index of positive attitudes towards cryptocurrencies
Sample size: 12,059
- Turkey 62%
- Romania 44%
- Poland 43%
- USA 31%
- Spain 30%
- Italy 28%
- France 24%
- Czech Republic 24%
- United Kingdom 24%
- Germany 20%
- Australia 18%
- Belgium 16%
- Netherlands 15%
- Luxembourg 15%
- Austria 13%
Despite Facebook’s big push for its digital currency Libra, a whopping 66% of the Europeans surveyed said they would not send money to friends or family using social media.
People rooting for cash are still in the majority. According to the survey, 54% disagree with the statement ‘I would prefer it if cash no longer existed.’
“Only 22% of Europeans and 18% of Americans told us in the survey they would prefer it if cash did not exist. In a 2017 ING International Survey, a slightly larger group of Europeans (34%) and Americans (38%) said they would go completely cashless if they could.
This does not, of course, mean that people prefer cash to newer payment techniques. It means that many would like the option of using cash to remain open. Which could, as more options become available, lead to diversification of payment activities. The choice made based on the nature of the transaction and preference of consumers.”
You can check out the full report here.