The majority considers the purchase risky: consumers have doubts about the cyber money

economy

Sunday 04 November 2018

A year ago, the call to cryptocurrency was in full swing. Now, he has become calm around Bitcoin and Co. And skepticism reigns among German consumers. But some still tease the cyber money – mostly for a reason.

The majority of German consumers are skeptical of digital currencies such as Bitcoin despite past hype. This results from a survey of consumer centers in Hesse and Saxony. Thus, 77% of respondents who know cryptocurrency can not imagine an investment. 70% think it's rather risky or very risky.

For every tenth, a purchase is an option, another eleven percent are undecided. The greatest willingness to invest concerns 18 to 29 year olds – that's almost one in three.

About 1,000 Internet users were interviewed. A good half said they knew cryptocurrencies. The most important argument for an acquisition is that more than a quarter of potential buyers have called for speculation and high profits. In fact, digital currencies have only made rapid gains in the past, but this year has been marked by a sharp decline.

"The money of the future"? Skepticism prevails

The badessment that Bitcoin and similar cybercoins are "the money of the future", revealed only 17% of respondents. Even with crypto-currencies as a means of payment, the information goes beyond skepticism. "In addition, we are currently accepting some crypto-currency vendors as a means of payment." Whether it is a marginal phenomenon or a genuine alternative payment for consumers, remains fully open, "said Kerstin Schultz, market surveillance manager at Consumer Consumer Finance, Central Saxony.

The most well-known digital currency, Bitcoin, has been in circulation since 2009. It allows largely anonymous payments, operates independently of governments or banks, and is mainly used for Internet payments. In the meantime, there are also many other crypto-currencies.

Consumer advocates warn of fraud

However, consumer advocates also warn of dubious providers of Bitcoin and Co., who are trying to attract more and more young investors into social media. "They seem to be attracting younger consumers, for example, with a promising investment around new cryptographic currencies," said Wolf Brandes of the Hesse Consumer Protection Center. Prohibited pyramid offers are often stuck behind offers, "where the money invested is simply gone in the end and the provider is no longer available".

Even in the case of serious offers, investors should be aware of the risks badociated with strong fluctuations, warn consumer advocates. "Investors need to know: Cryptographic currencies are a gray market," said Brandes, head of financial market supervision at Consumer Hesse. "There is no regulation and investor protection."

Source: n-tv.de