Bitcoin – an efficient yet niche payment solution?

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Despite German experts’ cynicism about the sustainability of Bitcoin in the business environment, there is at least one industry where it retains full utility.

According to a survey undertaken by the researchers of the German Association for Information Technology, Telecommunications and New Media (Bitkom) in July 2015, the CEOs and managing directors of country’s major financial establishments are rather critical of Bitcoin’s capabilities and doubtful about its full-scale application in the financial sector.

Overall, there were over 100 top management staff members surveyed, with over 90% of them expressing their confidence in BTC and altcoins usage being very limited within the next decade. At the same time, 3% of those asked had no doubts Bitcoin as such will fall into oblivion in less than ten years, while there were still about two percent of the respondents who stated they believe in the virtual currency becoming a widely used payment solution in the foreseeable future.

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Based on the findings of another research conducted by Bitkon in Germany in early 2015, more than third of the consumers in the domestic market (of which 53% are aged 14 to 29) had interest in buying bitcoins.

The website Bitcasino.de informs that despite the crypto currency being less likely to become a mainstream payment method in other business areas, BTC is increasingly popular with virtual gamblers who find its efficiency, especially in terms of transaction speed and payment anonymity, greatly appealing. With real-money payments that used to dominate in online gambling before bitcoins were introduced, such features would have remained just a players’ dream. As a result, the desire of gamblers to enjoy the full range of the advantages coming with this new digital tech, Bitcoin gambling is on the way to becoming an entertainment industry of its own.

Author Bio

Milton Ferrara

Milton Ferrara is a professional blogger and writer with an experience of half a decade. Known for his amazing take on conventional matters and his boldness for writing new fresh content, he has a strong presence on the web.

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