Cryptocurrencies can be spent in most stores, most Europeans falsely believe, according to a new ING Bank survey.
Most Europeans believe cryptocurrencies can be spent in most stores, according to the results of a survey conducted by ING Bank and published on Sept. 18.
Crypto can be spent in most stores?
The survey, which has seen 15,000 Europeans from 15 different countries answer questions about crypto, revealed that 51% of the respondents believe cryptocurrencies can be spent in most stores.
Cryptocurrency, of course, is not accepted at most stores unless you are in a “Bitcoin city” like Arnhem, the Netherlands, for example, or somewhere in Japan. Crypto-friendly store map website CoinMap currently shows that there are 15,430 brick-n-mortar locations worldwide where cryptos can be spent.
That being said, 82% of the respondents correctly answered at least one out of five questions. Moreover, four in ten (41%) had high expectations for crypto, while about one in four (23%) had low expectations. Notably, a third (32%) of the people interviewed believe that cryptocurrencies are the future of online spending.
What’s more, over a quarter (27%) say they are open to receiving new cryptocurrency offerings from familiar brands and bodies, noting that they are of the idea that banks should offer current accounts for crypto assets.
Another quarter of respondents (27%) believes that cryptocurrencies are controlled by a central body, while 34% believe that they are not, while 44% do not hold an opinion on the matter.
Finally, the vast majority (63%) of all the interviewed Europeans know that the value of crypto assets is constantly changing and 73% know that cryptocurrency is a type of digital currency.
Knowledge about crypto is limited
The author of the article on the report notes that — while most have heard of cryptocurrencies — knowledge is still limited among the public.
Curiously, he notes that “it was the groups with a lower level of knowledge who tended to be more open to future adoption.”