Cash can be a dinosaur, and even though Deutsche Bank thinks extinction of notes and coins is still the way out, its latest report offers cryptocurrencies an excellent insight into why money stays in such dire health – and why many still prefer it? This is remuneration compared to other payment methods (though less and less, as a recent study has shown).
And with a few key lessons in monetization, the crypto industry can make significant changes – and attract more followers.
In its study, the bank surveyed 3,600 customers in the United States, United Kingdom, China, Germany, France and Italy. The German Bank found that a third of developed countries – regardless of nation, gender and age – say money is their favorite method of payment, with more than half believing it will never run out.
However, there are significant demographic differences. In the UK, children aged 18-34 require minimal money. In Germany, France, the US and China, 35-54 year olds do not like money the most, while in Italy 55+ people suffer the most with coins and notes.
On average, respondents reported having $ 50 in cash with them.
Some of the reasons why so many people prefer a cash alternative may be surprising.
Most German respondents said they found it easier to control their spending when using notes and coins, with half of the respondents agreeing with the mood in the United States and China.
A similar number (about 40%) of respondents in most countries, except China, find it easier to pay.
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