Cryptocurrency has come a long way in the last ten years. Since an unknown individual published the Bitcoin white paper and introduced us to a convenient, fast and cheap method of peer-to-peer payment, more of us have been recruited to this financial revolution. Today, more and more of us now own a secure Luno Bitcoin Wallet, frequent trading platforms with the aim of getting wealthier and make global payments effortlessly.
Europe has been one of the stomping grounds for Bitcoin with so many people adopting its concept and using it regularly. So, how are things going to play out in Europe? What lies in the future for Bitcoin in Europe? These are the questions we will be answering here by looking at European’s attitudes, Bitcoin intentions, planned uses and pending EU regulations.
European Attitudes Towards Bitcoin Longevity
One way of understanding the future of Bitcoin in Europe is by understanding attitudes towards it. After all, it is the people that decide if a cryptocurrency will be successful or just stick around. The good news for Bitcoin is that research suggests it is in Europe for the long haul.
After a survey of 10,000 Europeans spanning different countries, the overall result suggests that Europeans believed Bitcoin – unlike some other digital coins – have a strong future in Europe. A majority of 63% of respondents claimed that they believed Bitcoin will still be operating in a decade from now. The citizens of Europe that believed in Bitcoin the most came from Norway, Italy, The Netherlands, Poland and Spain – highlighting a good mix of northern and southern European countries believe in Bitcoin’s future.
These results are significant because of the relative youth of Bitcoin. With just over ten years to its name, attitudes that strongly favour it to be around for another ten is nothing short of an achievement.
The ING Crypto Study
This study mentioned above was not the only study that was promising for Bitcoin in Europe. International bank, ING, has also conducted a study looking into the relationship between Bitcoin and Europe with promising results.
The results stated that two-thirds of Europeans are already familiar with Bitcoin and its workings and 9% of all respondents declared that they already own Bitcoin. Yet, one of the most interesting results to come from the study regarded European’s plans for Bitcoin. Around one-quarter of all Europeans taking part in the study stated they are planning to buy Bitcoin. Even if half of those who stated this would go on to actually invest in or buy Bitcoin, it would more than double the number of Europeans surveyed owning Bitcoin.
These results indicate that bitcoin ownership in Europe will continue to grow and may be a reason why so many Europeans believe it will still be around over the next years. The chances of Bitcoin ownership growing among Europeans is even more likely when you start to uncover how the opportunities to use Bitcoin in Europe is also increasing.
Bitcoin’s Growing European Usage
It’s not just Canada setting the trend for Bitcoin acceptance with their Bitcoin buckets of chicken and Bitcoin home tax payments. Europe is also getting on board with these opportunities. European businesses from Fintech startups to international and established brands are now accepting Bitcoin as a means of payment. This means the exposure of Bitcoin is growing among the general public and giving them more reasons to choose to equip their finances with Bitcoin. Here is a rundown of some of the most forward-thinking European countries when it comes to Bitcoin and crypto:
- Malta – appealing tax laws and the new home of Binance, Malta is making it easy for local businesses to operate with crypto and in particular, Bitcoin.
- Switzerland – sometimes dubbed as crypto valley, Switzerland has given Bitcoin a warm welcome and even made it possible for some utility bills to be paid with Bitcoin.
- Germany – although the relationship between crypto and Germany has been a little more turbulent, Berlin has also been named as a Bitcoin haven by the UK tabloids.
It is also worth noting that fintech companies are working alongside smaller businesses to help them accept Bitcoin in Europe. One such example comes from Cyclebit in Spain. In partnership with coffee shops, they may just be reshaping how the Spanish citizens pay for coffee on their way to work.
These three countries and the likes of Cyclebit may be doing exceptionally well at integrating crypto use into their society, with many businesses and consumers benefiting, but more work can be done. This is the next step that all EU countries are preparing for as the EU looks for a regulatory framework for all crypto, including Bitcoin.
Bitcoin Regulations in Europe
That’s exactly the process that is underway at the moment. Some EU countries have already started making tax laws and regulations for crypto already, but these cut-and-paste laws don’t always cut it. The EU’s designated team is charged with the responsibility of coming up with laws that work for everyone and promote Bitcoin use, like the ones recently devised in France.
Crypto enthusiasts may not be thrilled with the thought of the decentralised nature of Bitcoin having a few more ties with higher authorities, but when people don’t use crypto out of fear of losing their savings or being scammed, regulation and protection for citizens could well promote Bitcoin’s use in Europe even further.
To conclude on the studies and discussion above, the future of Bitcoin in Europe is extremely promising. Citizens appear to be engaged with the crypto world and believe in its potential; businesses are starting to use it more within their operations, because they can; and pending EU regulations may be the answer to the doubters or worriers who have been putting off investing in Bitcoin. The next years may just be the start of the real Bitcoin revolution in Europe.