Why digital currencies do not work in Germany

9. November 2018

„Digital currencies don’t work“ – a daring thesis. But I think I’ve had enough examples in recent years that confirm this – not just on the Bitcoin level, but much deeper down. Of course, it’s all a matter of time – but it might take a long time for that to happen in Germany.

Digital currencies challenge Bitcoin profit

Even if I don’t want to deepen the definitional assumptions behind Bitcoin profit technologies here, it should be said that not only the users of a technology make demands on them, but also technologies often require a rethinking of people like this: https://www.geldplus.net/en/bitcoin-trader-review/. This sounds paradoxical, as we actually use them to simplify our lives. That may be true, but especially when a technology is influential, revolutionary or „disruptive“, it changes concepts and habits that we have become accustomed to throughout our lives. This was the case with the first railway, which was feared to cause dizziness and drive people crazy.

Why German Digital Currencies Rather Avoid
In my opinion, one particular aspect to which all other aspects can be traced is the fear of losing. I believe that German culture is particularly risk-averse. It tries to avoid most of the risks by „staying with the old“. Since I believe that we try to avoid risks, we are not particularly open to change. That’s the first effect that makes digital currencies in Germany difficult.

Secondly, in the specific case of digital currencies there is one element missing – also based on fear – that people like to rely on: A responsible person. After all, there is no such person. If we bring our money to the bank, the bank is our scapegoat – for negative interest rates, unfair fees and, in the event of damage, for the loss of money. Whatever happens – it couldn’t possibly be our fault.

It is obvious that this mindset does not only not fit to digital currencies, but even contradicts them completely: Because crypto currencies (which I use synonymously to digital currencies in this column, by the way) are characterized for me not only by the fact that they are digital, but above all by the fact that responsibilities are shifted. The user is the owner and ruler of his private key – the only object granting him access to his assets.

Risk refusal not to be confused with ignorance by crypto trader

The fact that the USA is known for innovations in the crypto trader sector and rapid acceptance of new crypto trader technologies, and that Germany has to take a back seat on this point, is by no means solely due to a lack of intelligence to understand the new technologies. I deliberately say „only“ because the mistakes of the German school system, which are almost completely ignored by technological developments of our time, certainly also contribute to this result.

In my view, however, much more important than mere understanding itself is openness to the technologies. It cannot be said, therefore, that we are fundamentally more ignorant and that the acceptance of new technologies by the population therefore fails – it is much more our cultural background that determines the attitude with which we approach technology – and thus also how receptive we are to it.

Whether it is „better“ or „worse“ to be more open or more reserved towards new technologies is ultimately up to each individual.