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Bitcoin Can Learn These Key Lessons from Cash

Cash may be a dinosaur, and although Deutsche Bank thinks that notes and coins’ extinction is still a way off, its newest report has provided the cryptosphere with an excellent insight into why cash is still in such rude health – and why so many still choose it over other methods of payment (however, less and less as a recent survey showed).
And by learning some key lessons from cash, the crypto industry could make a few important changes – and attract more adherents.
In its study, the bank conducted a survey of 3,600 customers across the United States, the UK, China, Germany, France and Italy. The German bank discovered that a third of respondents in developed countries – regardless of nation, gender and age – said cash was their favorite payment method, while more than half believe it will never die out.
There are some key demographic differences, however. In the UK, 18-34 year olds are the least keen on cash. In Germany, France, the USA and China, 35-54 year olds dislike cash the most, while in Italy, those aged 55+ showed the most distain for coins and notes.
On average, respondents said they carry up to USD 50 in cash with them.
Some of the reasons why so many people prefer cash to the alternatives may prove surprising.
The majority of German respondents said they found it easier to keep track of their spending when they used notes and coins, with half of the respondents agreeing with this sentiment in the United States and China.
A similar number of respondents (around 40%) in most countries except China think that cash an easier way to pay.
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In fact, the Chinese seem quite anti-all things cash-related: Only 15% said they found cash convenient, unlike German respondents, who agreed most with the notion that cash is accepted almost everywhere.
The Chinese are also the least likely to trust the security of cash, with cash confidence a low 20%. The anonymity provided by cash transactions is of the lowest importance in China, and Chinese are also least likely to choose cash to avoid suffering cyber-attacks on their savings.
All of this, one might think, could bode well for the nation’s impending digital yuan launch.
And also interestingly, German respondents were the most interested in the anonymity features of cash dealings.
One plus for American crypto advocates, however, came when respondents were asked how reluctant they were to give up cash. Only 9% of Americans said they would like cash to stay around no matter what, followed by 17% of Chinese respondents.
The number was much higher in other countries, and hit the 48% mark in Germany.
Most people stated that they had no issue with using plastic cards, and very few responded that they did not know how to use a smartphone. A large number of non-card users hail from China and Italy, and while the majority non-smartphone users come from China and France.
Only 9% of all respondents said that the places where they usually spend money do not accept credit cards or e-pay are also low in all countries, although in China 12-17% of respondents chose this as the main reason they prefer to carry cash.
Which, if any, of the following are the main reasons for cash being your most preferred payment method?