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Bitcoin is Becoming Digital Gold in Germany

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Bitcoin investors are becoming apprehensive about the supposed ‘crackdown’ on Bitcoin in China. The apprehensions are justified if you consider the fact that China currently accounts for about 80 of volume transactions globally. However, while the whole world remains fixated on increasing regulation for Bitcoin use in China, other countries are rising up to the occasion to provide an enabling environment for Bitcoin to thrive.

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Today, my attention is on Germany as Bitcoin starts to build up momentum for mainstream adoption in the country. A popular TV channel in Germany, Das Erste, has aired a full feature broadcast television show on the growing adoption of Bitcoin in the country.  The video commentary runs in German but it features a mix of German and English speakers, you can also translate the summary and comments in-browser with Chrome

Meet Germany’s digital gold

Das Erste says Bitcoin can be regarded as digital gold in Germany and the name is apt.  To start with, the digital currency has doubled its value relative to the Euro in the last one year – in contrast, gold has not been able to record such massive gains in the same period.

The video starts by showing the level of Bitcoin adoption in Germany with people using the cryptocurrency to pay for everyday items. You can see some people using Bitcoin to buy coffee, making withdrawals from the ATM, and sending money to others through the cryptocurrency.

The video goes on to include a feature report on Martijn Wismijer, one of the pioneer Bitcoin adopters known for having a Bitcoin wallet chip implant in his hand. In Martin’s words,” I’ve had a chip implant since 2014. You can hardly see it, but here is the antenna, next to the chip. If I want to buy, I just keep my hand at the checkout or the machine over there.”

Bitcoin Wallet chip implants are the futuristic forebears of how well Bitcooin can ingrain itself into the global economy. In fact, Martin goes on to show how the use of Bitcoin use transcends digital transactions by using his Bitcoin wallet chip implat to order a Red Bull from a vending machine.

The adoption of Bitcoin is taking off in Europe

Germans are starting to recognize the possibilities that Bitcoin might offer as an alternative global currency. The fact that you don’t need the services of a bank to conduct Bitcoin transactions with people locally or in other parts of the world is one of the factors driving the adoption of Bitcoin in the country. The low transaction costs and the relative privacy are also driving up interest in the use of Bitcoin.

The adoption of Bitcoin is also taking off in Iceland as the video features Marco Streng, CEO of the firm Genesis Mining in Iceland.  Streng provided some insights on Bitcoin mining in Iceland and he notes that his company’s mining activities is “over 10,000 graphics cards, which is more than the largest supercomputer in the world.”

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