Bitcoin Adoption in Germany

Germany is a Western European country with a landscape of forests, rivers, mountain ranges and beaches on the North Sea. Known for delicious food such as Bratwurst, Eisbein and Sauerkraut as well as glorious German Beer and the annual jolly Oktoberfest in Munich where hopefully you will be wearing your lederhosen too!  Germany is also known for the automotive industry, with prestige brands such as Mercedes Benz and BMW.

Germany, which is Europe’s largest economy, grew by 1,9% in 2016 making this the fastest pace in five years and the growth momentum is expected to continue in 2017 due to increased state and private spending.  Read more on how the German Economy got a  had start in Year of Political Turmoil as well as the upcoming German Elections. 

Interesting to note, Japan and Germany are tied for the world’s oldest countries, with median ages of 46.1. and Germany’s declining birth rate is not doing much to help with this statistic.

Germans digital devices of choice are smart phones with a 74% penetration reported in January 2016, and growing.  Germans are also embracing The Internet of Things.

Germany embraced the use of Bitcoin in the early stages and has been recognized by the German Finance Ministry as a “unit of account”, meaning it is can be used for trading purposes in the country. Finanzen.net, Germany’s Largest Financial News platform lists Bitcoin as major currency.

One of Germany’s oldest and most well known publicly owned television channels Das Erste recently aired a full featured news report on bitcoin, referring to the cryptocurrency as “digital gold.”

Enercity, the German energy giant accepts Bitcoin for utility bills which furthers Bitcoin adoption. Customers can pay with Bitcoin by setting up a wallet with either Enercity’s payment processing partner PEY GmbH (a partner of BitPay) or any other functional bitcoin wallet service provider.

Berlin, Germany’s capital, is a hot spot for innovation and start up companies who are prospering in this vibrant city and community.

Peer to Peer lending is becoming very popular and BitBond is a one such platform for Bitcoin users and is based in Berlin, Germany.  Bitcoin loans with BitBond can have a duration between 6 weeks and 5 years.

There are a number of Berlin based startups using Blockchain technology to take a look at.  A successful startupBitwalaoffers money transfers via blockchain and customers can transfer money to other countries within hours.  Bitwala introduced Altcoins but later decided to only focus on Bitcoin as nobody used the Altcoin service.

Vaultoro is a trading platform for gold and bitcoins and has been selected as one of eight startups for the 2017 Techstars Berlin program.

BlockchainHub is a network of decentralised hubs that act autonomously, but share the same vision and goals. BlockchainHub started as a Berlin based Hub in 2015 and has expanded into different cities sharing resources, however, each Hub maintaining independence.

All4btc allows you to pay with Bitcoins on platforms like Amazon and eBay.

FinTech is booming in Germany, here are the Top Ten FinTech companies that made it onto the European Fintech Top 100 list.  Berlin bids to replace London as post-Brexit Fintech capital.

Interesting to note, Mercedes Benz maker Daimler bought a Bitcoin business – they acquired PayCash in as part of its mobility and digitization strategy

Regular meetups to discuss Bitcoin, Blockchain technology and Ethereum are held – Blockchain Meetup link or find a meetup of your interest.

Buy Bitcoin via various global exchanges or by using LocalBitcoins to find a seller of buyer close to you.

As FinTech is gaining traction in Germany, find out exactly what FinTech is by watching this short explainer video.

Germany is a must visit for Bitcoin Believers!

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