What comes after cash? As part of the ‘HalbwissenAddieren - Wissenschaft trifft Wirklichkeit’ event series, experts shed light on the role of cryptocurrencies in the current financial system. Prof. Dr. Volker Lohweg, board member of the Institute Industrial IT (inIT) at TH OWL, discussed the technical and social aspects of digital currencies.
The event explored the history and future of money
On 9 April 2025, the Innovation Campus Lemgo hosted the event ‘Crypto is king or cash forever? From the love of money’ took place. It was organised by the Institute for Science Dialogue (IWD) at TH OWL as part of the series ‘HalbwissenAddieren - Wissenschaft trifft Wirklichkeit’. After a welcoming address by Prof. Dr. Stefan Witte, Vice President for Research and Transfer at TH OWL and inIT board member, Prof. Dr. Josef Löffl (IWD) introduced the topic with a historical review of various forms of currency. René Wuttig, owner of the Crypto School Bielefeld, then gave an overview of the basics of cryptocurrencies.
Opportunities and risks of cryptocurrencies
During the subsequent panel discussion, Prof. Dr. Volker Lohweg categorised cryptocurrencies as a technological development that has limited currency characteristics. ‘Strictly speaking, bitcoins and comparable payment methods are not currencies - but a means of payment.’ Real currencies require state-established security controls, which are not in place for Bitcoin and similar cryptocurrencies. Instead, they are volatile objects of speculation, subject to considerable price fluctuations.
In politically stable regions such as Germany and Central Europe, there is little demand for digital alternatives as people have a high level of trust in state-regulated currencies. Nevertheless, payment behaviour is changing here too, shifting from cash to credit cards and app-based solutions. The digital euro is already being discussed as a regulated alternative to Bitcoin and comparable technologies.
Prof. Dr. Volker Lohweg also pointed out tthe potential risks associated with digital payment methods, such as technical dependencies, which have recently become apparent during power outages and natural disasters. As a form of investment, Prof. Dr. Volker Lohweg sees cryptocurrencies more as a speculative counterpart to precious metals such as gold or silver.
Perspectives from psychology and practice
Prof. Dr. Michael Minge, innovation psychologist at the TH OWL, explained people's emotional attachment to money and its influence on the acceptance of new means of payment. Dajana Dopatka, owner of the photo studio ‘Dein Moment’, reported on her practical experience with the acceptance of Bitcoin as a means of payment in her company. She sees cryptocurrencies as an opportunity for regions where access to traditional banking services is limited.
The ‘HalbwissenAddieren - Wissenschaft trifft Wirklichkeit’ event series is jointly organised by the transfer funding department at TH OWL, the Institute for Science Dialogue (IWD) and the TRiNNOVATION OWL project. It is funded by the Federal Ministry of Education and Research as part of the federal-state initiative 'Innovative University'.
Prof. Dr. Volker Lohweg and Prof. Dr. Michael Minge provide further insights on the topic in an interview with the Lippische Landes-Zeitung.