According to a recent analysis by Coinbase, the biggest cryptocurrency exchange in the United States, consumers missed out on at least $74 billion in savings in 2022 as a result of not switching to blockchain-driven solutions from credit cards for routine transactions. This translates to each home losing out on an average of $600 in savings.
According to the analysis, businesses could have saved an astounding $126 billion if they had processed client transactions using blockchain technology rather than credit cards.
Instead, Coinbase says, they could have paid almost nothing by utilizing blockchain technology. The company emphasized that consumers and retailers are increasingly dissatisfied with the speed and cost of card transactions, as well as their processing fees.
According to Coinbase, at least three out of five Americans desire system changes that make it more affordable, quick, and easily accessible. They cite issues like as payment delays, expensive processing fees, and a lack of a streamlined system to speed up everyday business and customer transactions.
The business also mentioned that Americans who are between the ages of 18 and 40 are more likely to hold cryptocurrency. According to Coinbase, individuals who are inclined towards digital assets find the absence of intermediaries appealing, and they are more inclined to think that cryptocurrency can improve the system’s affordability, speed, and equity.
With Coinbase and Crypto.com providing debit cards to consumers and cryptocurrency exchange Gemini launching a cryptocurrency reward card for enthusiasts, cryptocurrency companies have been vying for consumers who want to switch from traditional credit card issuers in recent years.
Last year, the largest cryptocurrency exchange in the world, Binance, introduced a prepaid crypto Mastercard in Brazil.