The report, “The State of Cryptocurrency: Fairer, Cheaper, Faster Everyday Finance,” written in collaboration with Coinbase, explores the cheaper, faster, and more accessible world of cryptocurrencies that they offer to the world of traditional payments. We focus on three main themes: ease of use.
The report's findings highlight the nation's desire for innovation, with 71% of consumers favoring cheaper transactions, 70% favoring faster processes, and 63% favoring improved access. . The current system's fees, long transaction times, and limited access are particularly pronounced for the unbanked and small businesses, creating barriers to financial mobility and growth.
But blockchain networks offer a stark contrast, processing payments up to 5,000 times cheaper and 432,000 times faster than traditional methods. For example, wire transfers can incur fees of up to $50, but some blockchain networks have optimized their fees to less than $0.01. Additionally, DeFi loan processing is 144 times faster than traditional banking, democratizing access to financial services.
Sentiment for change is strongest among younger generations, with the majority of Gen Z and Millennials ready for a reformed financial framework that emphasizes cost-effectiveness, speed, and easy access.
In summary, the State of Crypto report paints a compelling picture of the tangible benefits that blockchain and cryptocurrencies offer, not only making financial transactions cheaper and faster, but also increasing the possibility of global access. We are proposing a future that makes it possible.
In addition to the aforementioned insights, The Block Research has compiled a supplementary report that digs deeper into the transformative impact of cryptocurrency payments. You can read the report here.
Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
