The State of Crypto: Fairer, Cheaper, Faster Everyday Finance
“The State of Crypto: Fairer, Cheaper, Faster Everyday Finance”, a report created in partnership with Coinbase, highlights three key advantages that crypto brings to the traditional payments industry: affordability, speed, and accessibility.
Cheaper Transactions
The report reveals that 71% of consumers are seeking cheaper transactions. The current system’s fees pose a significant challenge for underbanked individuals and small businesses. However, blockchain networks offer a stark contrast by processing payments up to 5,000 times cheaper than conventional methods. For example, while wire payments can cost up to $50, some blockchain networks charge less than $0.01.
Faster Processes
Speed is another crucial factor for consumers, with 70% expressing a desire for quicker transaction processes. Blockchain networks outperform traditional methods by processing payments 432,000 times faster. Additionally, DeFi loan processing is 144 times faster than traditional banking, providing greater access to financial services.
Improved Access
Accessibility is a significant concern among consumers, with 63% advocating for improved access to financial services. The current system’s restricted accessibility creates barriers for underbanked demographics and hinders financial mobility and growth. However, blockchain technology democratizes access by enabling global accessibility to financial transactions.
A Shift in Financial Framework
Youthful generations, such as Gen Z and Millennials, are particularly receptive to embracing a reformed financial framework that prioritizes cost-effectiveness, speed, and straightforward access. The sentiment for change is strong among these demographics.
Hot Take: Embracing the Benefits of Crypto
The State of Crypto report presents a compelling vision of the advantages provided by blockchain and crypto. It envisions a future where financial transactions are not only cheaper and faster but also enable global accessibility. With the transformative impact of crypto payments becoming increasingly evident, it is clear that a new era of everyday finance is on the horizon.
In addition to the insights mentioned above, The Block Research has prepared a supplementary report that delves deeper into the transformative impact of crypto payments, which can be read here.
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