Coinbase Report Reveals Potential Savings with Blockchain Adoption
In a recent report, Coinbase discussed the potential savings that Americans could have enjoyed in credit card fees if they had adopted blockchain technology in 2022. The report estimates that Americans could have saved up to $74 billion, or an average of $600 per household, by using blockchain alternatives. Coinbase argues that the current financial system in the US is costly, slow, and difficult to access, with excessive fees imposed by middlemen being a major source of frustration for Americans.
Benefits for Businesses
Coinbase’s findings were based on publicly available data from the SEC, the US Census Bureau, and Statista. The report also highlights the potential benefits of blockchain technology for businesses. Merchants spent over $126 billion on credit card transaction fees, making it their second-largest expense after labor costs. By leveraging blockchain technology instead, these fees could have been significantly reduced.
Interest in an Updated Financial System
Coinbase believes that Americans are interested in an updated financial system that is cheaper, faster, and more accessible. With guarantees of low cost and speed, integrating blockchain technology should not be a difficult task. This report emphasizes the potential savings and advantages that come with adopting cryptocurrencies like Bitcoin or Ethereum.
The Rise of Spot Bitcoin ETFs
In other news, spot Bitcoin ETFs have gained popularity within the crypto industry. After receiving approval from the SEC last month, these offerings have seen positive netflows and overall acceptance.
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