The Benefits of Blockchain Technology
According to Coinbase, blockchain technology might result in significant cost savings for US consumers.
Blockchain technology could slashing the $126B spent on fees for credit card transactions merchants in 2022.
The report highlights that by using blockchain technology, consumers could have saved $74 billion in credit card transaction fees.
According to the report, at least three in five Americans want an accessible, cheaper, and faster system.
On average, American households could have saved about $600 by using blockchain technology, as per the report.
The Root of the Problem
Legacy financial apps and payment apps, in particular, tend to make the system unfairly expensive and inaccessible. They introduce delays and fees into the process that affect customers negatively.
Compiled Report Conclusions
The report was compiled using publicly available data from various reputable sources. It is based on data sourced from the U.S. Securities and Exchange Commission and the U.S. Census Bureau.
Hot Take
A compelling report from Coinbase suggests that by leveraging blockchain technology for credit card transactions, American consumers could have saved billions in fees last year. This is a clear indication of the potential of blockchain technology to revolutionize the financial sector. Therefore, blockchain technology has unparalleled benefits that cannot be ignored.
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