Coinbase Highlights the Need for Faster and More Affordable Transactions
A recent report from Coinbase reveals that traditional financial apps have several drawbacks, including high costs, limited accessibility, and delays. To address these issues, Coinbase suggests implementing blockchain-based transactions, which are cheaper, faster, and more accessible. Cryptocurrencies are favored for their ease of use, affordability, and digital nature.
Rising Demand for Instant and Global Transactions
Coinbase, the leading cryptocurrency exchange, highlights the growing expectation among consumers, especially younger generations, for seamless and instantaneous transactions similar to the speed of the internet. The company’s research shows that as more people, particularly those aged 18-40, adopt cryptocurrencies, there is a belief that digital assets can revolutionize the financial system by making it more efficient and globally accessible. This sentiment is shared by individuals across political affiliations.
Coinbase emphasizes that the future of money is evolving rapidly due to the demand for borderless transactions that operate 24/7 without traditional barriers or delays.
Coinbase Advocates for Blockchain over Traditional Systems
According to Coinbase’s study, a significant 71% of Americans desire lower fees through an updated financial system. The report reveals that utilizing blockchain-based transactions instead of traditional credit cards could have saved Americans a staggering $74 billion in 2022 alone.
Additionally, Coinbase states that blockchain settlements can be 5,000 times cheaper than traditional transactions, particularly for international transfers. While credit card processing fees range from 1.5-2.5%, blockchain fees can be as low as $0.01.
Furthermore, blockchain-based transactions can process payments 24 times faster than traditional wired payments and services like Western Union. Coinbase’s research also indicates that 76% of American cryptocurrency owners believe that cryptocurrencies can enhance access to the financial system.
Moreover, blockchain-based solutions like decentralized finance (DeFi) offer faster loan approval and processing compared to traditional financial systems.
Coinbase experienced significant growth on Wall Street in 2023, with its COIN stock gaining 180%. However, some of Coinbase’s top executives sold their COIN holdings after a strong rally. The COIN stock experienced a major decline in January and is currently trading at $122.
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