Coinbase Report: Americans Could Have Saved $74 Billion by Using Crypto Instead of Credit Cards
Coinbase has released a report highlighting the potential savings Americans could have made in 2022 if they had used cryptocurrencies instead of credit cards. According to the report, Americans could have saved a staggering $74 billion in credit card transaction fees by utilizing blockchain technology. This equates to an average of $600 per family. The report emphasizes that this isn’t just about monetary savings but also about giving individuals control and ownership over their money.
Expenses Incurred by the Traditional Financial System
The report also reveals that merchants spent over $126 billion in fees to process credit card transactions. These expenses could have been avoided if blockchain technology and cryptocurrencies were used instead.
The Frustrations with the Traditional Financial System
In addition to monetary concerns, the report highlights other issues with the traditional financial system, such as transaction waiting times and limited access to financial applications. The current system requires users to pay, wait, and pay again as their money goes through intermediaries who add fees and time to the process.
Americans’ Preference for Cryptocurrencies
A survey conducted alongside the report reveals that at least three out of five Americans desire updates to the current system, making it cheaper, faster, and easier to access. These individuals are aligned with cryptocurrencies due to their ease of use, economic accessibility, and digital nature. The younger generation, in particular, shows a greater inclination towards owning cryptocurrencies compared to older generations.
Business Adoption of Blockchain Technology
The report also highlights that more than half of Fortune 100 companies are developing blockchain initiatives to remain competitive. This further indicates the growing adoption and acceptance of cryptocurrencies in various sectors.
The Crypto Landscape in Singapore
In Singapore, there is a stronger interest and consideration for cryptocurrencies compared to the USA. A survey conducted by Coinbase and Seedly reveals that 57% of interviewed citizens in Singapore are crypto holders. The survey also shows that a significant percentage of respondents believe cryptocurrencies are the future of finance and have optimistic views about their potential in 2024.
Hot Take: The Potential Savings and Benefits of Crypto
Coinbase’s report sheds light on the significant savings that could have been made by using cryptocurrencies instead of credit cards. Beyond financial benefits, cryptocurrencies offer individuals control, ownership, and faster transactions. The growing adoption of blockchain technology by businesses and the positive sentiment towards cryptocurrencies indicate a shift towards a more efficient and inclusive financial system.
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