Coinbase Report Highlights Blockchain’s Potential to Save Americans Billions in Transaction Fees
According to Coinbase’s latest “State of Crypto Report,” blockchain technology has the potential to save American consumers billions of dollars. The report suggests that if blockchain had been utilized in 2022, consumers could have collectively saved at least $74 billion in credit card transaction fees.
Growing Frustration with the Current Financial System
The report also highlights the growing frustration among Americans with the current financial system, particularly regarding fees. Coinbase notes that three in five Americans desire updates to make the system cheaper, faster, and more accessible.
Blockchain Could Save Americans Billions in Transaction Fees
The report reveals that dissatisfaction with fees charged by intermediaries for transactions is a top grievance among consumers and small businesses. In 2022 alone, Americans could have collectively saved approximately $74 billion in credit card transaction fees. By leveraging blockchain technology, these costs could be significantly reduced.
Coinbase Advocates for Clearer Regulations and Lower Fees
The report also highlights Coinbase’s efforts to engage with the U.S. government for clearer regulations and enhanced accessibility to digital assets. Coinbase is a custodian for spot bitcoin exchange-traded funds (ETFs) launched by traditional financial institutions.
Increased Interest in Cryptocurrency Investment Opportunities
Data shows that the cumulative trading volume for spot bitcoin ETFs has exceeded $30 billion, indicating growing interest and participation in cryptocurrency investment opportunities.
Transformative Potential of Crypto in Updating the Financial System
Coinbase’s State of Crypto Report aims to educate the public about the transformative potential of crypto in updating the financial system. The study highlights how legacy financial institutions contribute to the system’s expensive and cumbersome nature, leading to widespread calls for updates prioritizing affordability, speed, and accessibility.
Hot Take: Blockchain Could Have Saved Americans $74 Billion on Credit Card Fees
Coinbase’s latest report emphasizes the potential of blockchain technology to save American consumers billions of dollars in transaction fees. The report highlights dissatisfaction with fees charged by intermediaries and the desire for a more affordable and accessible financial system. By leveraging blockchain technology, these costs could be significantly reduced. Coinbase also advocates for clearer regulations and enhanced accessibility to digital assets. The increasing interest in cryptocurrency investment opportunities further demonstrates the transformative potential of crypto in updating the financial system.
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