“The State of Crypto: Fairer, Cheaper, Faster Everyday Finance,” a report written in collaboration with Coinbase, highlights three key themes that Crypto brings to the world of traditional payments: cheaper, faster and more convenient.
The report's findings underscore the public desire for innovation, with 71% of consumers calling for cheaper transactions, 70% for faster processes, and 63% for improved access. The current system's fees, long transaction times, and restricted access are particularly pronounced for underbanked demographics and small businesses, creating a barrier to financial mobility and growth.
However, blockchain networks show a stark contrast, processing payments up to 5,000 times cheaper and 432,000 times faster than traditional methods. For example, while bank payments can incur fees of up to $50, some blockchain networks optimize fees to less than $0.01. Furthermore, DeFi loan processing outperforms traditional banking by 144 times, democratizing access to financial services.
The sense of change is greatest among younger generations, with a large majority of Gen Z and Millennials poised to embrace a reformed financial framework that emphasizes cost-effectiveness, speed, and accessibility.
In summary, the State of Cryptocurrency report paints a compelling picture of the tangible benefits offered by blockchain technology and cryptocurrencies, proposing a future in which financial transactions are not only cheaper and faster, but also provide global accessibility.
In addition to the insights above, The Block Research has compiled a complementary report that delves deeper into the transformative impact of cryptocurrency payments, which can be read here.
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© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
