The recent publication entitled “The State of Crypto: Fairer, Cheaper, Faster Everyday Finance” has brought to the forefront the potential of cryptocurrency in collaboration with Coinbase to effect transformative change. The report delineates three primary advantages that cryptocurrency offers over traditional payment methods: cost-effectiveness, expediency, and accessibility.
According to the report, a significant majority of consumers favour cost-effective transactions, expedited processes, and enhanced access to financial services. The existing system is burdened by exorbitant fees, protracted transaction times, and limited accessibility, particularly affecting underbanked individuals and small businesses, impeding financial mobility and expansion.
In contrast, blockchain networks process payments up to 5,000 times cheaper and 432,000 times faster than conventional methods. For instance, wire payments can incur fees as high as $50, while some blockchain networks charge less than $0.01. Furthermore, decentralized finance (DeFi) loan processing surpasses traditional banking by 144 times, rendering financial services more accessible to a broader populace.
The report also underscores the robust demand for change among younger generations, particularly Gen Z and Millennials, who are enthusiastic about embracing a reformed financial system that prioritises cost-effectiveness, expediency, and ease of access.
In conclusion, the State of Crypto report presents a compelling argument for the tangible benefits of blockchain and cryptocurrency, envisioning a future where financial transactions are not only more affordable and faster, but also globally accessible.
Furthermore, The Block Research has released a supplementary report that offers a more profound analysis of the impact of cryptocurrency payments, available for further perusal.
It is important to note that The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is the majority investor of The Block, with investments in other companies in the crypto space. The Block remains committed to providing objective, impactful, and timely information about the crypto industry.
© 2023 The Block. All Rights Reserved. This article is intended for informational purposes only and should not be used as legal, tax, investment, financial, or other professional advice.
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