Security concerns slow crypto payment adoption worldwide — Survey

2 days ago 17

Security concerns stay the biggest obstacle to the mainstream adoption of cryptocurrency payments, arsenic expanding incidents of hacks and phishing scams proceed to harm the industry’s legitimacy.

More than 37% of investors identified information risks arsenic the main obstruction to utilizing cryptocurrency for payments, according to a survey of 4,599 users conducted by Bitget Wallet arsenic portion of its latest Onchain Report shared with Cointelegraph.

Still, 46% of users said they similar crypto payments implicit fiat for their velocity and efficiency.

Bitget Wallet has implemented multi-layered extortion mechanisms to marque information a “top priority” and animate much assurance successful crypto payments, according to Alvin Kan, main operating serviceman of Bitget Wallet:

“This includes MEV protection, which is present enabled by default crossed large chains similar Ethereum, BNB Chain, and Solana, helping users debar communal risks similar front-running and sandwich attacks. “

“We besides introduced astute authorization detection via our GetShield engine, which actively scans astute contracts, DApps, and URLs to emblem malicious behaviour earlier users motion anything,” helium told Cointelegraph.

Bitget Wallet’s operations are besides backed by a $300 cardinal idiosyncratic extortion money arsenic an further furniture of assurance successful lawsuit of an “asset nonaccomplishment owed to platform-level issues.”

Security concerns person plagued the manufacture aft the emergence of a caller benignant of phishing onslaught known arsenic code poisoning or wallet poisoning scams, which impact tricking victims into sending their integer assets to fraudulent addresses belonging to scammers.

Victims of code poisoning scams were tricked into willingly sending implicit $1.2 million worthy of funds to scammers successful the archetypal 3 weeks of March, showcasing the troubling emergence of cryptocurrency phishing attacks.

While Gen X users mention information arsenic their apical concern, Gen Z users prioritize usability and cost-efficiency, Kan said.

Africa and Southeast Asia pb successful crypto outgo adoption

Bitget Wallet’s study recovered that 52% of African respondents and 51% of Southeast Asian respondents showed involvement successful crypto payments, driven by precocious remittance costs and constricted banking access.

To assistance the world’s unbanked regions, Bitget Wallet offers simplified onboarding with non-custodial wallets that don’t necessitate a accepted slope account, Kan said, adding:

“With enactment for implicit 130 blockchains and stablecoins, users tin easy nonstop and person worth globally, utilizing assets that support purchasing power.”

“Local fiat on-ramps and multichain enactment guarantee that users tin pat into crypto without needing heavy method cognition oregon centralized platforms,” helium added.

Over successful Latin America, the precocious transaction costs associated with accepted ligament transfers are the main origin driving users to follow crypto payments, Kan said.

Remittance fees outgo an mean of 7.34% during 2024 if they impact slope relationship transfers, according to Statista.