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Highlights
- Coinbase - Blockchain transactions at 5000 times cheaper than traditional payments.
- Merchants would pay <$0.01 in blockchain fees against the massive 1.5-3.5% on credit cards.
- Global Blockchain transactions are 24 times faster than services like Western Union.
The latest State of Crypto Report from Coinbase reveals how traditional financial applications maintain high costs, accessibility challenges, and transaction delays. In response, Coinbase suggests adopting blockchain-based transactions, which offer lower costs, and faster processing times, and operate on a more inclusive platform. These systems prioritize cryptocurrency for its simplicity, cost-effectiveness, and absence of legacy constraints
Growing Demand for Instant and Global Transactions
The leading cryptocurrency exchange Coinbase emphasized the increasing expectation among consumers, particularly the younger demographic, for seamless and instantaneous transactions akin to the speed of the internet.
The company noted that as more individuals, especially those aged 18-40, embrace cryptocurrencies, there’s a growing belief that these digital assets have the potential to revolutionize the financial system, making it more efficient, affordable, and accessible globally. Interestingly, this sentiment transcends political affiliations, with both Democrats and Republicans expressing agreement on the transformative power of crypto and blockchain technology.
Coinbase underscored that the future of money is rapidly evolving, driven by the demand for borderless, 24/7 transactions without traditional barriers or delays.
Coinbase – Blockchain Much Better Over Traditional Systems
In its study, Coinbase found that a staggering 71% of Americans want lower fees through a new updated financial system. It notes that Americans could have saved a staggering $74 billion in 2022 alone using blockchain-based transactions instead of traditional credit cards.
Coinbase also notes that blockchain-based crypto settlements could be 5,000 times cheaper than traditional transactions, especially for international transfers. On the other hand, blockchain fees can cost merchants as little as $0.01 while credit card processing fees range anywhere between 1.5-2.5%.
Similarly, blockchain-based transactions can process payments 24 times faster than traditional wired payments and services like Western Union. In their research, Coinbase also finds out that a staggering 76% of American owners believe that cryptocurrencies can make the financial system easier to access.
Furthermore, blockchain-based solutions like decentralized finance (DeFi) can offer much faster loan approval and processing in comparison to traditional financial systems.
Coinbase had a pretty good time on Wall Street with the COIN stock clocking 180% gains in 2023. Just at that time, some of the top executives at Coinbase offloaded their COIN holdings after a solid run-up. The COIn stock registered a major pullback in January and is currently trading at $$122.
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