It's a fact! The adoption of crypto payments is progressing. While some regions massively adopt these transactions, others are nevertheless cautious. The Bitget Wallet report highlights trends as well as the solutions envisaged for a broader adoption of cryptocurrencies.
An crypto adoption by security: the figures speak for themselves!
According to the Bitget Wallet survey carried out with 4,599 participants, security concerns remain A major obstacle for 37 % of Crypto users. Concretely, here are the main trends:
- 46 % of users prefer crypto payments for their speed and efficiency.
- 52 % of Africans and 51 % of South-East Asia acclaim these payments, mainly because of the high cost of banking transfers and limited access to traditional financial services.
- 41 % of Latin American adopts the crypto to avoid excessive costs of international transfers. The latter reach an average of 7.34 % per transaction.
- In North America and Oceania (36 %), cryptocurrency is considered as a solution for cross -border transactions without friction.
- In Western Europe (35 %) and the Middle East (38 %), confidentiality concerns boost interest.
Conversely, reluctance remains strong in certain age groups:
- 42 % of Gen X express fears linked to the Crypto payments safety.
- 36 % of Gen Z is more concerned with transaction costs than security threats.
Hacking and phishing: a very real financial threat
L'Crypto ecosystem There remains a privileged target of cyber attacks. In March 2024 alone, over 1.2 million dollars were stolen via Address Poisoning attacks. It is a technique where fraudsters trap their victims by encouraging them to send funds to fraudulent addresses.
Other threats weigh on the use of Payments in cryptocurrencies ::
- The front-ringing: Boots exploit crypto transactions pending to ahead of and garner them illegitimate profits.
- Sandwich attacks: Hackers have fraudulent transactions between those of legitimate users to maximize their profits.
- Phishing via smart contracts: Malventy contracts trap users by making them sign fraudulent authorizations.
Faced with this realityBitget Wallet has set up several protective mechanisms. We cite in particular the MEV Protection which is activated by default on:
- Ethereum;
- BNB Chain;
- Solana.
It prevents Crypto Type-Running and Sandwich Crypto attacks.
Added to this is a protective fund of $ 300 million, aimed at covering possible losses due to problems on the Crypto platform.
Safety therefore remains a major challenge for Crypto companies, and particularly for exchanges. User protection will be decisive to transform cryptocurrencies into a reliable and accessible global payment method.
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