According to the “State of Crypto” report by Coinbase on Wednesday, Americans could have saved about $74 billion in credit card fees, averaging $600 per household, had they used blockchain technology to process their transactions. The report also revealed that merchants would have been $126 billion richer had they utilized the low fees that cryptocurrencies provide to process customer’s transactions rather than the enormous amounts spent on credit card fees.
The report showed that the major dissatisfaction of Americans with the current financial system is that it is costly, takes a lot of time to process, and is hard to access. According to the report, three out of five Americans want an update to the system to fix these loopholes.
Americans Want More
The report, as conducted for Coinbase by the Block, showed that Americans have grown discontented about the operations of traditional institutions, with their major discomfort being the increased cost of transaction processing. About 71% of Americans and 9 out of 10 crypto-owning Americans want lower fees as part of the updated financial system.
70% of Americans and 9 in 10 Americans who own cryptocurrencies also stated that they want a faster transaction and one that is not cut short by weekends or banking hours. Another factor American users pointed out as a loophole in the financial system was difficulty accessing providers and applications that sanction their transactions. About 76% of crypto-owning Americans think the system should be made much easier for users to access.
Crypto – The Solution
In line with the grievances of Americans, blockchain technology has proven to be the answer to their answers. The report showed that the use case of cryptocurrencies provides all the solutions to the angling of Americans.
Blockchain technology is known for its speed, ease of assessment, and the low-cost transactions it offers. Although certain crypto networks are known for exceptionally high transaction fees, payment solutions and some layer-1s are known for extremely low transactions. A typical example is a wallet that transferred $245 million worth of Ethereum for just $1.
