Coinbase Report Reveals: Americans Could Have Saved $74 Billion in Credit Card Fees with Blockchain Adoption
Crypto News – Coinbase, a leading American cryptocurrency exchange, has recently unveiled a groundbreaking report highlighting the potential savings for Americans through widespread adoption of blockchain technology. In its latest “State of Crypto Report,” Coinbase revealed that Americans could have collectively saved an astonishing $74 billion in credit card transaction fees in 2022 alone had they embraced blockchain alternatives.
The report delves into the frustrations of Americans with the high fees prevalent in the current financial system. It emphasizes the inefficiencies, exorbitant fees, and sluggish transaction speeds associated with traditional banking methods. By analyzing data from reputable sources such as the Securities and Exchange Commission (SEC), the US Census Bureau, and Statista, Coinbase concluded that blockchain technology could have saved Americans an average of $600 per household in credit card fees.
Furthermore, the report highlights the significant expenses incurred by business owners, who spent over $126 billion on fees to process credit card transactions, ranking it as the second-largest expenditure after labor costs. Coinbase suggests that these fees could have been greatly reduced, if not eliminated entirely, with the implementation of blockchain technology.
The frustration over high fees emerges as the primary reason for discontentment with the existing financial system among Americans, alongside the presence of intermediaries charging hefty fees for money transfers.
Recognizing the desire for change, Coinbase reveals that a considerable percentage of Americans are open to an updated financial system that offers relief from these burdensome fees. The report indicates that 71% of consumers who own digital assets are receptive to embracing blockchain for lower costs, while 70% seek faster transactions that can be processed at any time of the day, independent of traditional bank hours.
Coinbase’s ongoing “State of Crypto Report” series provides valuable insights into America’s evolving crypto landscape. Recent findings indicate that 19% of New Yorkers were actively engaged in crypto, holding various cryptocurrencies. Residents of New York expressed belief in the transformative potential of the crypto industry to revolutionize the current financial system in the US, promoting fairness for consumers.
In conclusion, Coinbase’s report underscores the need for innovation in the US financial system, advocating for the adoption of blockchain technology to alleviate the financial burdens faced by Americans and foster a fairer, more accessible financial environment.
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