Security risks remain one of the biggest roadblock to mainstream cryptocurrency payments, as cyber threats like hacks and phishing scams continue to undermine trust in the industry.
A recent survey by Bitget Wallet, conducted as part of its Onchain Report, found that over 37% of investors see security vulnerabilities as the primary challenge preventing wider crypto payment adoption.
Despite these concerns, nearly half (46%) of the 4,599 respondents still prefer using crypto over fiat due to its speed and efficiency. To address security fears and enhance user confidence, Bitget Wallet has implemented multi-layered protection mechanisms, according to Alvin Kan, the company’s chief operating officer.
Bitget Wallet also backs its operations with a $300 million user protection fund, offering an added layer of assurance in cases of asset loss due to platform-level issues.
The crypto industry continues to battle evolving cyber threats, with a new phishing tactic—address poisoning or wallet poisoning scams—gaining traction. This scam involves tricking users into sending their funds to fraudulent addresses that closely resemble legitimate ones. In the first three weeks of March alone, victims of address poisoning scams collectively lost over $1.2 million.
While security concerns dominate the worries of Gen X users, younger Gen Z investors prioritize factors like usability and cost efficiency when considering crypto payments, according to Bitget Wallet’s findings.
Interest in crypto payments is rising, particularly in regions where traditional banking access is limited. The report highlights that 52% of African respondents and 51% of Southeast Asian participants expressed enthusiasm for crypto payments, largely due to high remittance costs and restricted banking services.
To support financially underserved regions, Bitget Wallet offers non-custodial wallets that eliminate the need for traditional bank accounts.
“With support for over 130 blockchains and stablecoins, users can send and receive value globally while preserving purchasing power,”
Kan explained. He also noted that the platform’s local fiat on-ramps and multichain functionality simplify crypto adoption for users without technical expertise.
Meanwhile, in Latin America, high remittance fees are a key driver for crypto adoption. According to Statista, average transaction costs for traditional bank transfers in 2024 stood at 7.34%, making crypto an attractive alternative for cross-border payments.
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