"The State of Crypto: Fairer, Cheaper, Faster Everyday Finance," a report written in collaboration between The Block Research and Coinbase, highlights three major themes that crypto offers to the traditional payments world: cheaper, faster, and more accessible.
The findings of the report underscore a public desire for innovation, with 71% of consumers advocating for cheaper transactions, 70% for speedier processes, and 63% for improved access. The current system's fees, long transaction times, and restricted accessibility are particularly pronounced for underbanked demographics and small businesses, creating a barrier to financial mobility and growth.
Blockchain networks, however, demonstrate a stark contrast, processing payments up to 5,000 times cheaper and 432,000 times faster than conventional methods. For instance, while wire payments can incur fees up to $50, some blockchain networks optimize fees to less than $0.01. Furthermore, DeFi loan processing outpaces traditional banking by 144 times, democratizing access to financial services.
The sentiment for change is largest among younger generations, with a substantial majority of Gen Z and Millennials poised to embrace a reformed financial framework that emphasizes cost-effectiveness, rapidity, and straightforward access.
In summary, the State of Crypto report paints a compelling picture of the tangible benefits blockchain & crypto offer, proposing a future where financial transactions are not only cheaper and faster but also enable the potential for global accessibility.
In addition to the aforementioned insights, The Block Research has compiled a supplementary report that delves deeper into the transformative impact of crypto payments, which may be read here.
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