Security concerns remains the biggest obstacle to the basic adoption of cryptocurrency payments, as hacks and phishing scams continue to be detrimental to the industrial legitimacy.
More than 37% of investors have introduced security risks as a major barrier to the use of cryptocurrency for payments, According to In a survey of 4,599 users conducted by the Bitget Wallet as part of the latest Onchain report shared with Cointelegraph.
However, 46% of users said they prefer crypto payments to FIAT for their speed and efficiency.
Source: Bitget Wallet Onchain report
The Bitget Wallet has implemented multi-layered protection mechanisms to make security a “top priority” and inspire more confidence in crypto payments, according to Alvin Kan, Bitget Wallet’s Chief Operating Officer:
“This includes MEV protection, which is now enabled by default on major chains such as the Ethereum, BNB chain, and Solana, which helps users avoid common risks such as front and sandwich attacks.”
“We also introduced the wise discovery of permission through our Gethiield Engine, which actively searched smart contracts, DAPPS, and URLs to reflect malicious behavior before users sign anything,” he told Cointelegraph.
Bitget wallet operations are supported by a $ 300 million user protection fund as an additional layer of certainty in the case of a “asset loss due to platform level issues.”
Crypto security security concerns by region. Source: Bitget Wallet Onchain report
Security concerns occurred in the industry, especially from the emergence of a new type of phishing attack known as addressing address or Wallet poisoningthat involves the tricking to victims of sending their digital assets to fraudulent addresses belonging to scammers.
Victims of address poisoning poison Sending more than $ 1.2 million The amount of funds to scammers in the first three weeks of March.
While Gen X users mention security as their leading concern, Gen Z users prioritize availability and cost efficiency, Kan said.
Related: DWF Labs launches $ 250m funding for the mainstream crypto adoption
Africa and Southeast Asia led to the adoption of crypto payment
The Bitget Wallet report found that 52% of African respondents and 51% of Southeast Asian respondents showed interest in crypto payments, driven by high cost of remittance and limited access to banking.
Interest in crypto payments by region. Source: Bitget Wallet Onchain report
To help regions of non-world-out regions, the Bitget Wallet offers simplified onboarding with non-custodial wallets that do not require a traditional bank account, Kan said, adding:
“With the support for more than 130 blockchain and stablecoins, users can easily send and receive value worldwide, using properties that maintain the power of purchase.”
“Local fiat on-ramp and multichein support ensure that users can tap into crypto without the need for deep technical knowledge or centralized platform,” he added.
Related: Crypto security will always be a game of ‘cat and mouse’ – wallet exec
In Latin America, high transaction costs associated with traditional wire shifts are the main factor in driving users to adopt crypto payments, Kan said.
Such remittance fees were averaged by 7.34% during 2024 if they were involved in a bank account transfer, According to Kay Statista.
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