Coinbase: Americans could save $74 million on cryptocurrency payments

According to a study by the largest American crypto exchange Coinbase, US residents could save at least $74 million in 2022 if they used cryptocurrencies for payments rather than credit cards..

Coinbase analysts published a report in which they noted the disadvantages of traditional payment methods, namely: high transaction fees and long delays. Report finds every American household would save $600 in 2022. And this applies not only to end users, but also to merchants, who paid a total of $126 billion in fees for processing credit card transactions. While the commission for making payments using cryptocurrencies is quite insignificant, analysts noted.

The report explains that cryptocurrency payments can be up to 5,000 times cheaper compared to bank transfers, especially if a network with a Proof-of-Stake (PoS) consensus algorithm is used, such as Solana or Polygon. According to the researchers, cryptocurrency payments are processed at least 24 times and up to 432,000 times faster than regular payments, depending on the cryptocurrency used for the transaction.

Crypto assets are also suitable for paying salaries, because a person can receive it almost instantly, while the time frame for crediting money using conventional methods can take from one to six business days. The Coinbase report also found that 71% of respondents would like to save money on transactions, 70% want to make payments faster, and 63% are willing to look for options that allow them to make payments quickly and affordably.

According to a Coinbase report last year, tokenization of financial assets will become more popular in the coming years due to automation of business processes and increased transparency of audit records.