Security Concerns Slow Crypto Payment Adoption Globally — Survey

A recent survey by Bitget Wallet highlights that security concerns are the primary barrier to the widespread adoption of crypto payments globally. More than 37% of investors identified security risks as the main obstacle to using crypto for transactions.

This is largely due to increasing incidents of hacks and phishing scams, which continue to erode trust in the industry.

New types of phishing attacks, such as address poisoning scams, have led to significant financial losses, further exacerbating security concerns.

The absence of robust institutional structures and safeguards increases the perception of risk among consumers.

Fluctuating crypto values and the lack of regulatory oversight are significant deterrents for many potential users.

The unregulated nature of crypto, while appealing to some, raises concerns for others who prefer the security of traditional financial systems.

Many businesses and individuals cite inadequate infrastructure and a lack of understanding as major barriers to crypto adoption.

Gen Z users, in particular, prioritize usability and cost-efficiency over security concerns.

To address these concerns, companies like Bitget Wallet are implementing multi-layered protection mechanisms, including MEV protection and smart authorization detection, to enhance security and build trust in crypto payments.

Additionally, a $300 million user protection fund provides assurance against asset losses due to platform issues.

The regions of Africa and Southeast Asia show higher interest in crypto payments, driven by high remittance costs and limited banking access.

In Latin America, high transaction costs associated with traditional wire transfers are driving crypto adoption.

Despite these challenges, there is growing interest in crypto, with many users appreciating their speed and efficiency over traditional fiat payments. However, addressing security concerns remains crucial for mainstream adoption.

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