NEW: Americans Could Have Saved $74 Billion with Crypto Payments

Coinbase, a prominent U.S.-based cryptocurrency exchange, highlights the potential savings of adopting crypto payments over traditional credit cards in its latest State of Crypto report. According to Coinbase, Americans could have collectively saved $74 billion in credit card fees in 2022 if they had utilized crypto payments. This translates to $600 per household. The benefits extend to merchants, who paid $126 billion in credit card processing fees, compared to negligible costs associated with crypto payments. The report underscores that crypto transactions can be up to 5,000 times cheaper than traditional methods, especially when utilizing proof-of-stake networks like Solana or Polygon. Additionally, crypto payments are significantly faster, processing between 24 and 432,000 times quicker than legacy systems, depending on the cryptocurrency used. The report also examines the use of crypto for payroll payments, offering near-instant transactions compared to the one to six business days typically required. With increasing awareness of these advantages, consumers are demanding cheaper, faster, and more accessible payment options, driving the shift towards alternative blockchain systems.

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