Safety problems remain the greatest obstacle to the traditional adoption of cryptocurrency payments, because the growing incidents of hacks and phishing scams continue to harm the legitimacy of the industry.
According to a survey by Contelegraph, more than 37% of investors have identified security risks as the main obstacle to the use of cryptocurrency for payments of 4,599 users led by Bitget Wallet.
However, 46% of users said they prefer cryptographic payments to Fiat for their speed and efficiency.
Source: Bitget Wallet Onchain Report
Bitget Wallet has implemented multilayer protection mechanisms to make security an “top priority” and inspire more confidence in cryptographic payments, according to Alvin Kan, head of the Bitget Wallet exploitation:
“This includes MEV protection, which is now activated by default in large channels such as Ethereum, BNB Chain and Solana, helping users to avoid common risks such as leading and sandwich attacks.”
“We have also introduced intelligent authorization detection via our Getshield engine, which actively analyzes intelligent contracts, DAPPs and URLs to signal malware before users sign anything,” he told Cintelegraph.
Bitget Wallet operations are also supported by a user protection fund of $ 300 million as an additional insurance layer in the event of “loss of assets due to problems in the platform”.
Concerns about the safety of cryptographic payments by region. Source: Bitget Wallet Onchain Report
Security problems tormented industry after the emergence of a new type of phishing attack known as the portfolio or poisoning of the portfolio, which involve deceiving victims to send their digital assets to fraudulent addresses belonging to the crooks.
Victims of address poisoning scams were deceived to gladly send more than $ 1.2 million in the crooks in the first three weeks of March, presenting the disturbing rise in cryptocurrency phishing attacks.
While generation X users cite security as their higher concern, users of the Z generation prioritize conviviality and profitability, Kan said.
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Southeast Africa and Southeast Asia are being adopted for cryptographic payment
The Bitget Wallet report revealed that 52% of African respondents and 51% of respondents in Southeast Asia showed interest for cryptographic payments, driven by high payment costs and limited banking access.
Interest in cryptographic payments by region. Source: Bitget Wallet Onchain Report
To help the unknowing regions of the world, Bitget Wallet offers simplified integration with non -guardian wallets that do not require a traditional bank account, said Kan, adding:
“With the support for more than 130 blockchains and stablecoins, users can easily send and receive value worldwide, using assets that maintain purchasing power.”
“The local FIAT FIAT and Mulchain support guarantee that users can draw from the crypto without the need for deep technical knowledge or centralized platforms,” he added.
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In Latin America, high transaction costs associated with traditional metallic transfers are the main factor pushing users to adopt cryptography payments, Kan said.
The payment fees cost an average of 7.34% in 2024 if they involve bank account transfers, according to Statista.
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