Blockchain Payment Systems Statistics


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Steve Goldstein
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Blockchain Payment Systems Statistics 2023: Facts about Blockchain Payment Systems outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Blockchain Payment Systems, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Blockchain Payment Systems Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Blockchain Payment Systems Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 19 Blockchain Payment Systems Statistics on this page 🙂

Blockchain Payment Systems “Latest” Statistics

  • In the United States, 14% of individuals did not use a payment card in 2019 and over 5% of families did not have access to a bank account.[1]
  • According to bis.org, two big techs jointly account for 94% of the mobile payments market.[1]
  • Platforms for crypto payments like BitPesa have reduced transfer costs in the area by more than 90%.[2]
  • 40% of people between the ages of 18 and 35 predict they’ll use cryptocurrency payments in 2022, according to the statistics by Demystifying Crypto report.[3]
  • 50% think all forms of crypto are risky, and 35% believe this risk will prevent crypto from becoming mainstream payment currencies.[3]
  • 91% of fraud complaints January 1, 2021 through March 31, 2022 that used cryptocurrencies as the payment mechanism contained age information.[4]
  • In fraud complaints to the FTC from January 1, 2021 to March 31, 2022, bitcoin was recognized as the payment mechanism for 24% of reported cash losses.[4]
  • Cryptocurrency was reported as having been used to pay for 39% of that total, followed by bank transfer or payment at 20% and wire transfer at 9%.[4]

Blockchain Payment Systems “Other” Statistics

  • 30% of the students did not even sign up for the free money, and 20% of the sign-ups converted the bitcoin to cash within a few weeks, according to Harvard Business Review.[5]
  • Revenues deriving from credit card fees are more than 1% of GDP (right-hand panel).[1]
  • According to a Thomson Reuters poll, 12% of businesses claimed to have switched banks as a result of delays in the KYC procedure.[2]
  • BitPesa completed millions of dollars’ worth of transactions, up 20% month over month.[2]
  • Blockchain technology for KYC purposes can bring down costs for the banking sector by up to $160M annually.[2]
  • With approximately 80%–90% of world trade relying on trade finance, the influence of blockchain on the market would be felt globally throughout all industries that use cross-border trading (CBInsights).[2]
  • Men aged 18-35 are particularly bullish, with 24% saying they plan to pay with crypto regularly in the next 12 months.[3]
  • From January 1, 2021 through March 31, 2022, cryptocurrency was identified as the payment method for 29% of reported dollar losses to romance scams.[4]
  • More than three times as many people in the age range of 20 to 49 reported losing cryptocurrencies to con artists.[4]
  • The most popular cryptocurrencies utilized to pay con artists were Bitcoin 70%, Tether 10%, and Ether 9% .[4]
  • Global spending on blockchain is forecast to reach nearly $17.9 billion in 2024, growing at a five-year compound annual growth rate of 46.4%.[6]

Also Read

How Useful is Blockchain Payment Systems

One of the main advantages of blockchain payment systems is their unparalleled security. Unlike traditional payment methods that rely on centralized authorities to verify transactions, blockchain technology uses a distributed ledger system that is virtually tamper-proof. This means that each transaction is securely recorded and validated by a network of computers, making it extremely difficult for fraudsters to manipulate or steal sensitive information.

Furthermore, blockchain payment systems offer increased transparency and accountability. As all transactions are recorded on the blockchain and can be traced back to their source, there is a greater level of transparency in the financial system. This can help to reduce instances of fraud and money laundering, as well as improve the overall trust and confidence in the digital currency ecosystem.

Moreover, blockchain payment systems also provide greater accessibility and efficiency compared to traditional banking systems. With blockchain, transactions can be processed and settled quickly and securely, without the need for intermediaries or third-party processors. This not only reduces transaction costs but also enables individuals and businesses to conduct cross-border transactions with ease, regardless of their location or time zone.

Additionally, blockchain payment systems offer a higher level of privacy and control over one’s financial assets. With blockchain technology, individuals have ownership of their private keys, which are used to access and control their digital assets. This eliminates the need for third-party intermediaries, such as banks or payment processors, and gives users full control over their funds.

However, despite these numerous advantages, blockchain payment systems are not without their challenges. One of the main obstacles to widespread adoption is the lack of regulatory clarity and framework surrounding digital currencies and blockchain technology. This uncertainty has deterred many businesses and financial institutions from fully embracing blockchain payment systems, as they are unsure of the legal and regulatory implications.

Furthermore, the scalability and energy consumption of blockchain networks remain significant issues that need to be addressed. The current infrastructure of blockchain technology is still in its early stages, and as such, it may struggle to handle the volume of transactions required for mainstream adoption. Additionally, the energy-intensive process of mining and verifying transactions on the blockchain has raised concerns about the environmental impact of this technology.

In conclusion, while blockchain payment systems offer numerous advantages in terms of security, transparency, and efficiency, there are still challenges that need to be overcome before widespread adoption can be achieved. With the right regulatory framework and technological advancements, blockchain payment systems have the potential to revolutionize the way we conduct financial transactions in the future.

Reference

  1. bis – https://www.bis.org/publ/arpdf/ar2021e3.htm
  2. cbinsights – https://www.cbinsights.com/research/blockchain-disrupting-banking/
  3. checkout – https://www.checkout.com/resources/blog/what-consumers-think-about-crypto-payments
  4. ftc – https://www.ftc.gov/news-events/data-visualizations/data-spotlight/2022/06/reports-show-scammers-cashing-crypto-craze
  5. hbr – https://hbr.org/2017/01/the-truth-about-blockchain
  6. insiderintelligence – https://www.insiderintelligence.com/content/blockchain-payments

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