Blockchain Payment Systems Statistics


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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 key advantages of blockchain payment systems is their security. Traditional payment systems often rely on centralized authorities that are vulnerable to cyberattacks and fraud. With blockchain technology, transactions are recorded on a distributed ledger that is immutable and secure. Each transaction is encrypted and linked to the previous one, creating a chain that makes it virtually impossible for hackers to alter or steal information. This high level of security not only protects users’ sensitive financial data but also builds trust in the system.

Moreover, blockchain payment systems offer near-instant transactions. In traditional banking systems, international transfers can take days to complete and incur high fees. With blockchain technology, transactions can be processed within minutes, irrespective of geographical borders. This efficiency is beneficial for businesses that require quick and cost-effective ways of transferring money globally. Blockchain payment systems also eliminate intermediaries, reducing transaction costs and cutting down on processing times significantly.

Another compelling feature of blockchain payment systems is transparency. Every transaction is recorded on a public ledger that can be viewed by anyone at any time. This level of transparency ensures accountability and fosters trust between parties involved in any transaction. Additionally, blockchain technology enables smart contracts, self-executing contracts with the terms directly written into the code. This automation streamlines contractual agreements and reduces the need for manual oversight, leading to greater efficiency and accuracy in payment processing.

Despite these advantages, blockchain payment systems are not without their challenges. One major issue is the scalability problem, where the current blockchain technology may not be capable of handling the volume of transactions required for widespread adoption. Slow transaction speeds and high energy consumption are also areas that need improvement to make blockchain payment systems more sustainable in the long run. Moreover, regulatory concerns surrounding cryptocurrencies and data privacy remain obstacles to the mass adoption of blockchain technology in payment systems.

In conclusion, blockchain payment systems have the potential to revolutionize the way we conduct financial transactions. The technology offers a secure, efficient, and transparent alternative to traditional payment methods, making it an attractive option for businesses and consumers alike. However, challenges such as scalability, energy consumption, and regulatory uncertainties need to be addressed to fully unleash the benefits of blockchain payment systems. As the technology continues to evolve and mature, it is essential for stakeholders to work together to overcome these obstacles and seize the opportunities that blockchain payment systems present for the future of finance.

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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