Crypto payment adoption is advancing, yet security remains a significant hurdle. The Bitget Wallet report highlights key trends and proposed solutions.
Crypto Adoption and Security Concerns
The Bitget Wallet survey of 4,599 participants indicates that 37% of crypto users view security as the main obstacle to its use. 46% of users prefer crypto payments for their speed and efficiency. Over half of Africans and Southeast Asians opt for crypto due to high bank transfer costs and limited access to traditional financial services. In Latin America, 41% use cryptocurrency to avoid high international transfer fees. In North America and Oceania, cryptocurrency is seen as a solution for frictionless cross-border transactions. In Western Europe and the Middle East, privacy concerns drive interest.
Cyber Threats in the Crypto Ecosystem
The crypto ecosystem remains a primary target for cyberattacks. In March 2024, over $1.2 million was stolen through address poisoning attacks. Other threats include front-running, sandwich attacks, and phishing via smart contracts.
Strategies for Cyberattack Defense
In response, Bitget Wallet has implemented various protection mechanisms, including MEV Protection on Ethereum, BNB Chain, and Solana, to prevent front-running and sandwich attacks. There is also a $300 million protection fund to cover potential losses. Security remains a significant challenge for crypto companies. Ensuring user protection is crucial to turning cryptocurrencies into a reliable and accessible global payment method.
Despite their popularity, crypto payments face security challenges that must be addressed for broader adoption.
