Crypto Payment Adoption Hindered by 37% Security Concerns, Bitget Wallet Survey Finds

Security concerns are the primary obstacle hindering the widespread adoption of cryptocurrency payments globally. The increasing frequency of hacks and phishing scams continues to undermine the industry's credibility. According to a survey conducted by Bitget Wallet, which included 4,599 users, more than 37% of investors cited security risks as the main barrier to using cryptocurrency for payments. This survey was part of Bitget Wallet's latest Onchain Report.

Despite these concerns, 46% of users expressed a preference for crypto payments over traditional fiat currencies due to their speed and efficiency. Bitget Wallet has implemented various security measures to address these concerns, making security a top priority. These measures include multi-layered protection mechanisms such as MEV protection, which is enabled by default across major chains like Ethereum, BNB Chain, and Solana. This protection helps users avoid common risks like front-running and sandwich attacks. Additionally, Bitget Wallet has introduced smart authorization detection via its GetShield engine, which actively scans smart contracts, DApps, and URLs to flag malicious behavior before users sign anything.

Bitget Wallet's operations are further backed by a $300 million user protection fund, providing an additional layer of assurance in case of asset loss due to platform-level issues. These security measures are aimed at inspiring more confidence in crypto payments and encouraging broader adoption. Concerns over crypto payment security have been exacerbated by the emergence of address poisoning or wallet poisoning scams. These scams involve tricking victims into sending their digital assets to fraudulent addresses belonging to scammers. In the first three weeks of March, victims of address poisoning scams were tricked into willingly sending over $1.2 million worth of funds to scammers, highlighting the rising threat of cryptocurrency phishing attacks.

Different generations have varying concerns when it comes to crypto payments. While Gen X users cite security as their top concern, Gen Z users prioritize usability and cost-efficiency. This generational divide in concerns reflects the evolving landscape of crypto adoption and the need for tailored solutions to address different user needs. Africa and Southeast Asia are leading in crypto payment adoption, with 52% of African respondents and 51% of Southeast Asian respondents showing interest in crypto payments. This interest is driven by high remittance costs and limited banking access in these regions.

To support the world’s unbanked regions, Bitget Wallet offers simplified onboarding with non-custodial wallets that do not require a traditional bank account. With support for over 130 blockchains and stablecoins, users can easily send and receive value globally, using assets that maintain purchasing power. Local fiat on-ramps and multichain support ensure that users can tap into crypto without needing deep technical knowledge or centralized platforms. In Latin America, the high transaction costs associated with traditional wire transfers are the main factor driving users to adopt crypto payments. Remittance fees cost an average of 7.34% during 2024 if they involve bank account transfers, according to Statista.