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 primary advantages of blockchain payment systems is their security. The decentralized and distributed nature of blockchain technology means that transactions are recorded on a shared ledger that is constantly being updated and verified by all nodes in the network. This makes it extremely difficult for hackers to manipulate or corrupt the data, providing a level of security that is unmatched by traditional payment systems.

Additionally, blockchain payment systems offer users increased transparency and trust in their transactions. Because the ledger is immutable and transparent, anyone can view the history of a transaction and verify its authenticity. This not only reduces the risk of fraud but also fosters trust among parties involved in the transaction.

Moreover, blockchain payment systems eliminate the need for intermediaries, such as banks or payment processors, which can lead to faster and more cost-effective transactions. By cutting out these middlemen, users can bypass costly fees and lengthy processing times, making it an appealing option for those looking to streamline their financial transactions.

Another key benefit of blockchain payment systems is their ability to facilitate cross-border transactions. Traditional payment systems often struggle with the complexities of international transfers, including high fees and long processing times. With blockchain technology, however, transactions can be completed in a matter of minutes, regardless of where the parties are located, making it an attractive option for businesses operating on a global scale.

Despite these advantages, there are also some limitations and challenges associated with blockchain payment systems. One of the main concerns is scalability, as the current infrastructure may struggle to handle a large volume of transactions simultaneously. This could potentially lead to slower processing times and increased transaction fees, negating some of the benefits that blockchain technology offers.

Furthermore, there is still a lack of understanding and awareness surrounding blockchain payment systems, which may hinder their widespread adoption. Many consumers and businesses are unfamiliar with how blockchain technology works and may be hesitant to embrace it as a payment solution.

In conclusion, blockchain payment systems show great promise in improving the efficiency, security, and transparency of financial transactions. While there are still hurdles to overcome, such as scalability and awareness, the potential benefits of blockchain technology cannot be ignored. As more businesses and individuals become familiar with these systems and adopt them into their payment processes, the potential for blockchain payment systems to revolutionize the way we handle financial transactions is truly exciting.

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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