Bitget Wallet Report: 46% Use Crypto for Faster Transactions, 37% Concerned About Security

Bitget Wallet has just released its latest On-Chain Report that explores the key factors driving global crypto adoption, also addressing the current barriers still present in the industry.

Crypto Adoption – A Global Overview

Crypto adoption is on the rise globally, with clearer regulations being implemented worldwide to facilitate adoption. However, there are still some hurdles present that are keeping adoption from evolving at a faster pace.

Bitget’s global survey involved almost 4,600 respondents and revealed the following essential data:

Catalysts and Barriers

• Speed as a catalyst for adoption – 46% of respondents choose crypto payments for faster transactions.
• Security risks as a key barrier for adoption – 37% of respondents cited security-related risks against wider adoption.

Another important adoption catalyst mentioned by the report is borderless transactions.

Other adoption barriers include:

• Usability challenges
• Lack of financial infrastructure
• Transaction fees

Regional Adoption Trends

The report notes that there’s a rising demand for faster payments in some regions across the globe, mainly driven by:

• Limited banking access
• High remittance costs

The most important barrier to adoption is limited merchant acceptance (31%), preventing crypto from becoming an everyday payment method.

Leaders in faster payments demand include Africa with 52%, followed by Southeast Asia with 51%.

Generational Preferences

The report also highlights adoption catalysts among various generations as follows:

• Gen X (49%) prefer speed
• Millennials (42%) prefer borderless transactions

Bitget’s report addressed adoption barriers among various generations of respondents:

• Gen X (42%) has security concerns.
• Gen Z (36%) is concerned about transaction fees.

The report also addressed specific adoption-related data in Eastern Europe.

Crypto Adoption in Eastern Europe

Eastern Europe is a region that’s characterized by various economies and different types of financial infrastructure, and crypto can offer a complementary solution to traditional financial systems, eliminating hurdles like:

• Traditional banking limitations
• Inefficient cross-border transactions

Drivers for Crypto Adoption in the Region

Easy crypto spending without fiat conversion – 34% of surveyed users prefer crypto transactions due to simplicity and efficiency.

Facilitating global payments without regional restrictions – 31% of respondents are drawn to crypto’s solutions to traditional banking limitations.

Existing Concerns

Bitget ‘s report also highlighted the current concerns in the region that make crypto adoption happen at a slower pace:

• Security and fraud risks – 28% of respondents cited these as the main barrier to adoption.
• Transaction irreversibility – 28% of participants are concerned about sending crypto to the wrong address, as transactions are usually irreversible.
• High transaction fees – 23% of respondents addressed high transaction fees, especially during peak network periods, which can trigger congestion.

Tackling Crypto Adoption Challenges

Crypto adoption is advancing worldwide, and tackling existing challenges is a key move to eliminate barriers.

Alvin Kan, COO at Bitget Wallet, said that Eastern Europe is one of the fastest-growing crypto economies in the world, and the region is characterized by a shift towards treating crypto as functional money, rather than an asset.

He highlighted security concerns as one of the main barriers against adoption and offered Bitget’s advantages to tackle them:

• Robust security protocols
• Educational incentives

He also said that Bitget Wallet fosters a secure and efficient digital economy that empowers its users, supporting global adoption.

Bitget Wallet – Over 60 Million Users

Bitget Wallet is a leading Web3 non-custodial wallet with over 60 million users, over 20,000 dApps, and more than 500,000 tokens that offers the following services:

• Asset management
• Instant swaps
• rewards
• Staking
• Trading tools
• Live market data
• A dApp browser
• An NFT marketplace
• Crypto payments

Last month, Bitget celebrated over 1,5 million downloads, mirroring increased user trust as it cements its role in the crypto industry.

Crypto users who want to support the industry and thrive in a secure ecosystem can sign up on Bitget Wallet and join its Web3 quest that offers endless possibilities in a single non-custodial wallet.