Security concerns hinder crypto payment adoption despite speed appeal

A global survey of 4,599 users by Bitget Wallet reveals 37% cite security risks as the primary barrier to crypto payment adoption, overshadowing its speed and efficiency advantages.

While 46% prefer crypto over fiat for transaction speed, phishing scams like address poisoning—which stole $1.2 million in March—highlight persistent vulnerabilities.

Bitget Wallet has implemented MEV protection and smart authorisation detection to mitigate risks, alongside a $300 million user protection fund for asset losses.

However, generational divides persist: Gen X prioritises security (42%), while Gen Z focuses on usability (36%).

Emerging markets lead adoption, with 52% of African and 51% of Southeast Asian respondents embracing crypto for remittances and banking access gaps.

Latin America’s 7.34% average remittance fees in 2024 further drive demand.

Though non-custodial wallets and multichain support aim to simplify onboarding, limited merchant acceptance (31%) remains a hurdle.

Bitget’s PayFi initiatives target these gaps by integrating earning, spending, and cross-border transactions.

While crypto’s speed and cost efficiency attract users, sustained adoption hinges on resolving security and usability challenges.

“Crypto payments are evolving, but for mainstream adoption, security, cost-efficiency, and usability must improve,” Bitget COO Alvin Kan noted.