{"id":125760,"date":"2025-03-25T10:17:47","date_gmt":"2025-03-25T10:17:47","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=125760"},"modified":"2025-03-25T10:17:47","modified_gmt":"2025-03-25T10:17:47","slug":"security-concerns-slow-crypto-payment-adoption-worldwide-survey","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=125760","title":{"rendered":"Security concerns slow crypto payment adoption worldwide \u2014 Survey"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsSecurity concerns remain the biggest obstacle to the mainstream adoption of cryptocurrency payments, as hacks and phishing scams continue to damage the industry\u2019s legitimacy.<br \/>\nMore than 37% of investors identified security risks as the main barrier to using cryptocurrency for payments, according to a survey of 4,599 users conducted by Bitget Wallet as part of its latest Onchain Report shared with Cointelegraph.<br \/>\nStill, 46% of users said they preferred crypto payments over fiat for their speed and efficiency.<br \/>\nSource: Bitget Wallet Onchain ReportBitget Wallet has implemented multi-layered protection mechanisms to make security a \u201ctop priority\u201d and inspire more confidence in crypto payments, according to Alvin Kan, chief operating officer of Bitget Wallet:<br \/>\n\u201cThis includes MEV protection, which is now enabled by default across major chains like Ethereum, BNB Chain, and Solana, helping users avoid common risks like front-running and sandwich attacks.\u00a0\u201c<br \/>\n\u201cWe also introduced smart authorization detection via our GetShield engine, which actively scans smart contracts, DApps, and URLs to flag malicious behavior before users sign anything,\u201d he told Cointelegraph.<br \/>\nBitget Wallet\u2019s operations are backed by a $300 million user protection fund as an additional layer of assurance in case of an \u201casset loss due to platform-level issues.\u201d<br \/>\nConcerns over crypto payment security by region. Source: Bitget Wallet Onchain ReportSecurity concerns have plagued the industry, especially since the emergence of a new type of phishing attack known as address poisoning or\u00a0wallet poisoning scams, which involve tricking victims into sending their digital assets to fraudulent addresses belonging to scammers.<br \/>\nVictims of address poisoning scams were tricked into willingly sending over $1.2 million worth of funds to scammers in the first three weeks of March.<br \/>\nWhile Gen X users cite security as their top concern, Gen Z users prioritize usability and cost-efficiency, Kan said.<br \/>\nRelated: DWF Labs launches $250M fund for mainstream crypto adoption<br \/>\nAfrica and Southeast Asia lead in crypto payment adoption<br \/>\nBitget Wallet\u2019s report found that 52% of African respondents and 51% of Southeast Asian respondents showed interest in crypto payments, driven by high remittance costs and limited banking access.<br \/>\nInterest in crypto payments by region. Source: Bitget Wallet Onchain ReportTo help the world\u2019s unbanked regions, Bitget Wallet offers simplified onboarding with non-custodial wallets that don\u2019t require a traditional bank account, Kan said, adding:<br \/>\n\u201cWith support for over 130 blockchains and stablecoins, users can easily send and receive value globally, using assets that maintain purchasing power.\u201d<br \/>\n\u201cLocal fiat on-ramps and multichain support ensure that users can tap into crypto without needing deep technical knowledge or centralized platforms,\u201d he added.<br \/>\nRelated: Crypto security will always be a game of \u2018cat and mouse\u2019 \u2014 Wallet exec<br \/>\nIn Latin America, high transaction costs associated with traditional wire transfers are the main factor driving users to adopt crypto payments, Kan said.<br \/>\nSuch remittance fees averaged 7.34% during 2024 if they involved bank account transfers, according to Statista.<br \/>\nMagazine: Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims<a href=\"https:\/\/cointelegraph.com\/news\/security-concerns-barrier-crypto-payment-adoption?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsSecurity concerns remain the biggest obstacle to the mainstream adoption of cryptocurrency payments, as hacks and phishing scams continue to damage the industry\u2019s legitimacy. More than 37% of&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125760"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=125760"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/125760\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=125760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=125760"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=125760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}