In the ever-evolving landscape of finance, cryptocurrency remains a pivotal topic, especially as it faces scrutiny regarding safety and reliability for everyday transactions. A recent survey conducted by Bitget Wallet, involving 4,599 users, discovered that 37% of investors perceive security risks as a significant hurdle in embracing cryptocurrencies for payment purposes. Despite these concerns, it’s noteworthy that 46% of respondents expressed interest in utilizing digital currencies, drawn by their speed and efficiency compared to traditional financial systems.
Alvin Kan, the Chief Operating Officer of Bitget Wallet, emphasized the company’s unwavering commitment to fortifying user security. He announced the implementation of Multi-Transaction Exclusive Value (MEV) Protection as a default feature across the Ethereum, BNB Chain, and Solana networks, designed specifically to safeguard against front-running and sandwich attacks. “We also have an intelligent detection system through the GetShield engine, which scans smart contracts, DApps, and URLs to alert users to potentially harmful activity before they proceed with any transactions,” Kan detailed.
In conjunction with these protective measures, Bitget Wallet has allocated an impressive $300 million to a user protection fund, aimed at addressing security concerns that may arise across their platform. However, the challenges don’t stop there; the cryptocurrency industry continues to grapple with emerging threats, including address poisoning and wallet poisoning scams. Such schemes entice victims into transferring assets to hacker-controlled addresses, resulting, in March alone, in losses exceeding $1.2 million.
The survey unveiled generational differences in the perception of cryptocurrencies, particularly regarding security and convenience. Individuals from Generation X predominantly focus on security; meanwhile, Generation Z emphasizes ease of use and lower costs. Furthermore, interest in cryptocurrency transactions is markedly higher in regions such as Africa and Southeast Asia, with 52% and 51% of survey respondents indicating a strong interest in utilizing cryptocurrencies. This is fueled by exorbitant cross-border transfer fees and limited access to traditional banking services.
To facilitate broader access to financial services, Bitget Wallet has introduced a non-custodial wallet service, which operates without requiring a bank account, thereby supporting over 130 blockchains and stablecoins. This innovation allows users to send and receive value globally without delving into complicated technicalities or relying on centralized platforms.
In Latin America, the sky-high costs associated with bank transfers, averaging approximately 7.34% as reported by Statista in 2024, serve as a driving force behind the rising adoption of cryptocurrencies in financial transactions. Cryptocurrency appeals to millions seeking cost-effective, efficient alternatives to traditional banking.
The ongoing challenges in the realm of cryptocurrency payments underscore the need for ongoing vigilance and innovations. As users continue to seek faster and more efficient payment solutions, the role of security measures—such as those championed by Bitget Wallet—will be crucial to building trust and facilitating the global embrace of digital currencies. The potential of cryptocurrency to reshape the financial landscape remains strong, especially as companies like Bitget push for enhanced security amid a backdrop of concern.
