Bitget Wallet's Onchain Report: 46% Favor Crypto Payment for Speed, but Security Concern Slows Adoption

Bitget Wallet, a leading Web3 non-custodial wallet, has released its latest Onchain Report, exploring the key factors influencing crypto payment adoption across regions. 

Global overview

The global study, based on a survey of 4,599 respondents, revealed that 46% of users surveyed prefer crypto payments for speed, while 37% cite security risks as a key barrier.

Regional adoption trends show that Africa (52%) and Southeast Asia (51%) lead in demand for faster payments, driven by limited banking access and high remittance costs. Across regions, limited merchant acceptance (31%) continues to be a major barrier, preventing crypto from being a widely used everyday payment method.

Generational differences reveal that Gen X (49%) prioritizes speed, while Millennials (42%) and Gen Z (39%) favor borderless transactions. Security concerns are highest among Gen X (42%), while Gen Z (36%) is more sensitive to transaction fees. While younger users are more willing to integrate crypto into their daily financial activities, usability challenges and a lack of financial infrastructure remain key hurdles for broader adoption.

Western Europe 

The main driver in Western Europe is the speed and efficiency of crypto transactions with 37% of respondents favoring it. The ability to transfer funds quickly without the delays associated with traditional banking systems is a significant advantage, particularly beneficial for international transactions, where conventional methods can be slow and costly. 

Additionally, the study reveals that 35% of surveyed individuals are drawn to cryptocurrencies primarily for the privacy and anonymity they offer in transactions. This interest aligns with a growing desire for financial discretion, especially as digital payments become more prevalent. 

From the main drivers, the potential for value appreciation over time attracts 30% of surveyed Western European users to cryptocurrencies. With traditional investment avenues offering limited returns, many see crypto assets as a viable alternative for wealth growth, bolstered by the increasing mainstream acceptance of digital currencies.

Despite the advantages, security risks remain the main barrier in the region with 39% of surveyed Western Europeans apprehending potential hacks and fraud.  Furthermore, 29% surveyed individuals  are wary of the limited acceptance of cryptocurrencies among merchants and service providers, creating a gap between growing interest and practical utility of digital currencies for everyday transactions. Lastly, 28% of surveyed Western Europeans are concerned about the irreversibility of transactions if sent to the wrong address.

“Western Europe is one of the largest crypto economies in the world, and this study confirms their attraction for the tangible benefits of crypto, knowing speed, efficiency and privacy. The strong interest in value appreciation also highlights the growing recognition of digital assets as a legitimate investment avenue. However, the study also highlights the critical need to address security concerns and expand merchant acceptance for mainstream adoption.”, said Alvin Kan, COO of Bitget Wallet. “The market must prioritize building trust and usability to bridge the gap between interest and widespread adoption. By integrating crypto more seamlessly into everyday life, Bitget Wallet aims to make digital finance truly accessible to billions worldwide."

For more details, please visit Bitget Wallet blog.

About Bitget Wallet

Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users' assets. Experience Bitget Wallet Lite to start a Web3 journey.