TechFlow reports that in its latest State of Crypto report, Coinbase stated blockchain technology could save Americans at least $74 billion in credit card transaction fees—equivalent to an average of $600 per household.
The report noted, "At least three out of five Americans want the system updated to make it cheaper, faster, and easier to use." Coinbase believes blockchain technology benefits not only consumers but also businesses. According to the report, merchants spend over $126 billion annually on credit card processing fees, making it their second-largest cost after labor. By adopting blockchain technology, they could nearly eliminate these expenses.
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