According to the State of Cryptocurrency Report released by Coinbase, blockchain technology could save Americans at least $74 billion in credit card transaction fees in 2022 alone, equivalent to an average savings of $600 per household.
The report states that merchants spend more than $126 billion on fees to process credit card transactions, and by using blockchain technology, they can pay almost nothing.
The report stated, “Surveys show that at least three-fifths of Americans want to update the system to make it cheaper, faster, and easier to use.” Coinbase believes that blockchain technology not only serves consumers, but also serves enterprises.