Unlocking a $74 Billion Potential: Coinbase’s Report Spotlights Savings Opportunities in Credit Card Fees with Crypto Payments

In a groundbreaking report released by Coinbase, the cryptocurrency exchange has unveiled that Americans could have saved a staggering $74 billion in credit card transaction fees in 2022 alone, had they opted for crypto payments over traditional credit card transactions. This revelation underscores the growing debate on the efficiency and cost-effectiveness of blockchain technology versus the traditional financial system.

The Cost of Traditional Transactions

The report, titled “State of Crypto,” delves into the comparative analysis of the traditional financial system and the burgeoning use of blockchain and cryptocurrencies. It highlights a significant financial strain on American families and businesses, attributing an average of $600 per family to maintain the conventional system that relies heavily on intermediaries for payment processing. Furthermore, merchants have borne the brunt of this outdated system, incurring over $126 billion in fees to process credit card transactions. The adoption of blockchain technology and cryptocurrencies, as suggested by the report, could have circumvented these exorbitant expenses.

The “State of Crypto” reports are part of Coinbase’s broader effort to provide market intelligence, institutional research, and insights into the evolving crypto market. These publications are intended to guide stakeholders through the highlights and developments in the crypto economy and discuss the future of digital and physical worlds as technology advances.

Beyond Financial Savings

However, the report by Coinbase, in collaboration with The Block, emphasizes that the issue extends beyond mere financial savings. It points to broader concerns such as transaction waiting times and the accessibility challenges of traditional financial applications. The current system is described as cumbersome for both consumers and small businesses, who are subjected to a cycle of paying, waiting, and paying again as their money navigates through a labyrinth of intermediaries, each adding their own fees and delays to the process.

Coinbase’s research also delves into the attitudes of different generations towards cryptocurrencies, with younger generations viewing crypto as an important tool for financial agency and change. The reports often highlight the desire for a financial system that is fairer, cheaper, and faster, reflecting a public demand for innovation in everyday finance.

Public Sentiment on Cryptocurrency vs. Credit Cards

Coinbase’s findings also include insights from a new survey indicating a significant shift in public sentiment towards cryptocurrencies. According to the survey, at least three out of five Americans express a desire for an overhaul of the current financial system, advocating for a model that is cheaper, faster, and more accessible. This sentiment is particularly strong among Americans aged between 18 and 40, highlighting a generational push towards embracing the advantages offered by cryptocurrencies and blockchain technology.


The Coinbase report sheds light on the tangible benefits of adopting cryptocurrency for transactions, presenting a compelling case for a shift away from traditional credit card payments. With potential savings of $74 billion in credit card fees, the report not only underscores the financial advantages of blockchain technology but also highlights the broader societal and operational efficiencies it offers. As the discourse around the future of financial transactions continues to evolve, the findings from Coinbase offer a significant contribution to the conversation, advocating for a more inclusive, efficient, and cost-effective financial system.

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