Crypto Payments Face Global Hesitation as Hack Threats Loom, Survey Finds

Despite growing interest in crypto asset payments across emerging markets, concerns over security remain a primary obstacle to wider adoption, according to a new report.

A global survey conducted by Bitget Wallet, involving 4,599 participants, revealed that more than one-third of users cite security vulnerabilities—such as hacks and phishing scams—as the biggest barrier preventing them from using cryptocurrency for day-to-day transactions.

Fighting The Security Concerns

While 46% of those surveyed said they preferred using crypto over fiat currencies due to faster transaction speeds and greater efficiency, trust issues remain a persistent challenge.

As blockchain-based payment methods gain traction, the need for advanced protective tools is growing, particularly in response to increasingly sophisticated cyber threats targeting users’ wallets and on-chain activity.

Bitget Wallet’s latest Onchain Report highlights both the promise and limitations facing crypto payments globally. Alvin Kan, Bitget Wallet’s chief operating officer, noted that the platform has made security its core focus by deploying multi-layered protective features across its wallet infrastructure.

These include MEV (Maximal Extractable Value) protection, which is now available by default across networks like Ethereum, BNB Chain, and Solana to prevent manipulative trading practices such as front-running and sandwich attacks.

The wallet also uses its proprietary GetShield engine, which scans decentralized apps, smart contracts, and links for signs of malicious behavior before users can unknowingly authorize harmful transactions.

Kan added that generational differences shape adoption patterns: while Gen X users tend to focus on wallet security, younger users—particularly Gen Z—are more concerned about ease of use and transaction fees.

Regional Demand Grows Despite Structural Challenges

Bitget Wallet’s report also found significant appetite for crypto payments in emerging markets. Among African respondents, 52% expressed interest in using digital assets for transactions, with similar levels of interest (51%) recorded in Southeast Asia.

In both regions, limited access to traditional banking and high remittance costs are key drivers of adoption. To meet this demand, Bitget Wallet noted that it has prioritized features that enable onboarding without the need for bank accounts.

Its non-custodial wallet solution supports over 130 blockchains and stablecoins, allowing users to transfer value across borders with stable purchasing power.

Kan emphasized that localized fiat on-ramps and multichain compatibility make the platform accessible to users without technical expertise. In Latin America, the platform is also seeing increased usage, particularly in response to the high fees associated with conventional wire transfers.

Overall, while security remains a core concern in the crypto payment space, evolving solutions and targeted regional initiatives suggest that interest in digital payments continues to grow—particularly in underserved financial ecosystems where traditional infrastructure has fallen short.

Featured image created with DALL-E, Chart from TradingView