Crypto Payment Faces Security Concern
Date : 2025-05-06
Published in Finance
* Despite these challenges, many users prefer crypto payments for speed, accessibility, and cross-border convenience
Security concerns remain the most significant hurdle to the widespread adoption of cryptocurrency payments, as hacks and phishing scams continue to undermine the industry's credibility. A survey of 4,599 Bitget Wallet users revealed that over 37% of investors view security risks as the primary obstacle to using cryptocurrency for payments. However, 46% of users prefer crypto payments for their speed and efficiency compared to fiat currency.
Bitget Wallet has prioritised security in its cryptocurrency payments by putting in place multi-layered protection systems, according to Alvin Kan, Chief Operating Officer. Strategies such as Maximal Extractable Value (MEV) protection help users avoid common threats like sandwich and front-running attacks. MEV protection is activated by default on popular chains like Ethereum, BNB Chain, and Solana.
The GetShield engine has been deployed for smart authorisation detection to actively scan decentralised apps (Dapps), smart contracts, and URLs and warn users about any dangerous activity. A USD 300 million user protection fund supports Bitget Wallet's operations, offering extra security in the event that platform-level problems result in asset loss, Mr. Kan added.
The advent of a novel form of phishing attack called address poisoning or wallet poisoning scams poses a significant threat to cryptocurrency users. The modus operandi involves deceiving victims into transmitting their digital assets to fake addresses owned by criminals. In the first three weeks of March 2025, victims of address poisoning scams were duped into voluntarily sending more than USD 1.2 million to scammers. According to Mr. Kan, Gen Z users place a higher value on usability and cost-effectiveness, while Gen X users prioritise security.
Crypto Payment Adoption Surges Africa and Southeast Asia
According to Bitget Wallet's survey, limited banking access and hefty remittance prices prompted 51% of respondents from Southeast Asia and 52% of respondents from Africa to express interest in cryptocurrency payments.
Bitget Wallet provides simplified onboarding for unbanked regions worldwide using non-custodial wallets that do not require a traditional bank account. The platform supports over 130 blockchains and stablecoins, enabling users to send and receive value globally. Local fiat on-ramps and multichain support allow users to access crypto without technical knowledge or reliance on centralised platforms.
