{"id":479029,"date":"2024-02-08T10:40:56","date_gmt":"2024-02-08T10:40:56","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=479029"},"modified":"2024-02-08T16:41:57","modified_gmt":"2024-02-08T16:41:57","slug":"coinbase-says-blockchain-technology-could-save-americans-74-billion-in-credit-card-fees","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/coinbase-says-blockchain-technology-could-save-americans-74-billion-in-credit-card-fees","title":{"rendered":"Coinbase Says Blockchain Technology Could Save Americans $74 Billion In Credit Card Fees"},"content":{"rendered":"

The use of blockchain technology could save American consumers tens of billions of dollars on their credit card transactions, Coinbase said.<\/span><\/p>\n

Merchants spent more than $126 billion on fees to process credit card transaction in 2022, their second-largest cost after labor, but by using blockchain technology “they could have paid next to nothing,” the US-based exchange said<\/a> in its “State of Crypto Report” on Feb. 7<\/span>.<\/p>\n

“In 2022, consumers could have saved at least $74 billion in credit card transaction fees by using blockchain technology,” said the report. ”<\/span>At least three in five Americans want updates to the system that make it cheaper, faster, and more accessible.”<\/span><\/p>\n

The savings would amount to an average of about $600 per household, Coinbase<\/span><\/a> said.<\/span><\/p>\n

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Coinbase said in its latest report that consumers could save at least $74 billion in credit card transaction fees by using blockchain technology. Merchants spend more than $126 billion on fees to process credit card transactions. By using blockchain technology, there are…<\/p>\n

— Wu Blockchain (@WuBlockchain) February 8, 2024<\/a><\/p><\/blockquote>\n