Analysts concluded that fees for cryptocurrencies are significantly lower than traditional fees for money transfers

Coinbase is confident that more than 97% of the fees for cross-border transfers in the United States will not apply to the same operations, but using crypto coins. In a new study by the company, “the average U.S. fee rate of 6.18% means that Americans’ average annual spending is likely close to $12 billion in remittance fees.”

The experts noted that the average transaction time for international transfers ranges from 1–10 days, and similar transactions with digital currency usually last about 10 minutes. With classic transactions, clients pay for sending funds and for converting from one currency to another.

Transactions with digital assets are usually significantly cheaper. For one coin base, the fee for BTC transactions reaches about $1.50. If a user sends Ethereum, they pay an average of $0.75.

Analysts, citing information from the World Bank, believe that fees when working with cryptocurrencies are significantly lower than traditional fees for money transfers. On average, the latter are about 6.3%. Thus, Coinbase believes that transferring funds using Bitcoin and Ethereum is 96.7% cheaper than conservative methods.

And according to a new survey by Morning Consult, the majority of Latin American adults believe that digital currencies will be a legal means of payment. 63% of Argentine citizens, 61% of Chileans, 68% of Colombians and 59% of Mexicans believe that within these 10 years, crypto assets will become a reliable money transfer option. In the US, a similar opinion was expressed by 38% of respondents.

Now the owners of crypto coins are 22% of Americans, 26% of Colombians, 24% of Argentineans, 22% of Mexicans and 18% of Chilean citizens.

US survey participants said they had fewer digital asset transactions in 2022. But the daily use of crypto coins in Latin America does not fall. According to Mastercard, 51% of Latin American consumers have made digital asset transactions.