Security Concerns Limit Global Adoption of Cryptocurrencies-25-03-2025

Security risks remain the biggest barrier to widespread adoption of cryptocurrency payments, as hacking and phishing scams continue to undermine the credibility of the sector.

More than 37% of investors identified security issues as the primary obstacle to using cryptocurrencies for payments, according to a survey of 4,599 users conducted by Bitget Wallet as part of its latest Onchain Report, shared with Cointelegraph.

Despite this, 46% of users said they preferred cryptocurrency payments over traditional fiat due to their speed and efficiency.

Bitget Wallet has implemented multi-layered security mechanisms to ensure that protection is an "absolute priority" and to increase confidence in crypto payments, according to Alvin Kan, Chief Operating Officer of Bitget Wallet:

“This includes MEV protection, which is now enabled by default on major chains like Ethereum, BNB Chain, and Solana, helping users avoid common risks like front-running and sandwich attacks. We’ve also introduced smart authorization detection through our GetShield engine, which actively scans smart contracts, DApps, and URLs to identify malicious behaviors before users sign anything,” he told Cointelegraph.

Bitget Wallet’s operations are backed by a user protection fund of $300 million, providing an additional layer of security in case of "asset loss due to platform-level issues."