Crypto Transaction Success Rate Varies with User Location: Report
• A recent report suggests that the success rate of cryptocurrency transactions depends heavily on the user’s location.
• Factors such as local regulations, the availability of crypto-friendly banks and financial institutions, and the country’s technological infrastructure level influence this transaction success rate.
• Higher transaction success rates were observed in countries with established regulations and better technological infrastructure, while lower rates were seen in countries with fewer regulations and less developed financial infrastructure.
Cryptocurrency Transaction Success Rate Depends On Location
A recent report by crypto giant Cointelegraph Research & Onramper has revealed that the success rate of digital currency transactions depends heavily on the user’s location. This observation emerged after a survey of some crypto exchanges, including MoonPay, Coinify, Wyre, Transak etc., to trace the issue. The data showed that some countries have a significantly higher success rate for transactions than others due to various factors.
Factors Influencing Transaction Performance
User location is not the only factor influencing crypto transactions; different payment methods and transaction values also play an important role in determining transaction performance. According to the report, bank transfers are reliable as they guarantee almost 100% transaction success. The size of a transaction also affects its chances of succeeding; small values had more chances of succeeding than larger ones according to their findings (up to $26).
Success Rate Variations Across Countries
The survey found that countries like Japan and South Korea have a significantly higher success rate for transactions due to their well-established regulations and technology infrastructure compared to other locations around the world. For instance, some African and South American countries had lower rates due to their fewer regulations and less developed financial infrastructure.
Transaction Failures Lead To Abandonment Of Crypto Dealings
The research revealed that half (50%) of fiat digital currency transactions failed after completing KYC verification due to these varying factors across locations leading up to 90% abandonment of crypto dealings overall.
Ultimately it appears that user location is one major factor influencing cryptocurrency transaction performance; however there are various other factors at play too such as payment method or size of value being transacted which need consideration before making any final decision when dealing in cryptocurrencies