• A recent report suggests that the success rate of cryptocurrency transactions depends heavily on user location.
• The investigation revealed that half of the fiat digital currency transactions failed after completing KYC verification.
• Factors influencing transaction performance include local regulations, availability of crypto-friendly banks and financial institutions, payment methods and transaction values.
Crypto Transaction Success Rate Depends On User Location
A recent report states that the success rate of cryptocurrency transactions depends heavily on the user’s location. It depends not only on users‘ information and verification, such as the Know Your Customer (KYC) process. Cointelegraph Research & Onramper conducted a survey to trace this issue among some crypto exchanges, including MoonPay, Coinify, Wyre, Transak, etc.
Transaction Failure Causes 90% Abandonment Of Crypto Dealings
The data showed that half (50%) of the fiat digital currency transactions failed after completing KYC verification which caused about 90% abandonment of crypto dealings. This was due to various factors like local regulations, availability of crypto-friendly banks and financial institutions and technological infrastructure level in different countries.
High Success Rates In Japan And South Korea
The success rate for transactions tends to be higher in countries like Japan and South Korea where there are more established regulations and infrastructure for cryptocurrencies than some other countries in Africa or South America with fewer regulations and less developed financial infrastructure tend to record low success rates in transactions.
Other Factors Influencing Transaction Performance
Apart from user location, other factors contributing to successful transaction includes different payment methods and transaction values. According to the report bank transfers are reliable as they guarantee almost 100% transaction success while small transaction values have more chances of success than higher ones (value worth $0-$26).
Conclusion
To conclude it can be said that the success rate for cryptocurrency transactions is largely dependent upon user’s location along with other factors like payment methods and value size which should be taken into consideration for a smoother transaction experience globally.