In a recent survey conducted by Binance, the world’s foremost blockchain ecosystem and the largest cryptocurrency exchange by trading volume, it has been revealed that almost half of its users rely on digital assets to earn extra income. The survey, conducted from November 15, 2023, to December 6, 2023, gathered responses from 1,172 individuals across Asia & Pacific, the Middle East, Europe, Africa, and Latin America.
The campaign, “Crypto is better with Binance,” underscores the platform’s commitment to highlighting real-life use cases of cryptocurrency around the globe. The survey aimed to gain insights into user motivations and reasons for engaging with digital assets.
Earning extra income emerged as the primary use for crypto, with 45% of respondents citing it as their main motivation. Saving money and offsetting inflation followed closely behind at 19% and 9%, respectively. Notably, more than a third (36%) expressed that achieving financial security and independence motivated their use of crypto for savings.
A featured user, Aman from Asia, shared his experience of using crypto to navigate the challenges posed by rising inflation in his country. He detailed how Binance’s savings products allowed him to accrue interest on his assets, providing better rates than traditional bank accounts and empowering him to make independent financial decisions.
High fees (19%) and slow transaction times (14%) were identified as the most significant challenges users face when dealing with traditional financial systems and services, according to the survey from the crypto exchange.
Lauri, a digital nomad and Binance user, highlighted the impact of Binance Pay on his lifestyle, describing it as a “game-changer” that facilitated quick, low-cost transfers. Users like Lauri underscore the practical benefits of using crypto, especially in the context of international transactions and remittances.
Key Findings from the Binance Survey
From the primary use of digital assets for earning extra income to the challenges users face with traditional financial systems, the Binance survey provides a nuanced perspective on the evolving landscape of crypto adoption. The following findings reveal the transformative impact of cryptocurrencies as revealed by the respondents, shedding light on their motivations, challenges, and the diverse ways in which they integrate crypto into their financial journeys:
Financial Equality: A majority of respondents (76%) believe that crypto can contribute to reducing income inequality and financial disparities. Factors include reducing reliance on traditional financial institutions, transparency, security, financial access for the underbanked, and cross-border transactions without intermediaries.
Crypto for Earning Extra Income: Respondents primarily use crypto to supplement their income (23%), save for a home (23%), and invest in other digital assets (21%).
Crypto for Everyday Purchases: Over a third (36%) of respondents use crypto for weekly purchases, with 58% using it for online transactions, 12% for international transactions, and 12% for in-store purchases.
Crypto Natives: The majority (59%) of respondents have been using crypto for 1-5 years, indicating a growing user base with substantial experience in the crypto space.
Crypto for Savings: 36% of users utilize crypto for savings, citing financial security, independence, better interest rates, and retirement planning as key motivations.
Impact of Crypto: Respondents highlighted positive impacts, including increased portfolio value (20%), opportunities for additional income through trading or staking (18%), enhanced financial services access (15%), improved financial control (14%), and faster, cheaper cross-border transactions (12%).
In essence, the Binance survey results shed light on the diverse ways in which crypto is integrated into users’ lives, providing financial solutions and empowering individuals globally. Binance, as a leading blockchain ecosystem, continues to play a pivotal role in shaping the future of digital finance and fostering financial inclusion.
Read the full article here