Binance survey reveals user reliance on crypto for extra income
A recent survey conducted by Binance, the world’s biggest crypto ecosystem, has shed light on how its users are using cryptocurrency in their daily lives.
The survey, which gathered responses from over 1,000 individuals, was part of the exchange’s “Crypto is better with Binance” campaign, aimed at understanding the real-life applications of digital assets by its global user base.
The key findings show that nearly half (45%) of the participants use cryptocurrency primarily to earn extra income. This is followed by 19% who use it for saving money and 9% to hedge against inflation. Furthermore, 36% of respondents indicated that achieving financial independence and security was their main reason for using crypto for savings.
Personal experiences shared by Binance users highlight the diverse applications of cryptocurrency. A notable example is Aman from Asia, who used crypto to protect his university savings from inflation and to accrue interest on his assets. He credits Binance Earn products for providing him with better rates than traditional bank accounts and helping stabilize his finances.
The survey also revealed challenges faced by users in traditional financial systems, with 19% citing high fees and 14% pointing out slow transaction times as major issues. Binance Pay, a crypto-based payment solution, was mentioned as a beneficial alternative, especially for digital nomads like Lauri, who appreciate its speed and low fees for international transactions.
The survey’s findings extend beyond just the use of crypto for earning and saving. It also reflects the belief among a majority of users that cryptocurrency can play a role in reducing financial disparities within society. The transparency and security of crypto transactions, along with their ability to provide financial access to the underbanked and facilitate cross-border transactions, are seen as key factors in mass adoption.
In terms of demographics, the bulk of the respondents are not new to the cryptocurrency space, with 59% having used it for 1-5 years. Only 12% of the participants were newcomers to crypto, having used it for less than six months.
Overall, the survey, conducted between November 15 and December 6, 2023, on users from Asia & Pacific, the Middle East, Europe, Africa, and Latin America, offers insights into the growing role of cryptocurrency in personal finance.
Among those using crypto for extra income, common goals are supplementing primary income, saving for a home, and investing in other digital assets. Additionally, 36% of respondents use crypto for weekly purchases, predominantly for online transactions.