Binance survey reveals user reliance on crypto for extra income

abdelaziz Fathi

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.

  • Read this next

    Fundamental Analysis

    Global FX Market Summary: EUR, Fed Minutes February 21, 2024

    Hawkish Fed minutes could strengthen USD, dovish BoE hints could boost euro, mixed economic data leaves impact unclear, FOMC minutes release today holds the most weight.

    Digital Assets

    360T launches Crypto NDF offering

    “By launching our crypto offering with non-deliverable derivatives products, we are allowing our diverse, global client base to engage with the crypto market without the need to build or invest in Distributed Ledger Technology (DLT) infrastructure. Looking ahead, we will continue to work with our industry partners to expand 360T’s crypto.”

    Technical Analysis

    FTSE 100 index Technical Analysis Report 20 February, 2024

    The FTSE 100 index is likely to fall to support level 7600.00 after reversing from resistance level 7750.00.

    Retail FX

    Afterprime enhances trade reporting with PrimeXM and TRAction

    “This collaboration has made setting up EMIR and MIFIR reporting for our CySEC entity a breeze, allowing us to maintain our focus on providing best-in-class pricing and top-notch customer service.”

    Market News

    US Market Stocks See a Dip Ahead of FOMC Minutes Announcement

    As the financial world eagerly awaits the release of the Federal Open Market Committee (FOMC) meeting minutes scheduled for today, the S&P 500 index begins trading slightly lower, marking a subtle shift in market sentiment following a prolonged rally.

    Fintech

    Adaptive proves that “the future of finance is in the cloud”

    “While workloads have migrated to the cloud over the past decade, some have doubted whether its latency and fault tolerance can match that of on-premises solutions – our joint testing on Google Cloud, proves that this is the case.”

    Retail FX

    Axi Select offers live trading amid “end of demo account prop firm model”

    “We genuinely empathize with the thousands of talented traders who will now be denied access to their allocated funds, and we encourage anyone using the demo trading registration model to question whether their prop firm partner will be able to continue as an ongoing concern given recent events. Unfortunately, this could be the beginning of the end for the demo account prop firm model.”

    Digital Assets

    Celsius founder Mashinsky agrees to shared lawyers with Sam Bankman-Fried

    Former Celsius CEO Alex Mashinsky has addressed potential conflicts of interest in his legal representation during a brief hearing in a New York courtroom.

    Digital Assets

    Sam Bankman-Fried captured in first jail photo

    Sam Bankman-Fried, the once-billionaire founder of FTX, has been spotted looking quite different with a new beard and a slimmer figure in a photo that’s been making rounds, reportedly taken inside New York’s Metropolitan Detention Centre.

    <