Binance surveyed 1,172 registered users in jurisdictions where it is allowed to operate and found that 45% rely on cryptocurrency to earn additional income.
Binance Holdings Ltd, a leading cryptocurrency exchange by daily trading volume and registered users globally, recently conducted a survey of its registered users to understand the key use cases for cryptocurrency assets. In particular, cryptocurrency exchanges conducted a survey targeting 1,172 randomly distributed locations in Asia, the Middle East, Europe, Africa, and Central and South America. The survey was conducted on the Binance survey platform from November 15, 2023 to December 6, 2023. Despite different opinions expressed by different individuals, it is clear that it is better for the cryptocurrency industry to have Binance leading the way. Moreover, cryptocurrency exchanges have remained loyal to their users despite regulatory pressure from other jurisdictions in the United States.
Key Findings from the Binance Survey
Approximately 45% of respondents indicated that their primary use of cryptocurrency assets is as a means of earning additional income. Around 19% of respondents highlighted that cryptocurrencies are their preferred way to save money, while around 9% of respondents stated that their goal in adopting cryptocurrencies was to hedge against inflation. Interestingly, more than a third of respondents (approximately 36%) said ensuring financial security was their top priority when adopting cryptocurrency assets.
“I started using Binance monetization products which helped me accrue interest on my assets at much better rates than my bank account. It gave me the opportunity to make my own decisions to stabilize my finances. Aman, a Binance user from Asia, said:
Meanwhile, about 19% of respondents cited high processing fees from traditional financial institutions as the main reason for using cryptocurrency assets. Additionally, 14% of respondents highlighted the slow transition of the traditional banking system as their main reason for using cryptocurrency assets.
“I am a digital nomad and am constantly traveling. So Binance Pay is a game changer. Sending money home required planning days in advance, and it cost a lot of money. You can transfer cryptocurrencies through Binance Pay and it happens in just 2 minutes with virtually no fees,” said Lauri, a Binance user.
Take-out point
In a survey conducted by Binance, the majority of respondents (76%) said the cryptocurrency industry could be used to reduce financial inequality. Approximately 36% of respondents said cryptocurrency assets were their most preferred method for making everyday purchases. Interestingly, about 59% of respondents have been using cryptocurrencies in the past five years, while only 12% are new to the web3 industry. As the cryptocurrency industry becomes more mainstream, approximately 20% of respondents say that the use of digital assets has significantly improved their investment portfolios.
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