Introduction
On December 14, Binance, the blockchain ecosystem powering the world’s largest crypto exchange by trading volume, unveiled insights into its users’ primary crypto applications today.
As part of its campaign, “Crypto is better with Binance,” and the initiative to showcase practical crypto applications globally, Binance surveyed to gain deeper insights into users’ motivations and the purposes behind utilizing digital assets.
Survey Results
From a sample of over 1,000 participants, the survey revealed that almost half (45%) identified earning additional income as their main reason for using crypto. Saving money ranked second at 19%, with 9% mentioning using crypto to counteract inflation. Additionally, 36% of respondents highlighted that their primary motivation for using crypto for savings was to achieve financial security and independence.
User Experience
Aman, featured in Binance’s content series, shares how escalating inflation in his Asian country heightened challenges in covering his university fees. He recounts leveraging crypto to preserve the value of his savings and adopting crypto savings products to grow his capital:
“I started using Binance Earn products, which helped me accrue interest on my assets at far better rates than my bank account. It allowed me to make my own decisions – to stabilize my finances. I can’t think of anything more empowering.”
Over one-third of participants revealed that significant fees (19%) and sluggish transaction times (14%) posed the most important challenges when navigating traditional financial systems and services, among which is Lauri, who shares her reasons:
“I’m a digital nomad constantly traveling, so Binance Pay has been a game-changer. I had to plan days if I wanted to send money home, and it was expensive. I can transfer crypto through Binance Pay, and it’s there in like two minutes with barely any fees.”
Key Findings
In addition to avoiding slow transaction times, hefty fees, and guaranteeing financial independence, there are more reasons for using crypto.
Binance’s recent survey delves into the transformative influence of cryptocurrency on users’ lives. A notable 76% believe crypto can mitigate income inequality, attributing this to reduced reliance on traditional institutions (19%), increased transparency (18%), and financial access for the underbanked (17%). For those prioritizing crypto for extra income, motivations include supplementing primary income (23%), home savings (23%), and investing in digital assets (21%).
Over a third (36%) use crypto for weekly purchases, with 58% favoring online transactions. Most (59%) have 1-5 years of crypto experience, 14% exceed five years, and 12% are newcomers. Regarding savings, 36% leverage crypto for financial security, 16% for better interest, and 14% for retirement.
Positive Impacts
Positive impacts include increased portfolio value (20%), extra income opportunities (18%), expanded financial services access (15%), enhanced financial control (14%), and faster cross-border transactions (12%). These findings highlight cryptocurrency’s diverse and dynamic role in shaping financial strategies.
This survey was conducted from November 15 to December 5 to discover what inspired users from various backgrounds, cultures, and spheres of life to turn to crypto trading and savings.
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