Nikolas Sargeant
Binance, the leading blockchain ecosystem behind the world’s largest crypto exchange by trading volume, revealed on Thursday, December 14th, that its users’ top uses for crypto.
This latest development was revealed in Binance’s campaign highlighting user stories, “Crypto is better with Binance,” and efforts to highlight real-life use cases of crypto around the world.
The survey carried out by Binance was to gain a better understanding of its users’ motivations and reasons for using digital assets.
From a sample of over 1,000 respondents, the survey showed that nearly half (45%) listed earning extra income as their primary use for crypto. 19% of the respondents use crypto to save money while another 9% use it to offset inflation. More than a third (36%) of respondents indicated that achieving financial security and independence was the primary motivation for using crypto for savings.
Aman from Asia, featured in Binance’s content series, looked into the rising inflation in his country and the added pressure on his ability to pay his university fees. He talks about how he used crypto to maintain the value of his savings from being impacted and started using crypto savings products to increase his capital. Aman said,
“I started using Binance Earn products which helped me to accrue interest on my assets, with far better rates than my bank account. It gave me the opportunity to make my own decisions – to stabilize my finances. I can’t think of anything more empowering.”
19% of the respondents believe that high fees are the biggest challenge they face when dealing with traditional financial systems and services while 14% believe it is slow transaction times.
Lauri, a Binance user, shared, “I’m a digital nomad and constantly traveling, so Binance Pay has been a game-changer. I had to plan days ahead 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.”
Other Key Findings from the Survey:
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Financial Equality: 76% of the respondents indicated that crypto can play a role in reducing income inequality or financial disparities within society. Crypto reduces the reliance on traditional financial institutions (19%), is transparent and secure (18%), provides financial access to the underbanked and unbanked (17%), enables cross-border transactions without intermediaries (16%), and offers greater control over their assets and investments (16%).
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Crypto for Earning Extra Income: Among those whose primary use for crypto is for earning extra income, 23% revealed that their goal was to supplement their primary income, with another 23% using it to save for a home and 21% for investing in other digital assets.
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Crypto for Everyday Purchases: 36% of respondents use crypto for purchases on a weekly basis, with another 58% of them using crypto for online purchases, including the purchase of goods, services, and digital products, followed by 12% who use it for international transactions and remittances, and another 12% for in-store purchases.
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Crypto Natives: Most of the respondents are not new to crypto, with 59% of them using crypto for 1-5 years, 14% for more than five years, and 12% are new to crypto (having used it for less than 6 months).
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Crypto for Savings: 36% use crypto to save money as it offers financial security and independence, 16% to earn better interest on their savings, and 14% for saving for retirement.
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Impact of Crypto: 20% of the respondents reported that it increased their investment portfolio value, 18% stated that they were provided opportunities to earn additional income through trading or staking, 15% were able to access greater financial services, 14% enhanced their financial control, and 12% benefitted from faster and cheaper cross-border transactions.
Binance revealed that the survey results are based on a total sample of 1,172 individuals. The survey was conducted from November 15, 2023, to December 6, 2023, on the Binance Survey platform, and was open to users registered in Asia & Pacific, the Middle East, Europe, Africa and Latin America.
Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.
