On December 14th, Binance, the blockchain ecosystem fueling the world's leading cryptocurrency exchange, released insights into its users' primary crypto applications as part of its campaign, "Crypto is better with Binance." With a focus on showcasing practical crypto applications globally, Binance conducted a survey to delve into users' motivations and the purposes behind utilizing digital assets.
The survey, based on responses from over 1,000 participants, revealed that nearly half (45%) identified earning additional income as their main reason for using crypto. Saving money ranked second at 19%, with 9% using crypto to counteract inflation. Moreover, 36% of respondents emphasized that their primary motivation for using crypto for savings was to achieve financial security and independence.
In terms of user experience, individuals like Aman, featured in Binance's content series, highlighted how crypto became a solution amid escalating inflation in his Asian country, helping him preserve the value of his savings. Over one-third of participants noted significant fees (19%) and sluggish transaction times (14%) as the most significant challenges when navigating traditional financial systems. Binance Pay emerged as a game-changer for digital nomads like Lauri, facilitating quick and low-cost transfers.
Key findings from the survey underscored the transformative impact of cryptocurrency on users' lives. A significant 76% believed crypto could mitigate income inequality, attributing this to reduced reliance on traditional institutions (19%), increased transparency (18%), and financial access for the underbanked (17%). Those prioritizing crypto for extra income focused on supplementing primary income (23%), home savings (23%), and investing in digital assets (21%).
Over a third (36%) used crypto for weekly purchases, predominantly favoring online transactions (58%). The survey highlighted the diverse and dynamic role of cryptocurrency in shaping financial strategies, with positive impacts including increased portfolio value (20%), extra income opportunities (18%), expanded financial services access (15%), enhanced financial control (14%), and faster cross-border transactions (12%).
Conducted from November 15 to December 5, the survey aimed to uncover what inspired users from various backgrounds, cultures, and spheres of life to turn to crypto trading and savings.
