Insights into Users’ Primary Crypto Applications Revealed by Binance
On December 14, Binance, the world’s largest crypto exchange by trading volume, shared insights into its users’ primary crypto applications. The initiative is part of Binance’s campaign called “Crypto is better with Binance,” which aims to showcase practical crypto applications worldwide. To gain a deeper understanding of users’ motivations and purposes behind utilizing digital assets, Binance conducted a survey with over 1,000 participants.
Main Reasons for Using Crypto
The survey revealed that almost half (45%) of the respondents identified earning additional income as their main reason for using crypto. Saving money ranked second at 19%, while 9% mentioned using crypto to counteract inflation. Among those who use crypto for savings, 36% stated that their primary motivation was to achieve financial security and independence.
User Experience
Aman, featured in Binance’s content series, shared his experience of using crypto to preserve the value of his savings and achieve financial stability. He utilized Binance Earn products to accrue interest on his assets at better rates than his bank account, which empowered him to make independent financial decisions.
Lauri, another user, highlighted the challenges she faced with traditional financial systems and services. As a digital nomad, she found Binance Pay to be a game-changer as it allowed her to transfer crypto quickly and with minimal fees.
Key Findings from the Survey
Besides avoiding slow transaction times and hefty fees, there are several other reasons for using crypto. The survey revealed that 76% of participants believe crypto can mitigate income inequality due to reduced reliance on traditional institutions, increased transparency, and financial access for the underbanked.
Other motivations for using crypto include supplementing primary income, home savings, and investing in digital assets. Additionally, 36% of respondents use crypto for weekly purchases, with online transactions being the preferred method. The survey also highlighted positive impacts such as increased portfolio value, extra income opportunities, enhanced financial control, and faster cross-border transactions.
Hot Take: Cryptocurrency Empowers Users to Achieve Financial Goals
The survey conducted by Binance reveals the diverse and dynamic role of cryptocurrency in shaping users’ financial strategies. By utilizing crypto, individuals can earn additional income, save money, achieve financial security and independence, and overcome challenges associated with traditional financial systems. Crypto also provides opportunities to mitigate income inequality and increase financial access for underbanked populations.
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