A survey carried out by Binance, the world's largest cryptocurrency exchange, revealed that 45% of participants primarily utilize cryptocurrency to generate additional income. The survey involved over 1,000 Binance users.
In a post dated December 14, Binance indicated that besides earning extra income, 19% of those surveyed said they primarily use crypto to save money. Another 9% use it as a hedge against inflation. Thirty-six percent reported using crypto savings to attain financial security or independence.
One Binance user from Asia named Aman credited cryptocurrency with maintaining his financial stability amidst escalating inflation while he worked to cover his education fees. "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," Aman said in the blog post.
According to the same post, respondents identified high fees and slow transaction speeds as their most significant challenges within the traditional financial system. Another user named Lauri commented on how Binance Pay has revolutionized her transactions: "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."
The blog post also revealed that 76% of those surveyed believe that cryptocurrency can help diminish income inequality or societal financial disparities. They argued that crypto is transparent and secure, broadens financial access for underbanked communities, and enables cross-border transactions without intermediaries.
Binance conducted this survey between November 15 and December 6, 2023. The participants comprised of 1,172 registered users from Asia, the Middle East, Europe, Africa, and Latin America.