- 45% use crypto for extra income, aiming for financial independence.
- High fees and slow transactions in TradFi drive crypto adoption.
- Most users see crypto as a tool to reduce financial disparities.
In the evolving world of digital finance, cryptocurrency is becoming a pivotal player, reshaping how individuals manage their finances. Binance, the world’s largest cryptocurrency exchange by trading volume, is at the forefront.
Recently, Binance conducted a comprehensive survey to understand how its users use cryptocurrency daily. This survey, conducted across multiple continents, sheds light on the growing importance of cryptocurrency in achieving financial security and independence.
Understanding Cryptocurrency’s Role in Modern Finance: Binance Survey
On Thursday, December 14, Binance published a survey revealing how its users see their crypto investments. A key revelation was that nearly half of the respondents (45%) primarily use cryptocurrency to earn additional income.
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Furthermore, 76% of respondents believe digital assets can help reduce income inequality. Users cited reasons like the transparency and security of crypto transactions, easier access for the underbanked, and eliminating intermediaries in cross-border transactions.
In addition, the survey found diverse cryptocurrency applications among its user base. Many use digital assets for everyday purchases, with over a third of respondents engaging in crypto transactions weekly. This includes online shopping, international remittances, and even in-store purchases, reflecting the growing integration of cryptocurrency into everyday financial activities.
Binance Users Frustrated with Traditional Banking
The survey also highlighted the frustrations with traditional banking systems, with 19% of users citing high fees and 14% pointing out slow transaction times as significant deterrents. In contrast, digital currencies offer a more efficient and cost-effective alternative.
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The survey also paints a picture of the diverse experience levels among crypto users. While 59% have been using cryptocurrency for 1-5 years, signaling a maturing user base, a noticeable segment of newcomers (12% using crypto for less than 6 months).
From November 15 to December 6, 2023, the survey polled 1,172 Binance users from Asia, the Middle East, Europe, Africa, and Latin America.
On the Flipside
- Users and exchanges have to navigate a changing environment. Binance has taken the brunt of this regulatory enforcement, especially in the US.
Recently, Binance has experienced issues with finding banking partners. For instance, in October, the exchange announced that its European users would no longer be able to use their Binance Visa card.
Why This Matters
As illustrated by the Binance survey, Cryptocurrency is rapidly becoming an integral part of the global financial landscape. The users’ perception of crypto is crucial for its further mainstream adoption.
Read more about Binance’s settlement with US regulators:Â
Here’s What Binance’s $4B Settlement and CZ’s Resignation Means
Read more about Bitget’s recent performance:Â
Bitget Booms in November, Spot Trading Jumps 82%
