The world of digital finance is changing the way people manage their finances thanks to cryptocurrency. The largest cryptocurrency exchange in the world, Binance, recently carried out an extensive survey across several continents to learn more about how customers interact with cryptocurrencies on a daily basis.
The findings highlight the growing role that digital currencies are playing in promoting financial freedom and security.
Binance’s observations at the vanguard of this transformation show a shifting environment in which digital assets are essential in redefining conventional financial standards. The influence of Bitcoin is becoming more visible as consumers around the world use it, highlighting a move toward increased financial security and autonomy in the developing digital economy.
Crypto Consensus: Nearly 50% Rely On Digital Assets
According to the report, nearly half of its customers rely on cryptocurrency to supplement their income. Binance recently made the aforementioned observation as part of its “Crypto is Better with Binance” campaign.
More than a thousand people took part in the poll, which found that 45% of users use cryptocurrency primarily to make additional money, 20% to save money, and 10% to combat inflation. Notably, 35 percent of participants link their cryptocurrency savings practices to obtaining security and financial independence.
In an effort to demonstrate practical uses for cryptocurrencies, Binance conducted the study which found that two of its users’ main motivations were to save money and utilize cryptocurrencies to combat inflation. Numerous users connected their crypto-saving practices to more general objectives of financial security and independence.
As of today, the market cap of cryptocurrencies reached $1.4 trillion. Chart: TradingView.com
Additionally, according to 76% of respondents, digital assets can aid in the reduction of income disparity. Users gave several reasons, including the ease of access for the underbanked, the security and openness of cryptocurrency transactions, and the removal of middlemen in cross-border transactions.
The survey also discovered a wide range of cryptocurrency applications within its user base. A significant proportion of participants use digital assets for their weekly cryptocurrency transactions, and many make routine purchases with them. This reflects the increasing integration of digital assets into routine financial activity and includes in-store transactions, online purchasing, and foreign remittances.
Growing Adoption Of Digital Assets
Nearly 60% of respondents, a sizeable majority, said they had been involved with cryptocurrencies for one to five years. Of them, 14% have more than five years of experience, while 12% are very new to cryptocurrency, having only used it for less than six months.
About 36% of users use cryptocurrencies to save money in an effort to become financially independent and secure. Furthermore, 16% use it to increase the interest rate on their savings, and 14% use cryptocurrency to save for retirement.
The survey also revealed users’ dissatisfaction with traditional banking systems, with 14% noting delayed transaction times and 19% mentioning excessive costs as major deterrents. On the other hand, digital currencies present a more economical and effective substitute.
A sample size of 1,172 people served as the basis for the survey results. Users with accounts in Asia & Pacific, the Middle East, Europe, Africa, and Latin America were eligible to participate in the poll, which ran on the Binance poll platform from November 15, 2023 to December 6, 2023.
Featured image from iStock
