Cryptocurrency Usage Survey Reveals Surprising Insights
Date: 2023-12-18 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Earning Extra Income: Nearly 45% of the over 1000 survey participants cited earning additional income as their primary reason for using cryptocurrencies.
Savings: Saving money came in second place, with 19% of respondents choosing it as their motivation, while 9% stated they use cryptocurrencies to combat inflation.
Financial Security: A significant 36% of respondents indicated that their main motivation for using cryptocurrencies for savings was to achieve financial security and independence.
Challenges with Traditional Financial Systems:
Survey participants highlighted the drawbacks of traditional financial systems, with 19% mentioning high transaction fees and 14% noting slow transaction times as their main concerns.
User Stories:
One participant named Lori shared her experience: "I'm a digital nomad, always on the move, so I chose the revolutionary tool, Binance Pay. Before, when I wanted to send money home, I had to plan the transfer days in advance, and it was expensive. Now, I can transfer cryptocurrency through Binance Pay in just a few minutes and with minimal fees."
Impact of Cryptocurrency:
The Binance survey also shed light on how cryptocurrency is transforming users' lives. A significant 76% of respondents believe that cryptocurrency can alleviate income inequality. They attribute this to reduced reliance on traditional institutions (19%), increased transparency (18%), and expanded access to financial services for those who previously had limited access (17%).
Diverse Uses:
Among those using cryptocurrency to earn extra income, 23% see it as a supplement to their primary income, while another 23% use digital assets for personal savings, and 21% engage in investment activities.
Daily Use:
Over a third (36%) use cryptocurrency for weekly purchases, with 58% favoring online transactions. Most users (59%) have been interacting with cryptocurrency for 1 to 5 years, while 14% have over five years of experience, and 12% are newcomers. As for savings, 36% use cryptocurrency to achieve financial security, 16% due to higher interest rates, and 14% for retirement planning.
Positive Impact:
Survey participants cited various positive impacts of cryptocurrency, including portfolio value increase (20%), earning additional income (18%), expanded access to financial services (15%), better financial control (14%), and faster international transactions (12%). These findings underscore how cryptocurrency shapes diverse financial strategies.
