Binance survey reveals 76% of users believe crypto efficient in reducing income inequality

Today, Binance released the data collected via a survey to understand the primary uses of crypto among its users. The top reason reported was to earn additional income alongside their primary occupation, with over three-quarters believing it reduces income inequality.

The survey, which engaged over 1,000 participants, revealed that 45% of users primarily use crypto to earn extra income, 19% to save money, and 9% to offset inflation. Significantly, 36% of respondents associate their crypto savings habits with achieving financial independence and security.

The study, part of Binance’s efforts to illustrate real-life crypto applications, revealed that saving money and utilizing crypto to counter inflation were crucial drivers for its users. Many users linked their crypto-saving habits to broader financial independence and security goals.

The survey also revealed personal stories, adding depth to the statistical findings. For instance, Aman, an Asian user, shared how he leveraged Binance’s crypto savings products to navigate rising inflation and its impact on his university fees. His experience highlighted the empowering role of crypto in personal finance management. Aman stated that crypto,

“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.”

Further, the survey shed light on the challenges users face with traditional financial systems, such as high fees and slow transaction speeds. It highlighted the advantages of services like Binance Pay, as illustrated by Lauri, a digital nomad, who pointed out its efficiency for quick and low-cost international money transfers.

The study painted a picture of a diverse crypto user community and highlighted the multifaceted nature of crypto in daily life.

The positive impact of crypto was another highlight, with users reporting benefits such as increased value in investment portfolios, access to additional income opportunities, and enhanced financial services and control. They also appreciated the role of crypto in enabling faster and more affordable cross-border transactions.

Key findings of the survey encompass various aspects:

• Financial Equality: 76% of respondents believe crypto can mitigate income inequality, citing its transparency, security, and accessibility for underbanked communities.
• Extra Income: For users focusing on crypto for extra income, 23% aim to supplement their primary income, and similar percentages use it to save for a home or invest in other digital assets.
• Everyday Purchases: 36% of respondents use crypto weekly, with online transactions being the most common.
• Crypto Experience: Most (59%) have used crypto for 1-5 years, indicating a well-informed user base.
• Savings: 36% save in crypto for financial security, 16% seek better interest rates, and 14% save for retirement.

The survey was conducted from Nov. 15 to Dec. 6 and involved a wide demographic, including users from Asia & Pacific, the Middle East, Europe, Africa, and Latin America.