Recently, cryptocurrencies have become not only a subject of financial speculation but also a tool for real changes in personal finance management. A study conducted by Binance, one of the largest cryptocurrency exchange platforms, demonstrated the extensive and diverse ways users are utilizing these digital assets.
The study found that nearly half of Binance users use cryptocurrencies as a way to supplement their income. Among the respondents, 45% use cryptocurrencies primarily for generating additional financial resources, 20% for saving, and 10% as a means to combat inflation. Importantly, 35% of those surveyed combine cryptocurrency savings practices with the pursuit of financial security and independence.
An interesting aspect of the study is the finding that as many as 76% of respondents believe that digital assets can contribute to reducing income inequality. Users cited various reasons for this view, including easy access for people with limited access to banks, the security and transparency of cryptocurrency transactions, and the elimination of intermediaries in cross-border transactions.
The study also revealed a wide range of uses for cryptocurrencies among users. A significant portion of survey participants uses digital assets for weekly transactions, and many of them make routine purchases using them. This includes transactions in brick-and-mortar stores, online shopping, and overseas money transfers.
Furthermore, nearly 60% of respondents stated that they have been involved in cryptocurrencies for one to five years. Of these, 14% have over five years of experience, while 12% are newcomers to the field, having used it for less than six months.
It also turned out that 36% of users use cryptocurrencies to save for financial independence and security. In addition, 16% use them to increase the interest on their savings, and 14% save in cryptocurrencies for retirement.
The survey also revealed user dissatisfaction with traditional banking systems. 14% of them pointed to delays in transactions, and 19% to high costs as the main obstacles. In this context, digital currencies represent a more economical and efficient alternative.
The study’s results were based on a sample of 1,172 people, with accounts in Asia and the Pacific, the Middle East, Europe, Africa, and Latin America. The survey was conducted on the Binance platform from November 15 to December 6, 2023.
This study sheds new light on cryptocurrencies, showing them not only as a speculative tool but as a real factor influencing changes in the global financial system, promoting greater income equality and financial independence.
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