Binance survey Nearly half of users rely on cryptocurrencies to earn extra income

Nearly Half of Binance Users Report Relying on Cryptocurrencies for Additional Income, Survey Finds

Source: Binance Blog; Translation: Song Xue, LianGuai

Key Points

• According to a survey conducted by Binance, nearly half of the respondents use cryptocurrencies to earn extra income, while 36% seek financial security and independence.

• High fees and slow transaction times are seen as the main challenges of traditional financial systems, driving users to prefer digital assets for faster and cheaper transactions.

• Most respondents believe that cryptocurrencies can promote financial equality, provide secure and transparent transactions, and assist people with insufficient banking and financial services.

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In light of our ongoing campaign to highlight user stories, “Binance, Cryptocurrency Made Better” and the effort to emphasize real-world use cases of cryptocurrencies globally, we conducted a survey to better understand the motivations and reasons why our users use digital assets.

Based on a sample size of over 1,000 respondents, our survey found that nearly half (45%) of the people listed earning extra income as their primary purpose for using cryptocurrencies, followed by savings (19%) and hedging against inflation (9%). Over one-third (36%) of the respondents said achieving financial security and independence is their primary motivation for using cryptocurrencies for savings.

Oman, from Asia, discussed in Binance’s events how the rising inflation in his country increased the pressure of paying for his university expenses. He talked about how he uses cryptocurrencies to maintain the value of his savings and has started using crypto savings products to increase capital.

Oman stated, “I started using Binance’s earning products to help accumulate interest on my assets, with interest rates far higher than my bank accounts. This provided me with an opportunity to make my own decisions and stabilize my financial situation.”

Over one-third of the respondents shared that high transaction fees (19%) and slow transaction times (14%) were the biggest challenges when dealing with traditional financial systems and services.

Binance user Lori shared, “I am a digital nomad, frequently traveling, so Binance Pay has changed the game. Previously, if I wanted to send money back home, I had to plan days in advance and the costs were high. Now, I can transfer cryptocurrencies through Binance Pay, and the funds are received within two minutes with hardly any fees.”

Other findings from the survey:

Financial Equality: 76% of the respondents stated that cryptocurrencies play a role in reducing social income inequality or financial gaps. It reduces dependence on traditional financial institutions (19%), has transparent and secure features (18%), provides financial access opportunities for the unbanked or those without bank accounts (17%), facilitates cross-border transactions without intermediaries (16%), and offers greater control over assets and investments (16%).

Used for earning extra income: For respondents who primarily use cryptocurrency to earn extra income: 23% say their goal is to supplement their main income, another 23% use it for house savings, and 21% use it to invest in other digital assets.

Used for everyday shopping: Over one-third (36%) of respondents use cryptocurrency for shopping every week, with over half (58%) using it for online shopping, including purchasing goods, services, and digital products. The next highest category is 12% who use it for international transactions and remittances, and another 12% for physical store shopping.

Native cryptocurrency users: Most people are not unfamiliar with cryptocurrency, 59% of respondents have been using cryptocurrency for 1-5 years, 14% for over five years, and 12% are beginners (using it for less than six months).

Used for savings: 36% of people use cryptocurrency for savings because it provides financial security and independence, 16% use it to gain better interest rates on their savings, and 14% use it for retirement savings.

Impact of cryptocurrency: Respondents shared how cryptocurrency has positively impacted their lives, with 20% saying it has increased the value of their investment portfolio, 18% saying it provides opportunities to earn extra income through trading or staking, 15% being able to access more financial services, 14% enhancing their financial control, and 12% benefitting from faster and cheaper cross-border transactions.

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