Skip to main content

Nearly Half of Users Primarily Use Crypto to Earn Extra Income — Binance Study

Nearly Half of Users Primarily Use Crypto to Earn Extra Income — Binance Study

Nearly half of the crypto exchange Binance’s users list “earning extra income as their primary use for crypto.” The survey also revealed that 36% of the respondents consider “achieving financial security and independence” as the primary objective for using crypto for savings.

Achieving Financial Independence With Crypto

According to a survey conducted by Binance, one of the largest digital exchange platforms in the world, 45% of the 1,172 individuals who participated in the study said they primarily use cryptocurrency to earn extra income. Out of this figure, about 23% indicated that their goal was to supplement their primary income, while another 23% said their goal is to save for a home. The remaining 21% said they use cryptocurrency for investing in other digital assets.

Binance’s survey aimed to determine users’ top uses for cryptocurrency and highlight how it has become a part of everyday life for Binance users around the world. The survey results show that cryptocurrency is increasingly being used as a means of earning extra income and saving for the future.

As indicated in the crypto exchange’s Dec. 14 press release, some 19% of the respondents use cryptocurrency as a means of saving money, while 9% use it to offset the effects of inflation. The survey also revealed that 36% of the respondents consider “achieving financial security and independence” as the primary motivation for using cryptocurrency for savings.

Using Crypto to Overcome Financial Inequality

In addition to being a vehicle for earning extra income, cryptocurrency is increasingly being used as a means of saving money and achieving financial independence. Aman, a Binance user from Asia, is quoted in the press release discussing the reasons why crypto is proving to be an important financial innovation for many.

“I started using Binance Earn products which 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,” Aman said.

Another user named Lauri suggested that using the platform has made remitting funds back home much easier and less costly.

The other key findings of the survey, which began on Nov. 15, 2023 and ended on Dec. 6, 2023, include 76% of the respondents who believe that crypto can play a role in lowering the income inequality gap. Additionally, 36% of the respondents said they use crypto to make purchases every week, while 20% tied the increase in their investment portfolio value to crypto.

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/jutS7Cn
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more