As cryptos have been on the rise in recent weeks, Binance has conducted a survey regarding the practical usefulness of these assets for investors. This investigation shows that cryptocurrencies are having an increasingly growing impact, even if challenges still slow down this dynamic.
Crypto, a panacea for global financial disparities, according to Binance
The crypto firm Binance recently disclosed a study about cryptos and their usefulness for those who own them. The latter highlights the growing financial relevance of these digital assets for many investors.
The study, conducted between November 15 and December 6, 2023, with 1,172 participants worldwide, reveals the following data. Firstly, for 50% of respondents, cryptos are a way to make ends meet.
The survey notably showed that 45% of respondents use cryptos mainly to obtain additional income. Meanwhile, for 19% of those surveyed, they serve as savings. For 9% of other respondents, they are mainly used to protect against inflation.
But these data are not the most impressive. The finding is that for 76% of participants in this Binance survey, cryptos have the potential to remedy financial disparities in the world. But for this to be a reality, obstacles must be overcome.
The Contrast of Obstacles to Enhanced Crypto Utility
Certainly, many participants in Binance’s investigations see cryptos as a sort of effective umbrella against financial challenges. However, many of those interviewed believe that this level of efficiency can be improved.
According to them, this will not be possible until relevant solutions are found to the challenges that prevent this prospect from becoming a reality. Thus, 19% of respondents cited high gas fees as one of these challenges, as did transactional slowness for 14% of them.
Beyond this fact, it is interesting to note that a remarkable 36% use cryptos for weekly transactions. With 58% opting for online purchases, 12% using them for international transactions and a further 12% for in-store purchases.
In addition, Binance’s survey, among other things, looked at the duration of users’ engagement in crypto. The figures indicate that 59% of them have been engaged for 1 to 5 years, 14% for more than 5 years and 12% for less than six months. This has repercussions for participants, 15% of whom indicated benefiting from better access to financial services. When 20% of them saw the value of their crypto portfolio increase.
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