Binance Research Suggests Most Traders Are Still Trusting of Exchanges

Live Bitcoin News
Live Bitcoin News February 1, 2021
Updated 2021/02/01 at 9:59 AM
4 Min Read

Binance Research has unveiled a new survey suggesting that many of the world’s top crypto owners still prefer the storage methods of digital exchanges.

Binance Research: Most People Are Still Using Exchanges to Store Crypto

Binance Research is a division of the world’s largest and most popular digital currency trading platform. According to the recent survey, as many as 60 percent of the world’s digital currency traders and buyers store their assets in exchanges. The survey is being called the “2021 Global Crypto User Index,” and examines the activities of approximately 61,000 cryptocurrency traders in nearly 180 separate countries.

In addition to the above findings, Binance Research also discovered that roughly 52 percent of the world’s population – a little more than half – view cryptocurrency as a source of income, meaning that they likely earn payments in digital assets. Also, most traders across the globe are in it for the long-term, as approximately 55 percent of those surveyed said they were into “hodling,” which is the practice of keeping one’s digital assets for an extended period so they can spike and boost one’s portfolio.

A spokesman of the company explained:

We are seeing accelerated adoption of cryptocurrencies as more major players show support and provide additional channels for people to invest. It’s increasingly important for us to understand crypto users as well as their corresponding attitudes and behaviors. The aim of our 2021 Global Crypto User Index is to understand the commonalities and differences between retail crypto users across the different profile types, as well as across different countries and markets.

Other segments of the survey suggest that nearly 40 percent of those analyzed are primarily investing in cryptocurrencies because they’re seeking to take advantage of potential price spikes. Furthermore, a little more than 20 percent are utilizing digital currencies for the purpose of staking and lending. As it stands, bitcoin is still the world’s most popular form of cryptocurrency, as roughly 65 percent of those surveyed held it in their stashes.

Lastly, just under 40 percent of the people taking part in the survey said that they do not trust standard banks or the global financial system as it is today, which is what prompted them to seek new territory in the cryptocurrency arena.

The Size of the Survey Audience

The document thoroughly mentions:

The total sample size was 61,073 adults across 178 countries and regions. The survey was made available in eight different languages. Fieldwork was undertaken between 15 September and 25 October 2020. The survey was carried out online. The figures have been weighted and are representative of active cryptocurrency users in the respective markets.

Some final bits of the survey say that approximately 66 percent of the people out there using decentralized applications (dapps) are engaged in decentralized finance (Defi) and that Southeast Asia was the primary spot for Defi activity.

The post Binance Research Suggests Most Traders Are Still Trusting of Exchanges appeared first on Live Bitcoin News.

Share this Article