According to a new survey from Binance Research, most cryptocurrency users choose to have cryptocurrencies as part of their long-term investment strategy.
A poll report published on Thursday shows that up to 55% of respondents use cryptocurrencies such as bitcoin (BTC) as long-term investments.
The 2021 Global Crypto User Index report is based on a global survey of over 61,000 crypto users from 178 countries and territories. The survey was conducted from September 15 to October 25, 2020.
According to a Binance Research study, the main motivation for most of the respondents was to own the concept of a cryptocurrency “hodling”, which means that most people tend to own cryptocurrency instead of selling it. 39% of respondents said that hodling dominates their “use” of cryptocurrencies.
The scammers category is followed by 28% of respondents who prefer to use most of their cryptocurrency to buy other cryptocurrencies. 22% of respondents asked that they mainly use their cryptocurrencies for storage and lending – methods that allow users to receive rewards for network security or blocking their coins. Binance Research said this work is becoming increasingly popular with the ongoing Ethereum 2.0 update.
Only 11% of respondents said they mainly use their digital currencies for payments, which in turn indicates that the current level of cryptocurrency adoption is far from being tied to daily payments in cryptocurrencies.
65% of respondents own bitcoins (BTC), making them the most popular choice in the survey.