The Future of Giving is Digital: Our Binance Charity Survey Results
Main Takeaways
Binance Charity conducted a survey with 1126 respondents to understand trends in charitable giving, particularly in the context of digital assets.
The survey revealed remarkable interest in crypto donations, with 32% of respondents preferring cryptocurrency as their giving method.
Factors influencing charitable giving include transparency, the cause itself, and impact, with humanitarian relief, education, and health being prominent areas of focus.
The future of giving looks increasingly digital by the day. With blockchain and crypto, we have the potential to revolutionize philanthropy.
In celebration of today’s International Day of Charity, we’ve got some exciting results to share from our latest Binance Charity survey. We reached out to our community aiming to understand the evolving landscape of charitable giving.
1126 participants took part, including Binance users and members of the broader public. The results will guide Binance Charity’s future initiatives for them to be better aligned with the public and our community’s philanthropic thoughts and feelings.
Major Findings
The survey was conducted from August 19 to September 3, 2023 on the Binance Survey platform. It was open to both Binance users and non-users, resulting in 1126 adults participating in this global study.
The results of this survey are based on the responses of a limited sample of individuals and are not representative of the views of Binance.
Interest in crypto donations is robust
Conventional donation methods such as cash, checks, and credit cards remain popular, accounting for 43% of preferences. However, the survey reveals a sizable interest in blockchain-based charitable donations.
A substantial 32% of respondents indicated cryptocurrency as their preferred giving method, emphasizing the importance of digital assets in philanthropy.
Almost a third of respondents have already tried crypto charitable giving
In the survey, we saw a solid foundation for crypto-related donations and philanthropy to expand even further. While 71% of respondents have never utilized digital assets for charitable contributions, an emerging 29% already have.
Cost and transparency are leading reasons to prefer crypto
When asked why cryptocurrencies are becoming more popular as a tool for charitable donations, our survey participants highlighted three fundamental blockchain technology advantages. A notable 37% commended its transparency, while 32% valued its effectiveness and cost-efficiency. Another 28% also acknowledged blockchain's distinct capacity to improve accountability with traceable transactions from the donor to the beneficiary.
Donors have a range of factors shaping their charitable giving
As individuals choose where to donate, Binance Charity's found three decisive elements that influence their decisions:
Transparency and accountability – This aspect is crucial for 27% of participants, stressing that ethical practices and transparent reporting are essential in gaining donor confidence.
The cause itself – Almost 26% of respondents are motivated to act by the charity's particular mission, demonstrating that a well-defined objective can be an influential attraction.
Impactfulness – 18% of respondents concentrate on the tangible outcomes a charity achieves, suggesting that in this era of data-driven choices, visible results are significant.
We also identified three main areas of giving when it comes to philanthropic endeavors:
Humanitarian relief – 22% of participants emphasize the significance of prompt assistance in crisis situations.
Education – Attracting 20% of respondents, this area of giving underscores the public’s drive to elevate people’s lives through education.
Health – With a close proximity to education, 19% of participants expressed an interest in promoting wellness.
Half of respondents only donate when they have the resources to do so
A majority of respondents, 51%, reported that they contribute whenever time and resources are available. Notably, 20% of participants consider themselves dedicated philanthropists, proactively searching for avenues to drive significant change.
How Binance Charity Empowers Global Good
Our survey offers useful insights into how people go about philanthropic donations and paints a picture of crypto’s rising importance in this domain. Here are some recent examples of how Binance Charity harnesses the power of blockchain to support those in need of help.
Binance recently donated $10 million in crypto for crisis relief in Ukraine and introduced the unique Binance Refugee Card. This tool provides a quick, low-cost, and secure way to send money to cover people’s urgent needs.
Binance airdropped $5 million to those affected by the 2023 earthquake in Turkey. Roughly $3 million of this was redeemed.
Binance's Crypto Against COVID campaign delivered $5.7 million in digital assets to fund the purchase of more than 2 million PPE items and 500,000 vaccines worldwide.
Alongside donations, Binance Charity offers education programs across the world, with over 57,000 graduates to date. Examples include IT scholarships with the Ministry of Digital Transformation in Ukraine, tech classes for women in Brazil and South Africa, and working with Utiva in Africa.
Blockchain Is a Powerful Tool for Charity
Our Binance Charity survey highlights a steady interest in cryptocurrency donations. The advantages of the technology are plain to see, and we’re happy that these benefits haven’t gone unnoticed. Thanks to your responses, we can now develop initiatives that better meet the needs and wants of the philanthropic community within and beyond Binance.