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- Recent survey carried out by Binance Charity reveals an uptick in digital donations.
- Respondents reveal that transparency and accountability are non-negotiable, hence their interest in donating digitally.
According to a recent survey carried out by Binance charity, the philanthropic of the Binance exchange, digital donations are taking over the charity ecosystem. Donations for charity organizations have typically been carried out in a traditional manner, with donors typically sending funds through traditional banks or in fiat currencies.
However, the new development highlights a significant shift in the masses’ approach to donations and fundraisers. The surgery, carried out in honor of the International Day of Charity included 1126 participants. These participants included users of the Binance exchange, along with other external figures.
it is worth noting that traditional donations, via methods like cash, checks and credit cards, are still widely used by donors. Notably, 43% of survey participants stated that traditional donations were their preferred method for raising funds.
However, 32% of respondents seem to prefer the digital route. While interest in traditional donations still outpaces digital donations, the metrics reveal that demand for blockchain-based donations is rising at a commendable speed.
The cryptocurrency industry comes with its own complexities, as such, many individuals are likely to be weary of digital donations. The survey goes on to strengthen this notion, revealing that a handful of crypto-based donations and philanthropic-projects are already in motion.
Interestingly, a whopping 71% of respondents stated that they have never used cryptocurrencies to fund charitable causes. On the flip side, a good 29% affirmed that they have opened their doors to digital currencies as a method of donating to charity organizations.
Binance Charity Survey: Respondents pour more funds into education, health and humanitarian relief
The feedback goes on to show that digital currencies are poised to gain more traction in the philanthropic space in the long term. The survey further asked respondents to share their thoughts on the rising adoption rate for digital currencies in the charity and philanthropy ecosystem. The responses ranged from transparency to affordable, as well as accountability.
37% of respondents praised blockchain for its transparent nature, while 32% praised the technology for its ability to remain affordable and cost-efficient. 28% also recognized blockchain’s ability to verify and track donations from donors to recipients.
Some of the most important factors influencing people’s decision to turn to digital charity, according to the survey, include transparency and accountability. 27% of respondents go on to state that these factors are non-negotiable.
In addition to this, the survey revealed that the public is very particular about the sectors that are interested in funding: Humanitarian relief, education, and health are some of the sectors that respondents tend to pour their funds into.
Conclusively, the survey found that the public’s level of charitable engagement is split between two groups. An estimated 51% indicated that their contributions are to the availability of time and resources. Meanwhile, 20% of participants maintained that they are committed to philanthropy, and are always seeking to make an impact.
