According to Cryptovantage, US investors insecurely store passwords to access cryptocurrency wallets and are often the victims of cryptocurrency scams.
Cryptovantage conducted a survey of 1,021 US cryptocurrency holders to find out how confident they are about the safety of their digital assets. It turned out that the majority of cryptocurrency investors prefer to store cryptoassets on trading platforms, and among them Coinbase is ranked first with 34.7%. The top three most popular exchange wallets included the Binance and Robinhood platforms with 24.4% and 26.4%, respectively. The average amount that users store on exchange wallets ranges from $ 850 to $ 2,800.
About 73% of respondents consider the wallet of the American financial company SoFi to be the safest for storing cryptoassets. As for managing cryptocurrency investments, 58.2% of respondents prefer to use browser wallets, while the rest prefer mobile applications. However, many cybersecurity experts believe that it is much safer to conduct transactions through applications on a mobile phone than using a PC.
Cryptovantage researchers tried to understand how cryptocurrency investors feel about storing passwords and found that 61% of respondents are confident in their security. Four “favorite” ways of storing passwords for accessing cryptoassets were identified: password managers (26.6%), handwritten notes (18.6%), password safes (15%) and screenshots (10.3%).
Some investors use other insecure ways of storing confidential information: they include automatically remembering passwords in the browser, sharing them with their relatives or friends, and taking notes on the phone. A significant portion of cryptocurrency investors (39.7%) forgot their passwords altogether. Fortunately, 85.7% of users were able to restore access to their money using password recovery services. Losses of respondents who lost access to cryptocurrency wallets averaged $ 2,130.
According to the survey, about 33% of investors fell victim to cryptocurrency scammers who were able to reach them via email (47.7%), websites (45.2%) and fake mobile applications (44.6%). In addition to fraud and incorrect storage of passwords, the surveyed investors believe they made a big mistake by selling cryptocurrencies under the influence of panic (38.2%) and investing in just one cryptocurrency (32.5%).
According to the Gemini cryptocurrency exchange, more than half of the surveyed American citizens are interested in digital assets and are ready to study the principles of the cryptocurrency market.
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