A survey conducted on 1,021 U.S. based crypto owners, shows the majority choose to store their assets on crypto exchanges and one-third have already fallen for a crypto scam.
Crypto fans understand the necessity of storage and passwords because they know how simple it is to lose access to their digital possessions.
The study, titled “Coin Storage Security: A Closer Look at Crypto Storage and Passwords,” was done by Cryptovantage to determine investors’ attitudes toward the safety of their crypto investments.
Based on the replies of 1,021 cryptocurrency owners in the United States, the majority choose to store their digital assets on cryptocurrency exchanges, with Coinbase taking the top position with 34.7%. At over 25% apiece, Binance and Robinhood wallets have a big user base for holding cryptocurrency.
Although less than 9% of respondents use it as their primary wallet, 73% of respondents believe SoFi, an American banking firm, is the most secure crypto wallet.
The study concluded that “61% of respondents believed their crypto passwords were safe, while roughly 12% believed theirs were not,” in an attempt to understand investors’ views on storing crypto passwords.
Surprisingly, crypto investors have different approaches to remembering passwords for their wallets. Password managers (26.6%), handwritten notes (18.6%), password safes (15%), and screenshots were the top four techniques for remembering passwords (10.3% ). The following was taken from the report:
“39,7% of respondents had previously forgotten their crypto password. 95.6% of them were able to recover their investment.”
85.7 percent of those polled have used a password recovery service to restore lost or forgotten passwords, demonstrating the “potential to severely alleviate certain worries and trust difficulties among present and future investors.” The unfortunate investors who lost total access to their cryptocurrency wallets lost an average of $2,134.
The poll also revealed that around 33% of respondents had been duped by a cryptocurrency fraud, which was mostly spread via emails (47.7%), websites (45.2%), and phony mobile apps (44.6 percent ).
In addition to frauds and password mismanagement, panic-selling was cited as one of the most common blunders (38.2%), followed by putting all of one’s money into one coin kind (32.5 percent ).
Password loss was 12.5 percent in this scenario, which was the lowest of the bunch.