Study: 68% of Americans Aware of Risks Involved With Cryptocurrencies

Nearly seven out of ten surveyed Americans said they were aware of risks that are associated with cryptocurrencies, a new study by Nordvpn has found. However, about 32% of the respondents said they were not aware of any risks.

Understanding Cryptocurrencies

According to the findings of a new Nordvpn study, about seven in ten Americans, or 68% of study participants, said they were aware of the risks involved with cryptocurrency. The study also found that an almost identical number (69%) of all the respondents “had some understanding of what cryptocurrency is.”

Despite being knowledgeable about cryptocurrencies, the surveyed Americans still expressed their uneasiness over the prospect of these digital currencies “becoming the standard for online purchases.”

Also, in a breakdown of the risks identified, the study found that 59% of the respondents were aware that trading platforms and exchanges can get hacked. About 57% said they were aware of the risk of an account takeover, while 56% are aware of phishing emails or texts alerting a change in funds that may be used by criminals.

Meanwhile, in commending the observed high crypto awareness levels, the report said “the more understanding individual consumers have of cyber threats, the better equipped they’ll be to protect themselves.”

A Troubling Trend

On the other hand, the study also found that some 32% of the 1,000 respondents that took part in the survey “did not report any awareness of the associated risks.” The study report describes this lack of awareness as not only “a real problem” but part of a bigger and possibly more troubling trend.

“The real issue is that many people in the wider population, in the U.S. and beyond, have a poor understanding of online risks in general,” the report explained.

In conclusion, the report urged cryptocurrency holders or internet users to create stronger passwords as these are “often the only things standing between hackers and our online accounts.” The report also encouraged users to use VPNs which “protect internet traffic with layers of powerful encryption.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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• Source: https://news.bitcoin.com/study-68-of-americans-aware-of-risks-involved-with-cryptocurrencies/