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Study Shows 68% Americans Know Risks Involved in Crypto Investment

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Feb 19, 2022

Almost seven out of ten Americans surveyed stated that they were fully-aware of the risks associated with cryptocurrency investment. This makes it about 68% of the people who responded to the survey, while the remaining 32% said that they did not know of the risks involved in investing in cryptocurrencies. Nordvpn had conducted this study to find out about the public’s knowledge about cryptocurrencies. Along with these figures, the study also came to the conclusion that almost 69% of the respondents also possessed some understanding of cryptocurrency in general.

However, it should be noted that despite having knowledge of cryptocurrencies, those who responded to the survey did express their unease about the possibility of these digital currencies being used as a standard for making online purchases. Moreover, they also did a breakdown of the risks that were identified and this showed that 59% of the people who were surveyed where aware that crypto exchanges and trading platforms are vulnerable to hacks. There were also 57% respondents who stated they were aware of the possibility of account takeover. Meanwhile, 56% of them were also aware that texts or phishing emails, which alert a change of funds, could be used by criminals.

The report commended the high levels of crypto awareness of the respondents of the survey. It dictated that if individual consumers have a better understanding of cyber threats, they will definitely be better equipped to keep themselves protected. However, it couldn’t be denied that there were also 32% of the respondents who had no idea about the risks associated with cryptocurrency. There were a total of 1,000 respondents who had participated in the survey in question. According to the study’s report, this lack of awareness is undoubtedly a major problem and could also be an indicator of a much bigger and troubling trend.

The report said that the major problem was that a wider population, not just in the United States, but also in other areas, does not have a clear understanding of the risks associated with cryptocurrencies. In conclusion, the report urged internet users and crypto holders to use stronger passwords because these can often be the only thing that stands between our online accounts and hackers. As a matter of fact, the report went on to encourage people to use VPNs because this can protect internet traffic and also add layers of powerful encryption.

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With a number of crypto companies airing their ads during the Super Bowl on Sunday, a US senator had been extremely displeased. This was because the companies had failed to air a warning about the risks associated with crypto investment along with the ad and this was not well-received. It is not the first time that crypto critics have spoken out. There have been previous instances where people have been quite vocal about crypto companies misleading people and not disclosing the risks involved with investing in cryptocurrencies. With these digital currencies gaining widespread popularity, it is essential for people to be aware of the risks involved.

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