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40% of US Crypto Owners Forget Their Password

Since the launch of Bitcoin in 2009, a large number of people have lost money along the line, and this has spread to the plethora of crypto assets currently available. Researchers at cryptovantage.com recently released the results of a survey of 1,021 cryptocurrency owners in the United States.

According to the study, “Coin Storage Security: A Closer Look at Crypto Storage and Passwords,” 39.7% of cryptocurrency owners had forgotten their password at some point. On the plus side, 95.6 percent of those who lost their passwords were able to reclaim their crypto assets, while those who couldn’t reclaim their passwords lost an average of $2,000.

 

According to the study, “a whopping 95.6 percent of individuals who used these services were really able to retrieve their money after forgetting a login.” “This success rate has the potential to assuage some current and potential investors’ anxieties and trust issues.”

 

The Amazon Mechanical Turk survey site provided the respondents for the survey. According to the results of the poll, one out of every ten crypto owners believes their passwords are now unsecure. A password manager is used by 27% of people, whereas 20% use a piece of paper to keep track of their passwords. Sixty-one percent of the thousand people polled thought they had created a secure password.

 

Out of the thousand respondents, the Coinbase platform was the most frequently utilised wallet (34.7%), with clients entering through their Robinhood accounts (26.4 percent ). Customers of Binance accounted for 24.4% of the votes cast on cryptovantage.com. These wallets are all custodial and do not allow access to personal keys.

 

The impostor website, which is an internet web page that attempts to imitate a trusted crypto business but takes people’s money, is the most costly fraud cryptocurrency users fall for.Respondents also said they had been victims of e-mail scams, but the most common fraud is the fake mobile app. Despite some of the initial disadvantages, digital foreign money dealers continue to move forward, even when mistakes are made, according to the cryptovantage.com poll.