68% of Americans Are Aware of Cryptocurrency Risks Cryptocurrency

68% of Americans Are Aware of Cryptocurrency Risks Cryptocurrency

Nearly seven in ten Americans surveyed said they were aware of the risks associated with cryptocurrencies, according to new research from Nordvpn. However, around 32% of respondents said they were unaware of the risks.

Understanding Cryptocurrencies

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

Despite being familiar with cryptocurrencies, Americans surveyed still expressed unease at the prospect of these digital currencies “become the norm for online shopping.”

Also, in the detail of the risks identified, the study found that 59% of respondents knew that trading platforms and exchanges can be hacked. Around 57% said they were aware of the risk of an account takeover, while 56% were aware of phishing emails or text messages alerting them to a change in funds that could be used by criminals.

Meanwhile, praising the high levels of crypto awareness seen, the report said “the more individual consumers understand cyber threats, the better equipped they will be to protect themselves.”

A disturbing trend

On the other hand, the study also revealed that around 32% of the 1,000 respondents who took part in the survey “did not report any knowledge of the associated risks”. The study report describes this lack of awareness not just as “a real problem”, but as part of a larger and perhaps more troubling trend.

“The real problem is that many people in the general population, in the United States and beyond, have a poor understanding of online risks in general,” the report explains.

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

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and writer in Zimbabwe. He has written extensively on the economic problems 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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