As per the Nord VPN study on cryptocurrency, seven out of ten surveys have found that 68% of Americans are aware of crypto threats. And remaining 32% said they are not aware of risks involved in digital assets.
The study found an equal number of 69% participants, or think of 7 out of 10 Americans “had some understanding of what cryptocurrency is.”
Related Reading | Coinbase Discards Cryptocurrency Links After ‘Rug Pull’ Threats
Although many respondents expressed that they understand cryptocurrencies, they are still confused with their prospect of “becoming the standard for online purchases” due to their volatile nature.
Nord VPN Figures
According to this study, most people are aware of the risks involved in trading platforms and exchanges. For example, 59% knew that these websites could get hacked, while 57 percent were also aware an account takeover could happen at any time without warning. Lastly, more than half – 56%- understood phishing emails or texts might alert criminals when someone changes their password, giving them access to online funds.
On the high-level awareness of crypto threats, the report added, “the more understanding individual consumers have of cyber threats, the better equipped they’ll be to protect themselves.”
In contrast, the remaining 32% of 1000 participants that took part in the survey “did not report any awareness of the associated risks.” The study didn’t only commend the lack of crypto threats as a ‘real problem’ but said it opened the way for fraudsters and hackers. Acknowledgment of crypto-related activities helps to protect user funds.
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.
In the end, the NordVPN study concluded users should create strong passwords as these are “often the only things standing between hackers and our online accounts.” The report also suggested using VPN services to “protect internet traffic with layers of powerful encryption.”
Mainstream Adoptions Over Growing Crypto Threats
As mainstream adoption of cryptocurrencies saw an extraordinary rise last year, the “governments across the world are taking crypto seriously,” per the Coindesk review report of 2021.
While addressing significant adoptions, the report highlights El Salvador’s move to give Bitcoin a legal tender in September, and it has now become a payment method everywhere in the country. Similarly, a bitcoin purchase from the El Salvador president’s cell phone is also worth noting, which drove multiple Bitcoin purchases by government authorities.
Several countries worldwide have started to regulate and/or ban cryptocurrency. For example, China decided to shut down all mining activity within its borders because it felt this created too much hype for an eventual price crash. India drafted legislation that would punish those who buy or sell crypto coins with upright currency; however, they later backtracked after realizing how difficult enforcement would be given there’s no central authority overseeing these transactions yet.
In regards to regulation, global authorities are taking serious steps. For example, the U.S parliament passed a 1 trillion infrastructure bill to implement rules and tax filing properly. In this case, regulators’ involvement shows crypto is here to stay and should be regulated to “keep citizens safe.”
Featured Image form Pixabay and Chart from TradingView.com