New survey shows that panic selling is the biggest mistake of cryptocurrency investors

Encryption enthusiasts know the importance of storage and passwords best, and they know how easy it is to lose access to digital assets.recent Polls The title “Coin Storage Security: A Closer Study of Encrypted Storage and Passwords” conducted by Cryptovantage aims to determine investors’ sentiments regarding the security and protection of their encrypted investments.

Based on the responses of 1,021 US cryptocurrency owners, most people choose to store their digital investments on cryptocurrency exchanges, with Coinbase ranking first with 34.7%. The wallets of Binance and Robinhood also have a large user base for storing cryptocurrencies, about 25% and 26%, respectively.

About 73% of respondents believe that the US financial company SoFi is the most secure crypto wallet, but less than 9% of respondents use it as their preferred wallet. To understand what investors think about storing encrypted passwords, the survey found that “61% of respondents believe that their encrypted passwords are secure, while about 12% of respondents believe they are insecure.”

Surprisingly, cryptocurrency investors are widely divided on how to choose to remember wallet passwords. The top four ways to remember passwords include password managers (26.6%), handwritten notes (18.6%), password safes (15%), and screenshots (10.3%). The report reads:

“39.7% of the respondents had forgotten their encryption password before. 95.6% of them were able to recover their investment.”

Among them, 85.7% use recovery services to retrieve lost or forgotten passwords, which highlights the “potential to severely alleviate some of the fear and trust issues of current and potential investors.” Unfortunately, investors who could not fully access their crypto wallets ended up losing an average of $2,134.

The survey also confirmed that approximately 33% of respondents had been involved in encryption scams, mainly targeting emails (47.7%), websites (45.2%) and fake mobile applications (44.6%).

In addition to fraud and poor password management, investors surveyed also stated that panic selling is one of the biggest mistakes (38.2%), followed by investing everything in one coin type (32.5%). In this case, the password loss rate was 12.5%, the lowest in this group.

related: New research shows high demand for cryptocurrency payments

Parallel to the findings of the above survey, Cointelegraph reported a study on the sentiment of American consumers towards crypto payments. According to 8,000 investigators, 59% of consumers who have never held a cryptocurrency are interested in using it to buy cryptocurrency.

In addition, more than 60% of the interviewed cryptocurrency owners indicated that they are interested in making online purchases through cryptocurrency.