Cryptocurrency News

Only 10% of people fully understand how cryptocurrencies work: Kaspersky

According to a new study by Kaspersky Lab, a multinational cybersecurity company, 19% of the world population has purchased cryptocurrency or has involved themselves in the functioning of the market, as of June 17th.

The report adds that almost one-third (29%) of the population have some knowledge about cryptocurrencies, but only a 10% of the population completely comprehend the working of this technology, while around 14% have admitted that they might start using in the future.

This might be attributed to a lack of understanding of the crypto market and trust in the volatility of the technology, according to 31% of the respondents. This not only prevents consumers to adopt cryptocurrency but has also scared existing users into turning against it by making them feel unsure and confused (18%, according to the report).

The firm report says that though cryptocurrency brings in a lot of benefits to its users, quite many customers are still not confident due to concerns regarding security and inconsistency. One thing that can be done by crypto businesses to improve this helpless condition is to do whatever they can to offer protection to their network and ensure the safety and security of their customers’ finances.

Almost 19% of the survey participants have reported that they have experienced hacking attacks, and 15% have become helpless victims of crypto fraud. A section of people even believes that cryptocurrency will not be around forever, and 35% of the respondents believe that the crypto market is a fad and is nothing to be bothered or taken seriously.

Vitaly Mzokov, the head of commercialization at Kaspersky says that one of the main reasons the growth of cryptocurrency is held back is the vulnerability of the technology. Though there is an appreciable hunger among people to use cryptocurrency, investing their money into something so unpredictable and vulnerable seems to be the problem.

To improve the technology and overcome these concerns, partner companies of Kaspersky such as Merkeleon have put themselves forward to develop legitimized platforms, crypto exchanges and crypto payment ecosystems.

Kaspersky itself provides transparent and strong protection for crypto platforms and projects, and is urging crypto businesses to adopt top-notch security practices for smart contract developers, use known and well-established frameworks for smart contracts, and also conduct an assessment by a third party to ensure no possible vulnerability is missed.

Share
Published by

Recent Posts

Tomarket App – A Guide to $TOMATO Airdrop, Farming and Web 3.0 Drop Event

Tomarket, Telegram's mini-app hits 20+ million all-time users and 8.8+ million daily active users. Tomarket…

2 months ago

Binance Lists Decentralized and Open L1 Blockchain Toncoin (TON) on its Platform

Cryptocurrency exchange Binance, today announces the listing of Toncoin on its platform. Toncoin is a…

4 months ago

iGaming Platform BC.GAME Signs $40 Million Deal to Become Principal Partner of Leicester City

The iGaming platform BC.GAME has signed a landmark $40 million deal to become the "Official…

5 months ago

Coinbase faces new lawsuit that claims SOL, MATIC, NEAR, MANA, ALGO, UNI, XTZ and XLM are securities

Coinbase crypto exchange and its CEO, Brian Armstrong, faces a new lawsuit that claims Solana,…

7 months ago

Service Beyond Gaming: The Support Experience at HugeWin

In the world of online gambling, the quality of customer service can make or break…

7 months ago

Bitcoin (BTC) Cycle: Aiming for $155,000 Peak by August 2025

Since its launch in 2009 Bitcoin has experienced several cycles characterized by bull and bear…

8 months ago

This website uses cookies.