The State of Crypto Security
In a world where Bitcoin can be worth 100,000 latte macchiatos, the security of digital assets has become critical. Cryptocurrency hardware wallet manufacturer Ngrave has unveiled some eye-opening results from its ongoing crypto security survey, highlighting the current state of security practices among users.
Survey Overview
The survey, which included responses from over 1,400 crypto enthusiasts in 78 countries, reveals several interesting trends, though it appears to be a little more clubby than a Sunday BBQ, with a whopping 90% of participants identifying as male and over 60% aged between 25 and 45.
Security Measures: More Perception than Reality
Here’s the kicker: 25% of users believe their security measures are far more effective than they truly are. We all like to think we can multitask, but when it comes to securing our digital fortunes, it’s evident that many are merely pretending to juggle securely.
Exchange Concerns
Digging deeper, 62% of respondents keep part of their cryptocurrency on exchanges. One-third of those are riding the rollercoaster all the way up by holding over 40% of their assets on a single exchange—like putting all your eggs in a very volatile basket! And while 96% use some form of two-factor authentication (2FA), 25% of them admit they don’t back up their 2FA codes—not the best plan for a rainy day.
The Backup Blues
Did you think backups were just for your grandma’s family photos? Almost half of respondents are backing up their exchange login credentials online or, let’s be honest, a bit haphazardly. A staggering 44% aren’t even whitelisting withdrawal addresses, which is like leaving your front door wide open while attending a party.
Hardware Wallet Users: The Smarties
On a more positive note, two-thirds of those surveyed reported using hardware wallets, with three-quarters opting for USB devices. Thankfully, 87% of these wise souls conduct test transactions before going large, which is smart. Great job, humans!
Backups Done Wrong
However, before we start handing out medals, let’s not overlook that 67% of hardware wallet users keep their backups on a paper wallet, and over half admitted their private keys would be down for the count if someone stumbled upon their backup. Yikes!
Ngrave’s Holistic Approach
Ngrave isn’t just about hardware wallets; they’re also offering Graphene, a method to engrave backup keys onto steel plates—because who doesn’t want their passwords looking like an artisan chef’s secret recipe?
The Final Thoughts
The survey underscores the need for better security practices within the crypto community. For anyone looking to audit their own practices (or at least check if they’re using a strong password), Ngrave’s survey remains open, offering helpful tips for improving cryptocurrency safety measures. So, when it comes to safeguarding your digital gold, maybe it’s time to go beyond just a good Netflix password.
