Panic Selling Is Crypto Investors Biggest Mistake, New Survey Reveals

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The importance of storage and passwords is best known to crypto enthusiasts who know how easy it is to lose access to their digital assets. A recent survey by Cryptovantage titled Coin Storage Security: A Deeper Look at Crypto Storage and Passwords aimed to identify investor sentiment towards keeping their crypto investments.

Based on 1,021 responses from US-based cryptocurrency owners, most choose to store their digital investments on crypto exchanges, with Coinbase taking the top spot at 34.7%. The portfolios of Binance and Robinhood also hold a large user base for crypto storage at around 25% and 26%, respectively.

Some 73% of those polled sided with US financial firm SoFi as the most secure crypto wallet, although less than 9% use it as their wallet of choice. Trying to figure out that investors are okay with storing crypto passwords, the survey found that 61% of respondents believed their crypto passwords were secure, while around 12% believed theirs were not. were not.

Surprisingly, crypto investors are widely divided over how they choose to remember their wallet passwords. The top four methods of remembering passwords included password managers (26.6%), handwritten notes (18.6%), password vaults (15%), and snapshots. screen (10.3%). The report said:

39.7% of those surveyed had already forgotten their crypto password. 95.6% of them were able to recover their investment.

Of the lot, 85.7% used a recovery service to retrieve their lost or forgotten passwords, highlighting the potential to seriously alleviate some fears and trust issues among current and potential investors. The hapless investors who lost full access to their crypto wallets ended up losing $ 2,134 on average.

The survey also confirmed that around 33% of those surveyed had fallen into a crypto scam, which was primarily targeted through emails (47.7%), websites (45.2%) and fake mobile applications (44.6%).

In addition to scams and password mismanagement, investors surveyed showed panic selling was one of the biggest mistakes (38.2%), followed by investing everything in one type of coin ( 32.5%). In this case, the password loss was 12.5%, making it the lowest in the group.

Related: New Study Finds Strong Demand For Cryptocurrency Payments

Along with the above results, Cointelegraph published a study on US consumer sentiment towards crypto payments. Based on the 8,000 investigators, 59% of consumers who have never owned crypto are interested in using it to make crypto purchases.

Additionally, over 60% of crypto owners surveyed indicated an interest in making purchases online through crypto.

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