The use of cryptocurrency has continued to gain traction in today’s fast-paced digital world. It has become known as a convenient payment option among consumers. However, experts are concerned about its security and the risk of consumers falling prey to scams.
Kaspersky, a tech security company, recently conducted a global survey on consumer behavior with cryptocurrency.
The survey revealed that “81% of respondents currently own crypto, and 55% said they are well aware of how to use cryptocurrencies.” This accounts for a large demographic which raises the concern of cyber security experts about the data security of consumers.
Cryptocurrency heading towards ‘everyday payment option’
In what indicates a growing inclination towards the adoption of digital currencies for everyday transactions, the survey suggests that “almost half of consumers believe crypto is the future of shopping and would be happy to use it as an everyday payment option.”
Similarly, “almost half of the respondents believe that crypto payments will become a common choice for online shopping (44%), while the majority (87%) expect they will be comfortable with making online and offline purchases with crypto in the future.”
According to authors of the study, “consumers would like to use crypto to buy items related to their passion such as video games (65%) and in-game purchases or upgrades (47%), but 54% would also use it to buy gaming equipment such as special keyboards. Respondents also mentioned they would like to use cryptocurrency to buy clothes (46%) and groceries (38%).”
This shift in consumer preferences has drawn the attention of cybersecurity and data protection experts, who have expressed concerns with the adoption of cryptocurrency as a payment option. With this surge in interest, there is increased susceptibility to falling prey to cryptocurrency scams.
Agreeing to this, the survey also revealed that 43% of the respondents are still concerned about possible scams and volatility when using cryptocurrencies with 15% unsure of how to protect cryptocurrency adequately, making them less likely to use it.
Marina Titova, Kaspersky Vice-President of Consumer Product Marketing said that there has been a notable increase in user’s understanding of cryptocurrency over the past few years with 55% of respondents expressing that “they are extremely or very knowledgeable about digital money.”
She further highlighted Kaspersky’s commitment to supporting the needs of the crypto community. For her, the integration of special protection features to the “comprehensive security solutions such as Kaspersky Premium, so our customers can work with cryptocurrency without risking their money and personal data in cyberspace.”
As consumers adapt to changing payment methods, experts emphasise the need for education and awareness to empower individuals in making informed decisions and exercising due diligence in order to safeguard against potential crypto-related scams.
To address these safety concerns, Kaspersky’s experts have shared some tips on using crypto safely:*Always verify a Web wallet’s address, and do not follow links to an Internet bank or Web wallet.
* Before sending, double-check the recipient’s address (at least check the first and last characters), the amount being sent, and the size of the associated fee.
* Write down a mnemonic phrase that allows you to recover a crypto wallet if you lose it or forget your password.
* Keep calm and make informed decisions when crypto investing; do not be rushed or in a panic.
* Always remember that crypto investment is very risky. Do not invest more than you are ready to lose at any moment. Experts will always advice diversifying your investments.
* Use proven cryptocurrency hardware wallets.
* Run high-quality antivirus protection to protect the devices you use to access crypto wallets, trade on crypto exchanges.
Cryptocurrency is a payment option that offers many benefits to consumers, while it is a convenient and fast payment solution, it exposes the user to various risks and threats. Therefore it is important to be aware of the best practices and security solutions to protect one’s crypto assets and data.