Kaspersky Lab, a Moscow-based cybersecurity firm introduced a new survey titled “The Kaspersky Cryptocurrency Report 2019,” on June 17th, inferring that 19% of people globally have purchased cryptocurrency.
The said survey was conducted in October and November 2018 and a total of 13,434 respondents hailing from over 22 countries. As per the report, 81% of the global population never purchased cryptocurrencies. Wherein, only 10% of respondents said they “fully understand how cryptocurrencies work, ” and just 14% of those who haven’t ever used cryptocurrencies would like to do so in the future.
Key findings of The Kaspersky Cryptocurrency Report 2019. Source: Kaspersky Labs
When asked about the reason, why global crypto investors might have stopped using cryptocurrencies, majority of respondents asserted that its “too high” volatility, could be the probable reason. This also implies that the respondents would require an assurance of stability before they plan to invest in them.
While 31% accounted for the volatility factor, others cited the loss of money in the bear market and a notion that crypto “is not profitable anymore,” as other reasons amounting to 23% of the respondents.
22% of respondents claimed that since cryptocurrencies are not backed with real assets, they stopped using them. In addition, only 19% and 15% respectively, believe that hacks and fraud vulnerabilities are scaring them off.
Reasons why people stopped using cryptos. Source:Kaspersky Labs
The report accompanies a press release, that further adds that the adoption of crypto industry by global consumers has observed a slow down due to the lack of proper understanding of how cryptocurrencies work.
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