Thursday July 18, 2019
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Only 1 in 10 People Understand How Cryptocurrency Works, Reveals Survey

Criminals also create fake e-wallets to attract people to unwisely invest their money, and 15 per cent of consumers have been victims of cryptocurrency fraud

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Cryptocurrency, virtual currencies
The value of cryptocurrency rises and falls daily. Pixabay

Only one in 10 people understand how cryptocurrencies work while 29 per cent have some knowledge about digital currencies, a new Survey by Russian cybersecurity firm Kaspersky has found.

The rate at which cryptocurrencies are being adopted by global consumers is slowing down, despite celebrities like Johnny Depp and YouTube influencers such as PewDiePie embracing the technology.

“To date, four in five people (81 per cent) have never purchased cryptocurrency, highlighting just how far away we are from it being accepted as a common form of payment or investment,” the findings showed.

Although there is a desire among many consumers to use cryptocurrency, a knowledge gap is getting in the way of taking the plunge.

In addition, many people who thought they knew with what they are dealing with, later decided against using cryptocurrency. Nearly a fifth (18 per cent) stopped because it became too technically complicated.

Nearly a third (31 per cent) of respondents stated that they believe cryptocurrencies are quite volatile and they need to be stable before they are prepared to use them.

Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.
Avoid making decisions based on emotions and find reliable sources for information as it will become a trader’s best asset.

There is also a common perception among consumers that cryptocurrency will not be around forever.

A third (35 per cent) believe cryptocurrencies are a fad that is not worth bothering about.

“It is clear that mainstream adoption and growth of cryptocurrency is being held back due to the vulnerable nature of the technology. While there is a high appetite to use it, giving your hard-earned cash to something you don’t fully understand, or trust, is a hurdle,” explained Vitaly Mzokov, Head of Commercialization at Kaspersky.

While widespread interest in cryptocurrencies may have already peaked, there is still a demand to use the technology. A fifth (20 per cent) of those surveyed said that while they are not using cryptocurrency at the moment, they would like to in the future.

Also Read- YouTube Experimenting with Hiding Comments on Videos in India

Fraudsters can use cryptocurrencies to their advantage, with around one in five (19 per cent) of those surveyed saying they have experienced hacking attacks on exchanges.

Criminals also create fake e-wallets to attract people to unwisely invest their money, and 15 per cent of consumers have been victims of cryptocurrency fraud. (IANS)

Next Story

Tech Giants to Face US House Hearings on Anti-trust, Cryptocurrency

Google has abused its market dominance by imposing a number of restrictive clauses in contracts with third-party websites which prevented Google’s rivals from placing their search adverts on these websites, according to the European Commission

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Amazon, online retailer, Drones
The Amazon warehouse in San Fernando de Henares is seen during a 3-day walkout to demand better wages and working conditions, on the outskirts of Madrid, Spain. VOA

Apple, Google, Amazon and Facebook are set to face two US House hearings on anti-trust issues and Facebook’s planned cryptocurrency Libra.

On Tuesday, the House Committee on Judiciary will discuss anti-trust issues while the Senate Banking Committee will discuss Facebook’s digital currency ‘Libra’ that is slated to arrive in 2020, CNET reported on Sunday.

Amazon is often criticized for undercutting competition on price.

“Facebook and Google have struggled with questions around privacy, free speech and election interference. Amazon and Apple meanwhile have grown so large and powerful, some lawmakers say they’ve become monopolies that need to be split up,” said the report.

Facebook has reached a whopping $5 billion settlement with the US Federal Trade Commission (FTC) in the Cambridge Analytica privacy violations.

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FILE – Attendees walk past a Facebook logo during Facebook Inc’s F8 developers conference in San Jose, California, United States. VOA

The FTC opened a probe last year into the matter after the social networking giant admitted Cambridge Analytica acquired detailed personal information of more than 87 million Facebook users via an academic researcher.

The report of the $5 billion settlement, the largest ever by the FTC against a tech company over privacy issues after a $22.5 million settlement with Google in 2012.

The Facebook case is being looked at as a measure of President Donald Trump’s administration’s willingness to regulate US tech companies.

Also Read: Muslims, Dalits and Tribals to Apply for Arms License for Self Defence

The European Union’s anti-trust regulators in March fined Google 1.49 billion euros ($1.7 billion) for abusing its dominance in the online search market by blocking rivals.

Google has abused its market dominance by imposing a number of restrictive clauses in contracts with third-party websites which prevented Google’s rivals from placing their search adverts on these websites, according to the European Commission. (IANS)