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Home Tips & Tricks Is Bitcoin safe in our hands?

Is Bitcoin safe in our hands?

The analyst has published the results of the BTC safety survey and gives its opinion on the subject.

Survey

The Reddit’s user, known more widely under the pseudonym Gunnaj, published the results of the survey as part of his doctoral thesis. He researched 339 people and asked them questions about Bitcoin’s security, especially to find out how the owners of BTC use their private keys.

Survey about Bitcoin security

Results

After asking survey participants where they kept their BTCs, 46% of respondents answered that they use a crypto wallet such as the popular Ledger Nano or Trezor. Hardware wallet allows us to access the blockchain and thanks to it we can store our private key so that our funds do not “escape” as it has been many times on various exchanges.

Where people hold their BTC survey 2020

source: Reddit

Key storage security and backups were also discussed in Gunnaja’s doctoral thesis. Approximately 88% of those surveyed admitted that they kept back-up copies of their keys, 70% of which was on a piece of paper.

Bitcoin survey private keys 2020

The safest way

According to Gunnaj’s analyses and the opinions of experts in the crypto industry, the old-school method where we store our cryptocurrencies on paper may be the safest of all. This is because you keep your data 100% confidential with good protection of such a portfolio. According to The Block research, the amount of hacking attacks on crypto exchanges since 2012 has been over $1.2 billion. And thousands of BTCs have been lost by their owners destroying equipment or losing their private keys without backup. 

Hack attacks on crypto exchanges

source: TheBlockCrypto

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