A poll published on Reddit shows this Most cryptocurrency holders store most of their Bitcoin in hardware wallets and secure the private keys on a piece of paper.
Reddit user Gunnaj submitted the survey results as part of it PhD thesis at Reddit April, 30th. The doctoral student will asked 339 people five questions about Bitcoin security (BTC) and focused on how cryptocurrency owners handle their private keys.
When asked where to keep most of their BTC, participants said almost half – 158 people – said they used a hardware wallet. like those offered by Ledger, TREZOR and BitLox. Hardware wallets can store a user’s encrypted wallet as well as their private key.
Cyber security was also an issue in Gunnaj’s thesis. Approximately 88% of respondents indicated that they kept backup copies of their keys, and the majority – 238 people – admitted that their backups were on a piece of paper.
The safest way to keep private keys
The crypto community has long since passed when users had no choice but to type their capital letters in a notepad. Celebrities like the CEO of Binance Changpeng Zhao has suggested that exchanges can store cryptocurrencies better than users who keep keys themselves.
According to this survey It seems that an old school security method may be preferred. This could be a reaction to the hacks that exist in the exchangeHowever, users who physically store the keys take their own risk. Thousands of BTCs have been lost over the years because their owners have lost or destroyed devices with private keys, which means billions of dollars have disappeared from the ether.
Even if keys are stored securely, secured and still “lost”, there can be hope. A software developer was able to recover nearly $ 300,000 in Bitcoin for a Russian who lost the password for a zip file with his private keys.
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