A new global Kaspersky research found that lack of understanding and trust prevents users from using cryptocurrencies. The Kasperky report 'Uncharted territory: why consumers are still wary about adopting cryptocurrency' reveals that despite 29% of people (36% in Italy) possess a basic knowledge of cryptocurrency and there is a strong demand for this technology, only one on ten understands perfectly how it works. If we look at Italy, the percentage of respondents who said they know how the virtual currency works is around 8%.

Although celebrities like Johnny Depp and YouTube influencers like PewDiePie are adopting this technology, the adoption rate of cryptocurrencies by users around the world is slowing down. Many users still lack adequate preparation for how cryptocurrency works and this is affecting mainstream use. To date, globally, four out of five people (81%) have never purchased cryptocurrencies and this shows how far the time will come when it will be accepted as a common form of payment or investment. In Italy this figure stands at 84%, not very far from the global one. From Kaspersky's research it emerged that the cognitive gap related to this technology is hindering the desire of many consumers to use cryptocurrency. Moreover, many people who at first were convinced they knew the operation of the cryptocurrency then decided not to use it. In fact, almost a fifth believed it was too difficult technically (13% looking to Italy). This lack of understanding could lead users to believe that the cryptocurrency is not able to keep their money safe. For example, 49% of the Italians interviewed (compared to 31% of users globally) stated that they believe that this type of currency is rather unstable and that it will probably begin to use it only when it is rendered more stable.       

Added to this is the fairly common belief that this type of currency will not be around forever. 29% of Italian users believe that this is a fad which is not worth taking into account. Even global data confirm this thesis with 35% of respondents who think the same way. Although the widespread interest in cryptocurrencies already seems to have reached its peak, there is still a percentage of users who want to use this technology. A fifth of global respondents said that, even if they are not currently using it, they would like to do so in the future. In Italy, in particular, users who declare themselves interested in using the virtual currency in the future amount to 18%. Still, there are still concerns among users - often due to the fact that there is a tangible risk to their finances.

Criminals can use cryptocurrencies for their own purposes, and nearly one in five respondents globally said they suffered a hacker attack during transactions. Criminals create fake electronic wallets to attract people to invest their money and 15% of respondents said they were victims of fraud related to this type of currency (7% if we look at Italy). After several years of research on computer security within cryptocurrency start-ups, Kaspersky recommends: adopting the best security practices for smart contract developers, using tested frameworks for smart contracts and conducting a smart contract assessment from third party to ensure that potential vulnerabilities are not ignored.

"It is clear that mainstream adoption and virtual currency growth is being held back by the vulnerable nature of technology. If on one side the users show a strong desire to use it, investing the hard earned money in something that is not understood or trusted is an obstacle. Since security of investments is of fundamental importance for users it is necessary that they take the right measures to safeguard it. As with any computer threat, there is no alternative to being vigilant - if something seems too good to be true, it probably is. If you want to exchange crypto assets in any other type of market, it is important to pay attention to the security of your account credentials. If your goal is a long-term investment or to use cryptocurrencies for payments, do it in secure environments and use multiple portfolios or distribute them between software and hardware. We also encourage crypto companies to organize effectively to demonstrate that they are able to protect their clients' investments, "commented Morten Lehn, Kaspersky's General Manager Italy.

To improve stability and increase confidence in virtual currency, Kaspersky's partners like Merkeleon have developed legal marketplace platforms, online auction platforms, crypto-exchange and crypto-payment systems.

"The cryptomoneta certainly has its advantages but, as we can see, many consumers are not yet aware of what they are because of concerns about the safety and functioning of the technology. It is an interesting area to be involved in but it is based on trust. So it is categorical that crypto companies do all they can to protect their networks and ensure that their clients' money is safe, ”explains Alexey Sidorowich, Head of Sales and Business Development at Merkeleon.

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