Survey: 30% of Americans have shared their wallet password with others, 1/3 have guessed someone else's password, with 73% success rate.

According to a report by bitcoin.com, a survey shows that 1 in 10 Americans share their cryptocurrency wallet passwords with others.

This survey was conducted by Beyond Identity, surveying 1,015 Americans about their password habits. 63.2% of people believe their cryptocurrency wallet password is secure, with 1 in 10 Americans sharing their cryptocurrency wallet password with others. One of the key benefits of cryptocurrencies like Bitcoin is the elimination of the need for third parties. However, in this era, people heavily rely on third-party solutions, making it challenging to teach them how to protect their assets in a non-custodial manner.

Of the survey respondents, 58.5% were male and 41.5% were female. The generational distribution was also fairly even, including Baby Boomers, Millennials, Gen X, and Gen Z.

1 in 10 respondents believe that someone could easily guess their password through social media. Over 1 in 3 respondents have attempted to guess someone else's password, with 73% of them succeeding. The most commonly shared password-protected accounts disclosed by respondents include streaming media accounts and phone passwords.

The average password length used by survey participants is 15 characters, with 37% using random letters. Over 27% of passwords contain the account owner's pet's name, while over 20% use their children's names, and 23.5% of respondents utilize password generators or third-party software to create passwords. Gen X is most likely to use password generators, while Baby Boomers are the least likely to use this software.

The survey's findings indicate that while many participants believe their accounts are secure, sharing passwords with others exposes significant vulnerabilities in their account security. Beyond Identity points out that just over one-third of participants attempting to guess passwords with a 73% success rate is alarming, stating, "simply looking at the frequency of participants successfully guessing someone's password and the number of accounts stolen or hacked by cybercriminals demonstrates the significant security risks passwords can pose."

This article is authorized for reproduction from Horizon News Network