Kilmarnock, East Ayrshire, United Kingdom — Everyone can now get cryptocurrency insurance, which is the most proactive and secure way to protect and secure digital assets. Crypto/cryptocurrency insurance merges the decentralized finance/crypto and insurance markets.
Kilmarnock, East Ayrshire, United Kingdom, 26th Jun 2022, King NewsWire, Insuring cryptocurrency, digital currency, crypto assets, or digital assets is one of the smartest things any crypto owner or investor must do immediately. It is no longer news that cryptocurrencies and other digital assets have made a lot of people rich within a very short time and more than anything else in the whole of human history.
However, a lot of threats also abound within the cryptocurrency market. It is easier to lose crypto or digital assets than make money from them. The good news is that it’s possible to minimize the risks of losing money or crypto assets through cryptocurrency scams or other crypto industry threats.
5 Ways to Avoid Losing Crypto and Digital Assets
Insure All Cryptocurrency Assets
Everyone can now get cryptocurrency insurance, which is the most proactive and secure way to protect and secure digital assets. Crypto/cryptocurrency insurance merges the decentralized finance/crypto and insurance markets.
There is a growing demand for crypto insurance products. The cryptocurrency insurance industry is stepping up to the challenge by protecting corporations (such as cryptocurrency exchanges) and individuals with the custodian digital asset and personal insurance coverage, respectively.
Cryptocurrencyinsurance.io is one of the best and most reliable cryptocurrency insurance companies. They offer superb protection against cryptocurrency thefts and cover cryptocurrency brokerage accounts.
Be Informed of the Risks Involved
One challenge for crypto investors is that they have to be more responsible for securing their assets, unlike other investments. If a person has money in a bank account, his account is protected in several ways. But crypto investments do not have those kinds of protections. Every person has to take care of the responsibility of protecting these things.
However, a challenge for crypto investors is that everyone himself is more responsible for their security, unlike other investments. For instance, bank accounts are protected with business insurance and crime insurance. If the bank fails, FDIC provides cover of up to $250,000.
Use A Crypto Wallet
Cryptocurrencies like bitcoin are difficult to hack. The vulnerable spots are usually where people keep and trade their digital assets. Every user can control their cryptocurrency through public keys and private keys. A crypto wallet is where they store their keys and protect them from being hacked.
Rather than leaving crypto on the exchange where users buy it, moving it into a crypto wallet for control makes sense. One can choose a hot or cold wallet depending on how much one needs to store and how secure he or she wants it to be. Hot wallets are connected to the internet. Cold wallets are more secure because they are kept offline.
Use a Reputable Crypto Exchange
When trying to trade cryptocurrency, users take help from an exchange or broker. Crypto exchanges have been victim to some high-profile hacks over the years. The Mt. Gox hack in 2014 had about 70% of global bitcoin transactions wiped out through the exchange. Over 850,000 Bitcoins (worth about $450 million) were stolen, and just 200,000 was recovered.
Security should be a major factor to consider when choosing where to trade. Look for one that has never been hacked, and check the insurance broker protection it has in place. Check directors’ and officers’ books to know the percentage of its reserves held offline in cold storage.
Maintain Safe Internet Habits
No one wants to lose their bitcoin or cryptocurrency due to computer malware. And yes, no one wants to lose them as they use the same password for every account. It is not ideal if one of the passwords falls into the wrong hands.
Plus, it gets a lot worse if it is the same password that grants access to all the accounts. It is important to consider using a password manager. Plus, use long passwords with a mix of numbers, letters, and characters.
5 Benefits of Getting Personal Crypto Insurance
The following are five benefits of getting crypto insurance or other digital asset insurance individually or personally.
- Insurance protects users from personal wallet hacks or crypto exchange hacks.
- Crypto insurance offers protection against crypto theft, crypto investment, and other related scams.
- It offers protection against loss of access to the crypto wallet and for loss of the crypto wallet.
- Crypto insurance protects users against fluctuations in crypto prices.
- Crypto insurance gives users peace of mind.
Insure cryptocurrency, crypto assets, NFTs, and other digital assets today with www.cryptocurrencyinsurance.io.
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