Get crypto insurance for your cryptocurrency, digital currency, crypto assets and digital assets is one of the smartest things any crypto owner or crypto investor must do right away. 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.
As much as there are a lot of opportunities, there are also a lot of threats within the cryptocurrency market. It is actually easier to lose your crypto asset or digital asset than being able to make a fortune from it. The good news is that the risks of losing money or your crypto assets through cryptocurrency scam or any other forms of threats in the crypto industry can be really minimized.
5 Guaranteed Ways to Avoid Losing Crypto and Digital Assets
1. Get Cryptocurrency Insurance
Getting crypto insurance is the best way to protect our cryptocurrency and other digital assets. This is indeed one of the most pro-active and secure ways to protect and secure our cryptocurrency and digital assets. Crypto/cryptocurrency insurance is a merger of decentralized finance/crypto market and insurance market.
There is a growing demand for crypto insurance products and the crypto insurance industry is stepping up to the challenge by protecting corporations (such as cryptocurrency exchanges) as well as individuals with the custodian digital asset and personal insurance coverage respectively.
Cryptocurrencyinsurance.io is one of the best and most reliable crypto insurance companies. But when we invest in crypto, we do not get those built-in protections. We have to take care of all of those things by ourself.
2. Be Aware 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 we have money in a bank account, the account is protected in ways we may not be aware of. But crypto investments do not have those kind of protections. We have to take care the responsibility of protecting these things ourself.
A challenge for crypto investors however is that we are more responsibility for our own security, unlike with other investments. For instance, our bank accounts are protected with business insurance and crime insurance, which we are usually not aware of. If the bank fails, FDIC provide cover of up to $250,000.
3. Use a Secure Crypto Wallet
Cryptocurrencies like bitcoin are difficult to hack. The vulnerable spots are usually where we keep and trade our digital assets. We have control of our cryptocurrency through public keys and private keys. A crypto wallet is where we store our keys and protect them from being hacked.
Rather than leave your crypto on the exchange where you bought it, it makes sense to move it into a crypto wallet that you control. Depending on how much you need to store and how secure you want it to be, you can choose a hot wallet or a cold wallet. Hot wallets are connected to the internet. Cold wallets are more secure because they are kept offline.
4. Ensure Safe Internet Habits
We do not want to lose our bitcoin or cryptocurrency due to malware on our computer. We also do not want to lose it due to the fact that we use the same password for every account. It is not ideal if one of our passwords falls into the wrong hands. And it gets a lot worse if is the same password that grants access all of our accounts. It is important to consider using a password manager. We can also use long passwords with a mix of numbers, letters, and characters.
5.) Use a Trusted Crypto Exchange
When trying to trade cryptocurrency, we have to use an exchange or broker. Crypto exchanges have been victim to some high profile hacks over the years. The Mt. Gox hack in 2014 had almost 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 book to know the percentage of its reserves held offline in cold storage.
5 Benefits of Getting Personal Crypto Insurance
Here are five benefits of getting personal/individual crypto insurance for our cryptocurrency and other digital assets.
1. A crypto insurance policy protects us from personal wallet hack or crypto exchange hacks.
2. Crypto insurance companies offer protection against crypto theft, crypto investment scam and other forms of crypto scam.
3. Crypto insurance offers protection against loss of access to crypto wallet and for loss of crypto wallet.
4. Crypto insurance protects us against fluctuations in crypto price.
5. Crypto insurance gives us peace of mind.
Insure your cryptocurrency, crypto assets, NFTs and other digital assets today with www.cryptocurrencyinsurance.io