[Infographic] Can crypto-insurance reduce your risk?

0

Recently, the market capitalization of the cryptocurrency is 2.05 trillion dollars, which makes it equal to the entire Italian economy, the 8th largest in the whole planet. There are currently at least 8,000 types of cryptocurrency and well over 4 million NFTs. Nonetheless, the vast majority of the $91.5 billion in daily crypto trade comes from just the top 10 cryptocurrencies.

Estimated reading time: 2 minutes

Although cryptocurrency has been all the rage since the early 2000s, it is still considered new and uncharted territory by many investors. As such, there are still plenty of reasons why some may be hesitant to dive into crypto investments. Crypto losses and crypto theft are two main reasons why investors may still view crypto as a risky investment. They are not entirely wrong.

This year, investors are losing 1,500 Bitcoins every day. Twenty percent of these losses come from lost wallets and missing private keys. However, losses can also be beyond investors’ control with things like market declines and crashes or corrupted files.

Obviously, theft is also a very valid concern, especially in the post-pandemic world. One of the many side effects of the COVID pandemic has been the weakening of cybersecurity and the massive increase in cybercrime. For example, in 2020, cybercriminals were able to illegally obtain $7.8 billion in cryptocurrency. It may already sound bad, but in 2021 we saw it soar to $14 billion. Phishing, hacking, mining, and Ponzi schemes are all responsible for these illegal acquisitions.

Fifty percent of Americans don’t trust crypto investments, but that’s where crypto insurance comes in. While there are obvious risks to investing in cryptocurrencies, there are also obvious benefits, and it’s still not too late to jump into a relatively ‘ground floor investing’ that will only grow as the crypto progresses.

Crypto insurance has now grown into a $3 billion industry and protects businesses (not private wallets) against scams, theft, and general loss with flexible plans that can be tailored to your security protection needs. investments.

What do you think of crypto-insurance? Please share your ideas on one of the social media pages listed below. You can also comment on our MeWe page by joining the MeWe social network.

Last updated February 21, 2022.

cryptocurrency

Share.

About Author

Comments are closed.