With the value of cryptocurrency rising sharply over the last few years, its potential and potency cannot be ignored any longer. A trending topic on Twitter and Reddit, with libraries of knowledge regarding it on Facebook, people’s social currency is augmented by discussing the rise of cryptocurrency.
At the commencement of 2022, over 8,000 cryptocurrencies and more than 4.7 million non-fungible tokens (NFTs) existed as the volume of cryptocurrency trading reaches unheard-of heights.
Misplaced and thefted cryptocurrencies are dreadfully common – and it can happen to anyone. Some of the tactics and mistakes through which cryptocurrency is misplaced or taken will surely surprise you. A significant amount of Bitcoin ends up stranded because of missing wallets – 20% of it according to recent reports. Lulls in the cryptocurrency market have a significant impact on the security of assets as well, with $1.7 billion, in 2018, taken from Americans through cryptocurrency markets alone. There are also numerous instances of crashes and fraud with as many as one in every 1,500 files being corrupted.
The business of cryptocurrency insurance, is thriving, acquiring over $3 billion in revenue, and projections show continued growth. Wallets, exchanges, mining, custodial, payment processing, infrastructure, and financial services platforms are covered by cryptocurrency insurance. With it, a portion of your cryptocurrency investment will be guaranteed security with liable protection against theft, scams, and general losses. A cryptocurrency insurance policy can be a valuable extension to your current business insurance arrangements.
If you are considering investing in cryptocurrency, it’s best to research cryptocurrency insurance quotes before taking the plunge and making any commitments. With the cryptocurrency market proving to be highly unpredictable, it is critical that you safeguard your cryptocurrency assets from threats, scams, software failures, and hacking attacks.