What is a cryptocurrency and how to protect it?

Cryptocurrency is a digital asset that has been becoming popular among people at present. When the first crypto asset Bitcoin launched many people think it was a scam and illegal to use. But the total fact has been changed. Now there are more than 13000 plus cryptocurrencies are found on the market. Each has a different value. The price starts from less than a rupee and touches up to the value of many lakhs. The price is incredible and no one expects this.

Adding to this, many governments are willingly regulating cryptocurrency as legal. We can use it for various purposes from retail shops to paying taxes cryptos are used widely.

How it can be stolen from your wallet?

People usually purchase crypto through exchanges. Some will store the coins on the exchange wallet and others will prefer some official wallets or hardware wallets. Wherever you can store the crypto, what happens when there is a loop on the wallet? Just think, hackers can easily take all of your cryptos. We can’t do anything else either and can’t complain about the issue too. Because the stolen crypto will be swapped in an untraceable way.

To overcome this issue, we need to insure our cryptocurrency. Is it possible to insure cryptocurrency? Yes, of course, a crypto-insurance website will guide you on how it works and what you need to do. Still, do you have any doubt about does anyone insure cryptocurrency? Here is the answer for you.

How does cryptocurrency insurance help us?

Users can store the cryptocurrency anywhere in any wallet. By choosing the insurance policy, users can protect their crypto assets from all kinds of threats. Even in case of theft, users can claim the money from the insurance company. It will be beneficial for all users because getting back the stolen cryptocurrency is impossible and here you can get back the money that values equal to your crypto. They provide various benefits to the people and expert team members will guide you on your need. People can insure their cryptocurrency by choosing any scheme from cryptocurrency insurance. There are four plans available to store your coins. They are,

• Silver plan: The assets value is between $10,000 – $999,999 and the insurance premium is about 1.5%.
• Gold plan: The asset value is between $1,000,000 – $4,999,999 and the insurance premium is about 2.5%
• Platinum plan: The assets value is between $5,000,000 – $9,999,999 and the insurance premium is about 5%.
• Diamond plan: The assets value is between $10,000,000 and above. The insurance premium is about 7.5%

Services provided by the insurance company:

DeFi Insurance: You purchase protection against a single event as well as multiple events. This guarantees that you are kept safe from investment loss as a result of the encased event.

Nexus Mutual: It is a virtual mutual that works as a concessional mutual. Decentralized insurance. It is an insurance solution for Ethereum users.

Smart Contract: An automatically generated contract outlining the terms of the buyer-seller agreement. It is directly authored into code lines. The user must always give back the money by the contract terms and conditions. Here is a detailed guide on buying matic mat.