Cryptocurrency has swept the world as a leader in the digital revolution. Our society has become more cybernetic than ever before, and one of the leading causes is our migration from physical currency into cryptocurrency. While many may be skeptical of what cryptocurrency offers people and what it means for the future of our society, cryptocurrency has stood up tall and smashed the opponent in unimaginable ways. Cryptocurrency has invaded the economy, technology, health care, and even memes. Yes, cryptocurrency has even transcended the meme universe.
While this is still a very new concept to many people, and understandably so, many others who are more versed in the concept are diving head-first into this new way to afford things. Like most things that involve money or human life, it involves insurance. Crypto insurance is an even newer concept than the currency itself as it’s not yet regulated by big government. However, it’s becoming more evident each day that cryptocurrency insurance companies will one day be as popular as health insurance ones. They will have their own competitive policies that will benefit different people with different needs.
While we’re at it, let’s dive into what cryptocurrency is and how insurance is slowly entering the digital world.
What is cryptocurrency?
Cryptocurrency is a type of digital currency that can be used for exchanging goods and services in a decentralized and protected manner. Like the dollar, cryptocurrency fluctuates in value with the market and can be used for different purposes. Cryptocurrency has been around for a couple of decades now but not many people have realized this. For example, if you’ve ever used a token to buy items for your digital games on your phone, then you’ve used cryptocurrency.
As explained by one of the leading sources in crypto news and latest trends, Crypto Vantage, cryptocurrency is a digital-only solution to many problems that have been roaming around Earth for decades. While you may not be aware of all the benefits cryptocurrency can bring to our society, you can catch up with the latest news from Crypto Vantage. They publish news, trends, tips, and an incredible amount of educational material regarding cryptocurrency topics. Don’t stay behind the trend, and catch up with Crypto Vantage.
What is crypto-insurance?
Crypto insurance is a way to safeguard your digital fortunes against potential threats—working as health insurance, the only thing is, your assets are digital rather than physical. Unimaginable amounts of digital currency are being stolen each year, leaving businesses and investors powerless and unable to recover the tracks of the criminals behind their misfortune. To find the best crypto-insurance, some people opt to pick the best one by using services like Policy Scouter.
Are there any crypto-insurance companies out there?
While crypto-insurance is still virgin territory for policies and plans, it’s beginning to look like a competitive field with business opportunities ahead. Some crypto-insurance companies are Kase, Lloyd’s, and Coincover. They may include secure key storage with government-grade standards, recovery of stolen crypto funds, and enhanced cover options.
Additionally, crypto-insurance can cover your crypto wallet, which is a digital or physical location where your assets will be locked for protection. Wallets also have the ability to store your private keys (which are passwords that give you access to your assets), and transfer cryptocurrencies like Bitcoin and Ethereum. These wallets can be used to shop at different stores that accept cryptocurrency and browse decentralized finance apps.
While this is but a droplet of crypto-knowledge in a large and endless ocean of information, take the chance to learn more about cryptocurrency and insurance options you can benefit from.