Crypto-currency investment has many positive and negative possibilities and is rapidly attracting support across Europe.

Whilst you may think that it is just too risky to invest, there does seem to be a trend forming in Crypto-currency investment amongst young males, under 35 years of age who are highly educated, according to research conducted by Bitpanda and GlobalWebIndex.

Typically Europeans working in financial centres, IT or engineering seem to be the most popular, with Switzerland and Austria leading the way, closely followed by Turkey and Romania.  London has the greatest number of city users at 11%, whilst female owners across Europe are also now beginning to grow with 1 in 5 women now crypto-owners.

How to make your Crypto-currency investment experience safe and secure

Choosing the right wallet – There are a variety of wallets available depending on your requirement for accessing and monitoring crypto-currency investment.   Wallets come in paper and / or digital format and understanding why you are buying crypto-currency will determine the type of wallet you purchase.  Investors should determine if they are looking at a long-term or short-term investment according to a recent article by Open Access Government – “Securing your cryptocurrencies to the highest standards of safety”.  Whilst paper wallets give you the details of your secure key, they only allow you to make a full withdrawal rather than increment withdrawals.  On the other hand, digital wallets allow you to regularly view your investments on your smartphone or computer and use bitcoin to pay for items whilst on the go.

Create a strong password – Don’t forget when buying bitcoin you are up against some of the best computer technology users in the world!  Ensure that your passwords contain a variety of letters, numbers and symbols and if using multiple accounts, then use a different password for each account to eliminate hacking throughout all accounts.

Enable 2 Factor Authentication – Enabling authentication adds an extra level of security to the account and allows you to clarify via text message or email.

Don’t give out personal information – Remember hackers can use your information to get closer to your account. Do not give out any information which would grant them access.

Understanding bitcoin – The major factor in crypto-currency investment is not to invest until you understand how it works and have done substantial research.  Remember Bitcoin is not regulated and is not an ‘overnight money making scheme’.  It is worth remembering that many investors have fallen foul of the hackers trap and lost substantial amounts of money.

For further information on protecting your business with technology insurance, please contact our team at Crendon Insurance Ltd.  We support companies who are using technology to invest and improve business efficiency, covering many aspects such as technology, cyber liability, IOT and much more.

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