Kavan Choksi: Safety Measures in Cryptocurrency

Learn How to Keep Cryptocurrency Safe with Kavan Choksi

The cryptocurrency industry is quite lucrative. That said, investing in crypto can also be quite risky. Kavan Choksi lists some of the best ways to keep your investment safe to aid those who have invested or are considering investing in cryptocurrency.

For those new to crypto, avoid becoming overeager. The cryptocurrency industry is volatile. If you invest too early before a significant event, this recklessness may hurt you more than help you. It can make or break your investment.

Furthermore, claims of exorbitant returns on investment are bound to get your adrenaline pumping. If you invest too early, that may result in you making unwise decisions. For example, remember the rise of cryptocurrencies such as Ripple and Stellar. While these currencies have gained significant traction and even shot up by more than 20 percent, they're still not at their all-time high.

One of crypto investments' most crucial safety aspects is your private keys. Remember, these are how you access your virtual currency wallet. Kavan Choksi says you can't get in or out of it without them. Treat them like cash because they are basically what make up your wallet. In addition, private keys are not the same as passwords. You can change your password, but there's no way to change private keys.

Finally, Kavan Choksi adds that using offline or hardware-based wallets will provide the best experience if you're looking for security. Hardware wallets are physical objects that are easy to use. They are also more secure than regular wallets. What makes them different is that they store your private keys offline. This makes it virtually impossible for anyone to hack into one. They are more expensive but very well worth it if you're serious about investing in cryptocurrency, Kavan Choksi adds.

Learn more about global finance, business, and economics by subscribing to this Kavan Choksi blog.