February 21, 2024

Kavan Choksi On What You Should Know Before Cryptocurrency Investments and How To Keep Them Safe

3 min read
Cryptocurrency Investments
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The world of cryptocurrencies has exploded in the last couple of years. There are nearly 106 million people across the globe that use cryptocurrency. Bitcoin was launched in the market in 2009 and today is the most popular cryptocurrency in the world. However, investments in cryptocurrency are not ideal for everyone, as its prices are volatile, which makes these investments a poor choice for conservative traders. If you are ready to go in for cryptocurrency investments and accept more significant risks, then investing in more than one cryptocurrency is right for you.

Kavan Choksi– what is the right way for you to invest in cryptocurrencies? 

Business and finance expert Kavan Choksi has invaluable knowledge in investments and cryptocurrencies. According to him, cryptocurrency investments are risky as their prices, even the popular ones like Bitcoin, are more volatile than the prices of other asset classes like stocks. Their prices in the future are also liable to change because of regulatory changes.

High returns on cryptocurrency investments 

Several investors look forward to the high returns of cryptocurrency investments, and if you are willing to take them up as an investment, it is wise to research digital coins before you invest in them. You must check the transaction fees while making cryptocurrency purchases because they vary extensively among currencies.

The space for cryptocurrency markets is evolving rapidly, so it is crucial for you to give attention to new developments that might affect your crypto holdings. Investors in cryptocurrency should understand the tax consequences of cryptocurrencies, mainly when they sell or purchase cryptocurrency investments. Since these investments are risky, it is essential for you to remember not to invest money that you cannot afford to lose.

The importance of cyber security for cryptocurrencies

Cryptocurrencies are here to stay for a long time, and as an investor, you must weigh their pros and cons. One should understand the basics of cyber security as several criminals use phishing emails to get access to your digital wallet on your computer systems.

There is a practice called crypto jacking that cyber criminals indulge in, and so it is crucial for you to protect accounts on the cloud and other IT systems. It would help if you learned to use multi-factor authentication for password protection so that cyber criminals do not hack your accounts.

Better to be safe 

According to Kavan Choksi, if you are a business owner you should educate your staff on the fundamentals of cyber security and how to avoid clicking on links that look suspicious. The objective here is to prevent hackers’ access to your crypto wallet where your coins are stored so that it does not fall into the wrong hands.

In order to keep crypto jacking at bay and to protect your crypto coins from hackers, effective monitoring of your computer systems is your first line of defense when it comes to protecting your crypto coins in cyberspace. You can install tools for networking monitoring and help in the supervision of computer systems. In case anything suspicious is detected, the system will release notifications so that you are alerted of suspicious activity.

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