julio 14, 2017 | Posted in:Blog
Insurance Premium Prices
Insurance premium costs will be calculated by MSIG based on the exchange’s commission revenue. This price will range between a few hundred thousand.
Japan’s top bitcoin exchange, bitFlyer, has monthly transactions amounting to over 100 billion yen (USD 889 million). Hence, even smaller-scale exchanges would encourage to provide an insurance product.
Mitsui Sumitomo Insurance and Growing Bitcoin Market
The Mt Gox bankruptcy in 2014 has led bitcoin consumers to scrutinize the vulnerability of exchange employee misconduct. Despite this bad publicity, the worldwide bitcoin market is growing stronger than ever.
According to Nikkei Asian Review:
«Japanese market research company Seed Planning in August predicted that total bitcoin transactions at exchanges that take orders denominated in Japanese yen will quadruple between 2016 and 2017.»
Implementation of this insurance product is a step ahead in providing assurance to consumers against the unforeseen risks of cyber security and casino reviews gambit homepage.
The’Terms and Conditions’ of reimbursement may differ amongst exchanges, and when claims arise, consumers should do their research to prevent disputescloudbet rating instance|As an example}, whether the reimbursement of losses is paid in bitcoin units or at market value in fiat could make a difference.
Security Knowledge Compliments the Insurance Initiative
Consumers and exchanges must practice safety hygiene to minimize potential harms.
Exchanges should not be utilised as a bitcoin storage wallet. Consumers may apportion their bitcoin according to their intended use to minimize the possibility of losses.
A good practice is to skim through terms and conditionsnot everything is covered or shielded.
Security knowledge as an insurance policy could also be among the policies.
Share with us your views on how insurance coverage for bitcoin exchanges may benefit consumers. We would love to hear from you.
Picture Credit: CC BY-SA 3.0 NY, Shutterstock
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