julio 13, 2017 | Posted in:Blog
Insurance Premium Costs
Insurance premium costs will be calculated by MSIG based on the exchange’s commission revenue. This cost will range between a few hundred thousand.
Japan’s top bitcoin exchange, bitFlyer, has monthly transactions amounting to more than 100 billion yen (USD 889 million). Hence, even exchanges would likely encourage to provide an insurance product.
Mitsui Sumitomo Insurance and Growing Bitcoin Market
The Mt Gox bankruptcy in 2014 has directed bitcoin consumers to scrutinize the possible vulnerability of exchange worker misconduct. Despite this bad publicity, the bitcoin market is growing stronger than ever.
According to Nikkei Asian Review:
«Japanese market research firm Seed Planning in August predicted that total bitcoin trades at exchanges that accept orders denominated in Japanese yen will quadruple between 2016 and 2017.»
Implementation of this insurance product is a step ahead in providing assurance to customers against the unforeseen dangers of cyber security and casino reviews gambit homepage.
The’Terms and Conditions’ of compensation may differ amongst exchanges, and consumers should do their research to avoid disputes when claims arisestart an online bitcoin casino bitcoin casino with free spins instance|As an example}, if the reimbursement of losses is paid in bitcoin units or at market value in fiat could make a considerable difference.
Security Knowledge Compliments the Insurance Initiative
Consumers and exchanges must practice security hygiene to minimize potential damages.
Exchanges should not be used as a bitcoin storage wallet. Consumers may apportion their bitcoin according to their use to minimize the risk of huge losses in this example.
A good practice is to skim through terms and conditionsnot everything is covered or shielded.
After all, safety knowledge as an insurance policy may also be among the best policies.
Share with us your views on how insurance policy for bitcoin exchanges may benefit customers. We would love to hear from you.
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