Insurance Premium Prices

Insurance premium costs will be calculated by MSIG based on the commission revenue of the exchange. This cost will range between several hundred thousand.

Japan’s top bitcoin market, bitFlyer, has monthly trades amounting to more than 100 billion yen (USD 889 million). Hence, even smaller-scale exchanges would encourage to offer an insurance product.

Mitsui Sumitomo Insurance and Growing Bitcoin Market

The Mt Gox bankruptcy in 2014 has led bitcoin consumers to inspect the potential vulnerability of exchange employee misconduct. Despite this publicity, the bitcoin marketplace 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 take orders denominated in Japanese yen will quadruple between 2016 and 2017.”

Implementation of the insurance product is a step forward in providing assurance to consumers against the unforeseen dangers 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 disputesTrusted bitstarz casino instance|As an example}, if the compensation of losses is paid in bitcoin units or at market value in fiat could make a considerable difference.

Security Knowledge Compliments the Insurance Initiative

Exchanges and consumers must practice safety hygiene to minimize potential harms.

Exchanges shouldn’t be used as a bitcoin storage wallet. Consumers may apportion their bitcoin according to their use to minimize the possibility of huge losses in this instance.

One good practice is to skim through terms and conditions, as for most things, not everything is covered or shielded.

Security knowledge as an insurance policy may also be one of the best policies.

Share with us your views on how insurance coverage for bitcoin exchanges may benefit customers. We would like to hear from you.

Image Credit: CC BY-SA 3.0 NY, Shutterstock

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Source: bitcoincasinoreview.net