Insurance Premium Costs

Insurance premium costs will be calculated by MSIG based on the commission revenue of the exchange. This price will vary between a few hundred thousand to several million yen.

Japan’s top bitcoin exchange, bitFlyer, has monthly transactions amounting to more than 100 billion yen (USD 889 million). Hence, commission arrangements will likely encourage even exchanges to offer an insurance product.

Mitsui Sumitomo Insurance and Growing Bitcoin Market

The Mt Gox bankruptcy in 2014 has led bitcoin consumers to scrutinize the potential vulnerability of exchange worker misconduct. Despite this bad 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 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 customers against the unforeseen risks of cyber security and casino reviews gambit homepage. 

The’Terms and Conditions’ of compensation may differ amongst exchanges, and when claims arise, consumers should do their research to avoid disputesbitcoin casino bonus codes online casino usa bitcoin instance|As an example}, whether 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

Consumers and exchanges alike must practice security hygiene to minimize potential damages.

Exchanges should not be utilised as a bitcoin storage wallet. Consumers may apportion their bitcoin according to their intended use to lessen the possibility of huge losses.

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

Security 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 consumers. We would like to hear from you.

Image Credit: CC BY-SA 3.0 NY, Shutterstock

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Source: bitcoincasinoreview.net