Insurance Premium Costs
MSIG will compute insurance premium costs based on the commission earnings of the exchange. This cost will vary between several hundred thousand.
Japan’s top bitcoin market, bitFlyer, has monthly trades amounting to over 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 vulnerability of exchange worker misconduct. Despite this publicity, the 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 accept orders denominated in Japanese yen will quadruple between 2016 and 2017.”
Implementation of the insurance product is a step forward 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 purchase casino instant use bitcoin for ignition casino instance|As an example}, if the compensation of losses is compensated in bitcoin units or at market value in fiat could make a substantial difference.
Security Knowledge Compliments the Insurance Initiative
Exchanges and consumers must practice safety hygiene to minimize damages.
Exchanges should not be used as a bitcoin storage wallet. Their bitcoin can be apportioned by consumers according to their intended use to lessen the possibility of losses.
A good practice is to skim through terms and conditionsnot everything is covered or shielded.
Safety knowledge as an insurance policy could also be one of the best policies.
Share with us your views on how insurance policy for bitcoin exchanges may benefit customers. We would like to hear from you.
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