Insurance Premium Prices
MSIG will calculate insurance premium costs based on the commission revenue of the exchange. This cost will vary between a few hundred thousand.
Japan’s top bitcoin market, bitFlyer, has monthly trades 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 led 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 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 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 beforehand, to avoid disputesbitcoin casino iphone app bitcoin casino free spins instance|As an example}, if the reimbursement of losses is compensated in bitcoin units or at market value in fiat could make a considerable difference.
Security Knowledge Compliments the Insurance Initiative
Exchanges and consumers should practice security hygiene to minimize potential damages.
Exchanges shouldn’t be used as a bitcoin storage wallet. Their bitcoin can be apportioned by consumers according to their use to lessen the risk of losses in this instance.
A good practice is to skim through terms and conditions, as for most things, not everything is covered or shielded.
After all, safety knowledge as an insurance policy could 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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