Insurance Premium Prices
MSIG will compute insurance premium costs based on the commission revenue of the exchange. This price will vary between a few hundred thousand.
Japan’s top bitcoin exchange, bitFlyer, has monthly transactions amounting to over 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 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 trades 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 dangers 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 disputesoshi scam instance|As an example}, if the reimbursement 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 alike must practice security hygiene to minimize potential damages.
Exchanges should not be utilised as a bitcoin storage wallet. Consumers can 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 conditionsnot everything is covered or protected.
Safety knowledge as an insurance policy could be among the policies.
Share with us your views on how insurance policy for bitcoin exchanges may benefit consumers. We would like to hear from you.
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Source: bitcoincasinoreview.info
