Insurance Premium Prices

MSIG will compute insurance premium costs based on the market’s commission revenue. This cost will range between several hundred thousand to several million yen.

Japan’s top bitcoin market, bitFlyer, has monthly trades amounting to over 100 billion yen (USD 889 million). Hence, even exchanges will encourage 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 employee misconduct. Despite this publicity, the worldwide 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 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 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 beforehand, to prevent disputesmost reputable bitcoin casino best online casino that accepts bitcoin 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 alike must practice safety hygiene to minimize potential harms.

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 in this instance.

One good practice is to skim through conditions and terms not everything is covered or shielded.

Safety knowledge as an insurance policy could be one of the best policies.

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

Image Credit: CC BY-SA 3.0 NY, Shutterstock

Do you want to talk about bitcoin in a comfortable (and censorship-free) environment? Check out the Forums — all the big players in Bitcoin have posted there, and we welcome all opinions.