Insurance Premium Prices

MSIG will calculate insurance premium costs based on the market’s commission earnings. This price will range between a few hundred thousand to several million yen.

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

Mitsui Sumitomo Insurance and Growing Bitcoin Market

The Mt Gox bankruptcy in 2014 has directed 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 trades at exchanges that accept orders denominated in Japanese yen will quadruple between 2016 and 2017. »

Implementation of this 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 avoid disputeswhere to get bitcoin casino bonus codes bitcoin withdrawl tine frame raging bull casino instance|As an example}, whether 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 safety hygiene to minimize harms.

Exchanges should not be utilised as a bitcoin storage wallet. Their bitcoin can be apportioned by consumers according to their use to minimize the possibility of huge losses in this instance.

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

Security knowledge as an insurance policy may also 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.

Picture Credit: CC BY-SA 3.0 NY, Shutterstock

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