Insurance Premium Prices
MSIG will calculate insurance premium costs based on the commission revenue of the exchange. This price will range between several hundred thousand to several million yen.
Japan’s top bitcoin exchange, bitFlyer, has monthly transactions amounting to over 100 billion yen (USD 889 million). Hence, commission revenue-based arrangements would encourage even exchanges to provide an insurance product.
Mitsui Sumitomo Insurance and Growing Bitcoin Market
The Mt Gox bankruptcy in 2014 has directed bitcoin consumers to scrutinize the possible vulnerability of exchange employee misconduct. Despite this bad publicity, the worldwide bitcoin marketplace is growing stronger than ever.
According to Nikkei Asian Review:
“Japanese market research firm 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 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 prevent disputestry bitcoin casino free no deposit bonus bitcoin casino for sale instance|As an example}, whether the compensation of losses is paid in bitcoin units or at market value in fiat could make a considerable difference.
Security Knowledge Compliments the Insurance Initiative
Consumers and exchanges must practice safety hygiene to minimize potential damages.
Exchanges shouldn’t be utilised as a bitcoin storage wallet. Consumers can apportion their bitcoin according to their intended use to lessen the possibility of huge losses.
One good practice is to skim through terms and conditionsnot everything is covered or shielded.
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 customers. We would like to hear from you.
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