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Insurance Premium Costs 1Xbit Casino rating

Insurance Premium Prices

MSIG will calculate insurance premium costs based on the commission revenue of the exchange. This price will range between a few hundred thousand.

Japan’s top bitcoin market, bitFlyer, has monthly transactions amounting to more than 100 billion yen (USD 889 million). Hence, even exchanges would 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 possible vulnerability of exchange employee misconduct. Despite this publicity, the bitcoin marketplace 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 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 beforehand, to prevent disputesno deposit bonus bitcoin casino usa best bitcoin casino usa reviews instance|As an example}, if the reimbursement of losses is compensated in bitcoin units or at market value in fiat could make a difference.

Security Knowledge Compliments the Insurance Initiative

Exchanges and consumers 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 intended use to minimize the possibility of huge losses.

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

After all, security knowledge as an insurance policy could be one of the best policies.

Share with us your views on how insurance policy for bitcoin exchanges may benefit customers. We would like to hear from you.

Image Credit: CC BY-SA 3.0 NY, Shutterstock

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