Ensuring the Bitcoins
Ensuring the Bitcoins
Bitcoin and Blockchain technology have found newer ways to envelope the payment methods that have changed the way things were moving, from a slower pace into highly variable and purely digital environment, covering for the losses in case of theft of Bitcoins. This poses to be both an opportunity as well as a challenge for the digital world; increasing dependence of the coin currency has raised awareness among the users to make the payments using the coin currency, however, they have their own apprehension about how safe the premiums paid through Bitcoins are in the digital wallet of the insurance companies.
The security is very high when it comes to dealing with the cryptography-based digital coding of the highly sensitive transactions, using the Bitcoin as a medium to control the creation of additional currency units. The loss of any central authority governing the virtual transactions put them in a high-risk zone making it vulnerable for the coin currency itself to be insured from the theft and hacking problems that are creeping in silently. As the IRS has tightened the regulatory norm of attracting tax on the bitcoin currency, any sale or purchase of the coin currency will attract capital gain tax. The benefit of the ruling, itself legalizes this as tender, hence the usage of the bitcoins the foremost in the cryptocurrency saga, to be invested by all without having any apprehensions.
The coin currencies have a major positive impact in the insurance sector, as more policyholders are willing to remit their premium payments in digital currency, as they have created a new class of assets, the value of premium payments have risen once they are converted into the $ equivalent. The only concern is that the value of the premium may reduce when the conversion to the dollar is done.
The Insurance industry has responded to the spate of virtual currencies that are flooding to be done thought the crypto-based payment gateway, read more about QProfit System to understand if the trading itself can be insured against the risk of theft. The coins in the trading account, the QProfit System has the advantage to deal in peer-to-peer currency. The insurance companies are slowly responding to the positive outcome of bringing the Bitcoin-based insurance against the theft of coins, as well as payment gateways to facilitate premium, and claim payments, so that a separate class of decentralized coin based separate wing for the crypto-based transactions is provided.