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The article is about how there should be insurance for people that own Bitcoins. The article

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The article is about how there should be insurance for people that own Bitcoins. The article mentions Ryan Selkis who is a journalist as well as a owner of an insurance company known as Inscrypto which assist people in securing Bitcoins. At the moment Selkis couldn’t go into detail about his company being that he is involved in covering the lost Bitcoin’s at MT Gox. Selkis obtained a report that is considered to be evidence about MT Gox a company that dominant and well known within the Bitcoin exchange market going bankrupt. The reason behind why they went bankrupt was that they are unable to account for $400 million dollars of the currency. By MT Gox losing this amount of Bitcoins it leaves the consumer who invested their Bitcoins into …show more content…

There are no known insurance company brands for Bitcoins though the company Elliptic which is operated out of London shows potential at finding correct process to secure the currency. Securing process that Elliptic has decided to pursue is called cold storage and it happens when the electronic currency is held on servers that have interaction to online so it would be difficult to steal from it. Although Elliptic acknowledges that it isn’t directly a insurance company though claims that Elliptic is affiliated with an global insurance company known as Lloyds of London. Though Lloyds rejects this claim of the two being associated.and Lloyds has take off any reference of the company on their official page and refused to talk about its insurance providers. Elliptic co-founder Tom Robinson describes the customers of the company as people who are rich and financial organizations that have an invested interest in Bitcoins but refuse to oversee security of the currency. Elliptic vows to keep customers Bitcoins secure at two percent of what the currency is worth for the current year held, while larger accounts will reach less fees. Though Elliptic seems to be offering a good service there is a catch being that Bitcoins can really be placed under insurance only dollar values. Therefore when a customer locks in an agreement with Elliptic they have to be mindful of the Bitcoins value at the moment it was agreed upon and the

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