The original crypto market, which began with the launch of #Bitcoin in 2009, was very far from the classic financial one. Little thought was given, at that time, to the possible development of cryptocurrency. And why would?
Ambitious predictions have made only by the boldest “gurus” of the digital industry.
But despite this, the payment potential of the token became evident fairly quickly. Bitcoin-to-dollar conversions, transactions and other transactions inherent in traditional currency were not long in coming. As many of you know, payment instruments are subject to a kind of logic and certain risks. And as soon as the first cryptocurrency in the world began to represent a certain value, a desire arose immediately to withdraw this value from the owners.
There are not many ways to secure your assets in the world. The main ones are self-risk management and insurance. But classical insurance has never been in the cryptocurrency market before. Moreover, until last year, not many people were interested in cryptocurrency. And as soon as the capitalization of the cryptocurrency market grew to $ 1 trillion, interest from national regulators towards the money of the new generation increased significantly. The idea of regulating the new payment instrument became the leitmotif of the economic life of 2017–2018.
Currently, the excitement around cryptocurrency subsides at a rate directly proportional to the rate of decline of the Bitcoin exchange rate. Many influential economists and important industry experts are unanimous in declaring that crypto assets will never regain their former positions.
We are convinced that the fall of the hype makes it possible to develop a crypto market. Heated cryptocurrency market was interesting to many state structures as regulated. But in this case, it would not be agile and would lose its uniqueness. The cryptocurrency market received time for the formation, development of its technologies and internal communications.
Our service is designed to bring the #cryptocurrency market closer to the classic white financial market. We have found an opportunity to introduce classical financial guarantees into cryptocurrency.
“You keep money in your wallet in cryptocurrency, you pay a premium in cryptocurrency … respectively, you get insurance indemnities in cryptocurrency, right?” > — says Olga Smirnova, COO of #CRYPTOINS.
CRYPTOINS is an international and absolutely open. The platform is actually automated and, in theory, can operate without the participation of staff. At this stage, we actively finalise its system and in the future, we plan to implement smart contracts. Insurance and insurance payments will be made through smart contracts, which will make interaction with the platform even more legitimate and transparent.
We are convinced that insurance as a service should be very convenient and unobtrusive. Therefore, at the heart of our product is a clear and insanely simple concept — Reliability in Simplicity.
Since the cryptocurrency claims, on the one hand, the role of money, and on the other, the role of digital assets their security can be fully ensured by classical financial instruments. If we are talking about a classic business, then the security of money is provided by deposit insurance systems in banks. In the event of a bank crash, all depositors are paid a fixed percentage.
There is another option — voluntary insurance.
Insurance as a service seems to be of little demand, since not many want to think about the negative consequences and possible threats. And because insurance has been and remains a necessary measure, designed to protect savings from encroachment and other kinds of threats.
But as John D. Rockefeller said:
“Never save on insurance, and your business will go uphill”.
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Your CRYPTOINS team.