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Is Insurance Bitcoin’s Killer App?

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An insurance platform based on the blockchain. That’s what those pesky blockchainers – who find themselves on the cutting edge of fintech – find themselves now considering for an industry long marred by hacks, loss of coins and other compromised value.

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Long has this idea been on the minds of Bitcoiners, and then blockchainers. InChain, using the Ethereum platform, an open ledger like the bitcoin blockchain, is looking to introduce blockchain insurance via a  decentralized platform.

The team is led by Sergei Primachik, an IT engineer, and Dmitri Lazarichev, who is also the co-founder of the wirexapp.com project.The firms’ main goal is to offer a service to insure the risks of losing assets stores at web services like exchanges and wallets.

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“The crypto economy is suffering due to hacks and fraud,” Lazarichev told Hacked.

Inchain looks to solve a common blockchain problem: services getting hacked, money getting lost. The DAO and Bitfinex are two recent examples. Between those two hacks: $220 million stolen. Inchain wants to ensure users don’t lose their crypto-assets.

The company states in a press release: “Other words, any member of crypto economy can insure his risk of losses of the crypto assets placed on crypto Exchanges or web wallets.”

health-insurance

Inchain insurances bonds represent a coupon in exchange for acceptance of insurance risks. The company seeks to put key decisions in the hands of Inchain token holders.  Inchain isn’t like other insurance platforms: the company says it “exists only in crypto economy.” It’s managed by “crypto economy members.”

These insurance bonds by Inchain represent a attempt to create  fixed income class of investment instruments for all investment portfolio.

“People are asking us if this concept can be applied to real world assets (property, card etc),” Lazarichev said. “We will definitely expand our services in the future.”

He adds:

This keeps the majority away from the blockchain and crypto currencies. We aim to solve this problem by introducing the insurance for crypto assets stored with exchanges and wallets.

Of course, like so many crypto-industries, will have to consider the regulatory implications of their decisions. “We believe that the regulation will start at the point where any fiat is becoming involved,” Lazarichev said. “There are no sound concepts how to regulate crypto-to-crypto markets.Obviously such a situation has its pros and cons.”

Inchain’ idea is to launch the platform within unregulated space and receive the licenses later should they be needed. Inchain token holders are entitled to vote for all important decisions such as Insurance fund management, smart contracts and oracles upgrades and other features.

“Tokens will be distributed during our ICO starting soon. There will also be a secondary market at several exchanges,” Lazarichev explained. The goal for is to bring security to the market.

“Nobody is happy if there is a possibility that his funds can be stolen,” Lazarichev stated. “There have been more than 40 hacks in the last years, every third exchange has got hacked according to different sources. It is a complete chaos without insurance and protection.” He doesn’t believe Bitcoin insurance is a step towards the dreaded mechanisms of traditional finance.

“We believe it is much better than if your crypto funds are stolen one day,” he said. “Because insurance companies are not happy to offer their services for crypto assets, the solution should be found within the crypto environment. They are the owners of the platform who are involved in decision making and other processes. They will also receive the dividends.”

Images from Shutterstock.

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Bitcoin

Bitcoin Hits $100 Billion as Record Rally Continues

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Bitcoin’s epic rally intensified Friday, as the token reached $6,000 for the first time in its history, bringing the total market value above $100 billion.

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Bitcoin’s Fresh Intraday High

BTC/USD touched an intraday high of $6,064.14, bringing its total market cap to $100.8 billion. That’s roughly $85 billion higher than where the market started in January.

At press time, bitcoin was trading around $5,993, up more than 5% on the day. From a technical perspective, the digital currency is considered overbought. However, the technicals are typically less reliable during extreme price movements like we’ve seen in recent weeks. The world’s leading cryptocurrency has added a staggering 520% this year.

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Bitcoin’s rally didn’t really extend to other cryptocurrencies Friday. Ethereum continued to trade just north of $300, while Ripple (XRP) consolidated a hair below 21 U.S. cents.

The cryptocurrency market’s combined market cap is roughly $173.4 billion, which is roughly $3 billion less than the Monday’s peak.

$10,000 Bitcoin?

Bitcoin could be heading north of $10,000 a unit in the not-too-distant future, according to a survey conducted by CNBC. About 49% of the 23,118 people who voted in the CNBC poll said the digital currency will reach the five-figure threshold.

Roughly 16% of respondents said bitcoin prices are heading to between $6,000 and $8,000. About a third selected the Jamie Dimon option by calling bitcoin a fraud.

Though unscientific, the survey clearly shows that the mainstream is paying attention to the rapid acceleration of cryptocurrency. At least a portion of them will investigate the matter further, and likely conclude that digital assets are a welcome addition to their portfolio.

It’s impossible to associate bitcoin’s success with just one catalyst, but it’s clear that institutional support, the allure of the blockchain and favorable regulation in markets like Japan are feeding the rally. An anticipated November hard fork is also helping to shore up price.s

A Day of Milestones

Bullish sentiment also rubbed off on U.S. stocks Friday, with the Dow Jones Industrial Average extending its rally above 23,000. The blue-chip index climbed tacked on 165 points to close at 23,328.63 after the U.S. Senate passed the 2018 budget by the narrowest of margins.

The S&P 500 and Nasdaq Composite also set fresh all-time highs, with financials and industrials leading the rally.

Featured image courtesy of Shutterstock. 

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Analysis

Cryptocurrency Analysis: Bitcoin Tests $6000 as Market Settles Down

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Bitcoin is in the center of attention yet again, as the most valuable coin is knocking on the door of the $100 billion level in market capitalization. The coin touched our long-term target at $6000 on several exchanges, but it’s now trading slightly below the historic level.

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While the rest of the market is quiet, BTC is very active, and it could be in for a volatile weekend, as despite the long-term overbought readings, the short-term uptrend is clearly intact. That said, investors should avoid opening new positions here, and consider lowering their exposure further, while traders should only trade with smaller than usual sizes. Support levels are found at $5400, $5000, and near the $4650 level.

BTC/USD, 4-Hour Chart Analysis

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As the rest of the majors are still recovering from the recent correction, the total value of the segment is below its all-time high, with BTC’s dominance now standing at 57%. Most of the largest coins are little changed, with Monero and Liteocin showing considerable strength and IOTA still being the weakest of the majors. With all attention on BTC let’s see how the most traded altcoins look before the weekend.

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Technical Analysis: Coins Recover from Sell-Off as Bulls Remain in Control

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Following yesterday’s brief but deep correction, the major cryptocurrencies seem to be back on the bullish track, as Bitcoin is leading the segment yet again. With the most valuable coin’s dominant currently near 56%, trading in BTC dwarfs the other crypto markets. That said, most of the majors recovered well after yesterday’s rout, while Bitcoin itself reached as high as $5730 today in early trading, only a few percents off its all-time high.

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The short-term setup is encouraging for bulls, as the coin cleared the overbought short-term momentum readings while remaining inside the rising trend. A rally towards the long-term target at $6000 is still likely, despite the stretched long-term picture. Support levels are found near $5400, around the $5000 level and at $4650.

BTC/USD, 4-Hour Chart Analysis

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Ripple settled down somewhat in early trading but it turned volatile again later on, and the coin is still underperforming the broader market, while Ethereum bounced back well above the $300 level, remaining well below its recent highs. The rest of the market is modestly higher today, although NEO and IOTA are slightly lower still showing a negative correlation with the other majors. Let’s see the short-term charts after the short volatile period.

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