Cryptocurrency Tips: December 2023

It is no longer unusual to hear that a bank accepts savings in Bitcoin, Ethereum, and the like. Or that a loan company helps businesses with crypto. After all, the traditional financial and insurance industries were among the first to adopt cryptocurrencies. The latter ones have found more than one way to incorporate these means of payment into their business. This approach proved useful not only for companies but also for policyholders.

The above claim was confirmed by several recent surveys, including that of Goldman Sachs, which showed that 6% of respondents (over 300 financial executives in the insurance sector) verified that their companies invest in crypto.

Benefits for Policyholders and Insurance Companies

Several things make cryptocurrencies attractive, not only for insurance companies but also for policyholders. Some of them are beneficial to both parties, and some are specific.

So, when it comes to policyholders, they can expect several advantages of using crypto. One of the most notable is the opportunity for diversification. Thanks to crypto, they can get another asset (on top of the traditional ones) to add to their diversification strategy. By doing this, they can spread risk and keep their funds protected.

Also, policyholders can count on speedy transactions because crypto transactions are usually processed much faster than wire transfers. Receiving claim payouts on time in urgent situations is possible thanks to cryptocurrency.

We should also note that they get more privacy because they can stay pseudonymous.

On the other hand, insurance companies benefit from reduced transaction costs, faster settlements, improved security, and a few other things.

Successful Examples

It’s one thing to discuss things in theory and another to see how they work in real life. Fortunately, there are many successful examples of insurance companies accepting crypto as a payment plan.

INGUARD

INGUARD is one of the leading digital insurance companies based in the U.S. It provides its services in all 50 U.S. States. What makes INGUARD truly special is that they were the first insurance companies in North America to accept Bitcoin payments in 2013.

Interestingly, this brand is partnered with numerous tech companies who share their vision for insurance, including Fitbit and Michelin.

Lemonade

Some insurance companies rely on the blockchain. Lemonade is an excellent example of this. This brand throws blockchain technology and artificial intelligence into the mix or provides pet, car, home, and other types of insurance. It goes without saying that policyholders can use cryptocurrency as a payment plan.

AXA

Compiling a list of insurance companies accepting crypto without mentioning AXA would be a mistake. This insurance provider comes from Switzerland. It was the first insurer in Switzerland (and among the first in Europe) to enable its customers to pay bills with Bitcoin. This move didn’t come as too much of a surprise, as their Hong Kong subsidiary was one of the first to enter the gaming virtual world by partnering up with The Sandbox metaverse developer, meaning the crypto-progressive incline was already there.

It’s worth noting that AXA works with Bitcoin Suisse (a cryptocurrency exchange) and Inapay (a mobile Bitcoin payment processor for mobile devices) to process the payments.

Metromile

Next on the list, we have Metromile. This auto insurer was established in 2011 in California as a tech startup. Today, more than 100,000 drivers use Metromile for pay-per-mile car insurance, and many use cryptocurrency to pay for this. The good news is that policyholders can pay for various insurance premiums in Bitcoin and use it to claim payouts.

Premier Shield Insurance

From Massachusetts comes Premier Shield Insurance, an insurance agency focused on several sectors. From auto insurance and identity theft insurance to home insurance and various types of business insurance options – this company has its clients covered. The best part is that they can use crypto to cover agency fees and pay insurance premiums.

There’s a limit for paying in crypto set at $5,000. Also, another downside is that you can’t claim payouts in Bitcoin.

What to Expect in the Future?

Even though finding data on cryptocurrency and its use in the insurance sector is somewhat challenging, a thorough analysis will show you that these two are becoming closer than ever.

This makes sense because the use of cryptocurrency is growing. Dozens of countries across the globe have legalized this means of payment, and two of them have made it an official legal tender.

According to some market analysis, we should expect tremendous growth in the next few years. For instance, if the blockchain (crypto payments included) in the insurance market size was around 208 million dollars in 2020, it should reach 2.5 billion dollars by 2028, which is almost a tenfold rise.

The post Cryptocurrency Payments for Insurance: Are Insurance Companies Really Embracing Bitcoin and Altcoins? appeared first on CryptoNinjas.

* This article was originally published here

Sunday, December 3, 2023

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Saturday, December 2, 2023

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Friday, December 1, 2023

4 Things We’ve Learned About Owning Bitcoin in 2023

For some people, the word bitcoin still triggers an eye-roll, but by now, most of us know that cryptocurrency is here to stay. With that in mind, it’s a good idea to make sure you’re clued up and well-educated on the topic, especially if you’ve ever considered investing yourself.

However, with so much misinformation floating around on the world wide web, it’s easy to assume that steering clear is safest, or to get overwhelmed with how to approach the process. If you’ve been having a bit of an internal battle over the ins and outs of crypto, here are some of the most important things we’ve learned about it over the years.

1. Education is Key

No matter what the nay-sayers might suggest, there’s nothing inherently dangerous or even risky about investing in Bitcoin or any other cryptocurrency. However, it is absolutely crucial that you get educated before committing to it – because uninformed decisions are what lead to disaster in any type of investing move.

There is an abundance of information available online. Look to professionals in the industry, and consult the Crypto 101 video series to help you understand the basics. You can even pay for professional consultants to help you in your journey if you want to be more assured you’re making good choices.

2. You Need a Secure Wallet

Choosing your crypto wallet is a bigger deal than you might think. Your wallet is your portal into the crypto world, and so picking something secure and reliable is important for a myriad of reasons.

An all-in-one wallet like Noones is one of the best options out there because the process becomes incredibly simplified. However, there are countless options on the market. What matters is that you do your research and pick a wallet that aligns with your needs, offers security, and has good user reviews. The voice of the people is always something to pay attention to, and if multiple people have had a negative experience, it’s a good sign to steer clear.

3. Scams and Phishing Are Real Problems

Even though more and more people are wising up, there are some common crypto scams that are still alive and well in 2023, and it’s essential that you’re aware of them and know how to protect yourself.

Make sure you know about the potential risks, and avoid ever sharing private keys or personal information with anyone – especially over text or online messaging. You should be able to identify the warning signs, but when it comes to your finances online, it’s best to be extra vigilant.

4. Diversifying is Smart

Any serious investors will tell you how important it is to diversify your portfolio, and having a well-balanced crypto portfolio is just as important as balancing your stock investments.

A crucial part of this is maintaining the balance between your crypto portfolio and overall investment portfolio. However, you’ll also want to ensure that your crypto portfolio itself contains a few different types of cryptocurrency with different risk levels.

The post 4 Things We’ve Learned About Owning Bitcoin in 2023 appeared first on CryptoNinjas.

* This article was originally published here