Cryptocurrency nowadays are getting more and more popular and public acceptance is growing. This also increase the risk of losing money in cryptocurrency investment. The risk is what many crypto investors both old and new face every time. this because the crypto market is not predictable and the rise or fall in crypto prices is not in the hand of anybody, it is only determined by traders and market volume.
Insurance is a means of protection from financial loss. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or policyholder.
What if crypto risk can also be insured like our properties? this will indeed decrease the risk taken by crypto investors every time they invest.
Bitrust platform want to create a system that will be able to insure cryptocurrency to reduce the risk taken by investors. The platform will provide a form of insurance for cryptocurrency.
WHAT IS BITRUST
BITRUST is an affordable, decentralized, easy to use peer-to-peer (P2P) cryptocurrency insurance marketplace that is based on Ethereum, a blockchain-leveraging smart-contract technology. The objective of BITRUST is to be affordable for retail digital currency investors with an average monthly trading volume of between $100 and $100,000.
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The platform will be a member-to-member kind of insurance.
HOW IT WORKS
Since BITRUST is a peer-to-peer decentralized cryptocurrency insurance platform, a BITRUST smart contract can involve two or more counteragents. For simplicity, we use the following terms: those seeking an insurance are Buyers (B-side), and those willing to insure are called Sellers (S-side).
For example:
B-side places a bid on the BITRUST platform to insure a certain position: Insure against ETH (with a value of $100) dropping in price by 30% against BTC for 96 hours (based on a certain index).
With or without certain conditions:
Willing to pay in digital currencies an equivalent of $5 as an insurance.
Claim an equivalent of $15 in case the price drops to $70 or below.S-side may be just one seller or a cluster of several sellers, which can:
Agree to the terms proposed by B-side.
Or make a counter offer proposing slightly amended terms.
Just like normal insurance if your house get damaged you get paid by the insurer but if your house isn’t damaged then it’s the insurers gain. So if your token fall below your position in the period of your insurance you get the money from the insurer. This in the long run will decrease risk, this will also bring more and more people into the crypto world.
BITRUST TOKEN
To promote the use of BITRUST tokens within our platform and increase the value of our tokens, we will charge a fee of only 0.1% against the total sum of the insurance contract in case where the entire deal is conducted in BTFs. Token details as follow:
| Token | BTF |
|---|---|
| Price | 1 BTF = 0.00005 |
| Bonus | Available |
| Bounty | Available |
| Platform | Ethereum |
| Accepting | ETH, BTC, LTC |
| Soft cap | 6000 ETH |
| Hard cap | 12000 ETH |
ICO DATES
2018-04-02 - 2018-05-31
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Thanks for reading I’m Samkol on Bountyhive.io