In the first of a 3-part series, Mr. Sagalow looks at Bitcoins, the peer-to-peer payment system that uses open-source software. Recently, Great American Insurance introduced a new fidelity insurance policy for Bitcoin theft.  According to Ty “…the market is still evaluating the policy…its terms and conditions as well as which companies are eligible to purchase […]

In this second part of the Bitcoin series, Ty Sagalow explains the growing legitimacy of Bitcoins, and risks associated with the peer-to-peer payment system. There are approximately $8 billion dollars of Bitcoins around the world, says Ty, used to buy a growing number if online products and services. He questions whether holding and storing Bitcoins has risk and what it means for the insurance industry. Mr. Sagalow sees three […]

In the third part of a series on Bitcoins, Ty Sagalow discusses how the peer-to-peer payment system has become more legitimate, if not more secure. Recently, the U.S. Marshals Office auctioned 30,000 Bitcoins that were forfeited by Silkroad, one of the original Bitcoin companies allegedly involved in illegal activities.  Mr. Sagalow says “the decision by the United States […]