Bitcoin Forum

Let's cut the short strory short

It will be like cryptocurrency insurance or credit service when you pay monthly for example  30$ and after 5 months you can start using this service fully.
You can remove some % from the account for example your limit Will be up to 5% per month of your total ammount you payed.
If you go over the limit you remove more money from your account for your personal needs your monthly subcription Fee price going higher.

Who and why need this service ?
We all might need sometimes we never know when we need extra money for not expected situation or it's just great way to save.
It's like mix of the 401k + line of credit + insurance.

It's good feeling that when you know you have non sovering insurance and when you need extra funds you can use it.

The problem with this model is the trust and these days it's hard to trust anyone especially when it is linked with the crypto currencies.

As you told, people will be paying something like 30$ per month for 5 months and then will get certain percentage after the 5 months, as i understand this. However, most of such insurance companies will collect money from the public and will run away once they have enough funds.

Honestly i wouldn't risk my money by giving them to the insurance companies and then asking them to return me when i need it.

Who will manage it, you? you're talking about subscriptions how about the safety and security of users' funds what's the guarantee that the platform will not shut down and not run with the money?


This is a Ponzi scheme with a new twist, you cannot offer something like this in a Cryptocurrency environment it's like you act like a centralized platform for users' funds, without showing us anything like why would we trust you or your platform that you are going to launch.

Yes, as the members before me told you, the problem of trust is the main problem. You are newbie, and you registered two days ago. This is the first topic you write about this service. In fact, it is your only post. How strange, who will trust you?

The idea is not new, but you need to gain the trust of the community in order to be able to launch such a service. The problem is not just creating ideas because the crypto community is full of scammers and you need to get the trust before launching any service, otherwise you will inevitably fail.

You can use the Timelock feature, which places some restrictions on spending a specific Bitcoin until a certain time or a specific block, for example, these currencies are locked until 1/1/2025 or even Block No. 802800

The disadvantage  is that you will not be able to use your locked bitcoin until that block is mined, and if you really need need of it, there is no way to get it earlier. But it is good for those who want to save and know that they do not need that bitcoin up to that block No.

https://en.bitcoin.it/wiki/Timelock

Assuming you can be trusted and everything is verifiable, why would anyone choose to use it compared to simply saving on their own? The risk is greater with arguably little benefits. Insurance coverage is questionable and it would be difficult for them to claim if their location doesn't have regulations related to crypto insurance or something similar. Not to mention the current insurance provided by exchanges and so on fail to provide any guarantee that the user will receive their money back if something terrible happened. I don't think you'll find success with this business.

Newbies come here with outrageous ideas thinking that they will get the support they want, nothing in OP's post mentioned how are they going to keep the user funds secure there is no contract smart involved.

If you're going to offer Cryptocurrency insurance, and credit you need to have a license to show, who you are and what's your credibility score as a developer here if you do not have this and you can not show something, you're not going to get anything better think of something useful and will keep users fund safe.

Plenty of the ideas I see in this board recently do not pay attention to some certain things and before they will finish introducing their idea or the project, they are already mentioning the fees that would be paid.  Which makes it appear as if they are after the fees and money and will disappear any moment they have the money they need.

His idea may work very well out the forum. But people here a very wise. The members of this forum understand a genuine project and they support it. But any project that isn't sound will not survive here.

Sometimes I am amazed at the sharing of ideas without matching an economic or technical scheme, even if it is simple. It is easy to think of useful things, but it is difficult to make or implement them on the ground, so sometimes ideas are not enough.

His idea is good and it was implemented in a decentralized using miniscript, but converting ideas into projects is not easy or can be done with zero costs.

As much as this idea sounds fantastic, there are still major concerns.
Firstly, people consider  newbie accounts not worthy of certain propositions in this forum as they barely landed on the soil to know how things work around here and also to leave footprints worthy of studying.

Secondly, such projects having to do with funds directly, in the crypto space, funds clustered at protocols are not trusted much when they are not locked unto codes, human behaviour might be compromised or protocols might get exploited. I'll say you look for a way to balance these concerns and then we can move from there.