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I just found this place, it says it's insured up to $50,000. It's just astonishing that after all this time this is the first place that does that. Called bankofblockchain.us Insured against hacks, why isn't this a standard for pete's sake. I just feel everyone needs to know this.

Okay, my deposit is insured for $50k. But if I deposit, let's say, 10 bitcoins (~450k) and they get hacked, then it turns out that they will return only a tenth of it to me? What the hell do I need such services for? And in general, what is the point of depositing my bitcoins with a third party? It's the same as depositing your dollars in a regular bank.

Isn't it better to insure my 100% holding? Even though it's 1000 BTC, it is insured by my bank. I just need to make sure my key is secured. Are you wondering how? Yes, it's my own bank, which is called a cold wallet or hardware wallet, which is non-custodial and open source. So why do I need to search for anything that I don't know? Why should I search for a custodial service? Though I don't trust custodial wallets, Binance-insured funds called SAFU. I don't know the amount, but it seems they fully refill wallets in the event of any incident. So use your own bank, called Cold, or hardware wallet.

Insured BTC wallet? Insured against hackers?

How can I trust this service?


New domain and then they already have 20k users with 230m total currency and total sponsors amount of 97b. :o

Sorry but I can't trust the third party with my coins

It is just a scam and nothing more.

Insurance and its policies are a big scam to me. I don't buy that idea of insuring some assets because you are going to spend more than you are going to get. Instead, you can make your own insurance by saving that money.
 
Most of the time, you will need to insure more than what you have in other ways for the policy to protect you, and when you are eventually hacked, I don't think the insurance company could be able to give you back up to the amount that was hacked from you.
 
And even if they are going to give you the BTC back, it will be the one you gave to them as a deposit, and the kind of stress you are going to pass through trying to prove to them that you did not spend the coin yourself; instead, it was hacked and stolen from you.

Haha, in fact I already have thoughts running through my head. With what you’ve said, what if they use your money, make more money, then they say that there was a hack, give you the 10% which they must have gotten through gain and then they own your complete money. Did I make a mistake? because I think this is the math they are likely doing.

And yes, what happened to being in control of your money that one will rather put their money in the hands of someone else in the name of “insured”. Puzzling.

Assuming the insurance company mentioned in the OP was legitimate, which is not, it will still be a waste of money to use them, people mistakenly believe that once they get insurance they do not have to worry about their actions, but it is very common for insurance companies to use all kind of tricks to not pay you when the time comes, so not only the insurance will be useless and you will not receive the help you desperately need it, but you will also lose all the money you paid over the period of time in which you got that insurance, money you could have used for something else instead.

I will talk generally. Legal insurances have the right to fix a maximum damage that might substitute to one person depending on the initial budget he gave, the value of the item...
When you bypass this limit, you will be reimbursed eventually but you will lose a big parts of your wealth. Insurances used to rotate and use the money deposited there, otherwise what's the point of it if they just keep it in a cold storage if you can already store them yourself

I dont know that there are still people who believe in this crypto insurance company these days, trusting third-party companies for your crypto isn't a good idea at all.  Might they forget that Bitcoin was created in a decentralized way that you can protect your money on your own and no need for a third-party service.

Even though Binance built a good reputation and has marketing ads of having SAFU of all customer's funds I still don't believe in them.
I know how to keep my funds safe.  

I doubt that this service will end up scam soon.

looks like it is a scam(at least that is what I feel). I found a website called walletcold.com which is Identical to bankofblockchain.us(check the images below). also, the images of those "top users" are taken from the internet.

I checked walletcold.com on "who.is" and it was registered on 2023-12-05 which is only a day before bankofblockchain.us

here is the images of walletcold.com and bankofblockchain.us
https://www.talkimg.com/images/2024/01/02/suHNg.pnghttps://www.talkimg.com/images/2024/01/02/suAwH.png
https://www.talkimg.com/images/2024/01/02/suCP5.pnghttps://www.talkimg.com/images/2024/01/02/suQrz.png

I am not familiar with this kind of service.


If this service is legitimate, it would be wise to only deposit an amount of Bitcoin that can be insured. It's not reasonable to deposit a large amount of Bitcoin without full insurance coverage. But in our country, there is a bank that only insures a limited amount of money, but people still deposit large sums of money with them. I believe that this is just a feature of their service to gain the trust of their customers.

It is nice that it is insured, but the problem is that it only covers up to $50k. And what if you have two bitcoins and you got hack or them, so you only get $50k? It is pretty useless. I've tried visiting the website but it takes forever to load on my end so I can't see the website. I'm not sure if people who own tons of Bitcoin will apply to them due to the amount that you will only get unless you just mistakenly read how much was insured on their website.

I do believe that there's a future in the business of crypto insurance because lots of people worry what might happen to their money and would like to have an insurance just in case they get hacked. But if the insurance comes with hodling coins on the company's centralized platform, then there's a big issue of trusting that company to not steal your money. This particular company, as others pointed out, does not look trustworthy, so there's a very good chance that they'll scam people who entrust their coins to them. In that case, it's much better to have no insurance but to store coins safely independently.

If i am being honest i do not know much about this website but I already do not want to know i am not interested it is sure nice to keep an open mind but i do not want to trust my money with a third party which in itself already goes against the core purpose of decentralization which is one of what makes bitcoin unique

I know we are all trying to be alert and make sure that our bitcoin is safe but sometimes too much wariness might lead to even more dangers  

It's certainly a scam, and call me suspicious, but I wouldn't be surprised if you were subtly promoting them with this thread. No way in hell is someone going to believe that there's something called a bank of blockchain that is legit and insured. Where's the evidence that it actually is? Bollocks, a new domain, doesn't even appear in the first or even second page of Google organic results; they just created a fake website with a free domain and hosting, choosing a template that is either free or cheap to purchase. I doubt that the whole ordeal cost more than $50.

Conventional insurance service is not a scam or a waste of time. You are correct that your insurance premium might become greater than the asset's cost but it helps reduce risks. The insurance company will have to pay for damages even when you have not paid enough premiums to cover the cost of settlement. Insurance is also another means to keep money for the future because you might not be able to save by yourself.    


The service is by no means legitimate, hence there is no need to put even a cent in their custody. From the response and proof we have seen in this thread, this is a clear scam. Keeping Bitcoin with third parties is a great risk, a non-custodian wallet is the only option.  

Nice shill, thanks but no thanks. Wallet insurance? You are your own insurance and the one that makes it secure. The standard is to understand that "not your keys, not your coins". That's basic and simple but hard to maintain that when you're too greedy and think that these money projected by scampanies are for real, you will definitely going to be the victim of their scam. But maybe this might be a real thing in the future but won't just be offered by some random website but most likely the banks.

Insurance only works if the currency has unlimited supply, since Bitcoin has a limited supply, it simply only people without brains can trust it. Trusting your coins to a centralized site is also defeat the purpose of decentralization.

It's not scam as long as you pick a legitimate insurance service, as for waste of time, it's really subjective because they often ask too much process to claim the insurance.

First of all, its not a wallet this seems a custodial service that claims the deposited funds were insured. And as many others said this is too good to be true and a new domain then its almost a good enough reason to conclude that it is a scam but if you want to trust them then it's your choice if they ever hacked and if they managed to returns the hacked funds then let us know. ::)

If indeed this insurance service has been running for a long time (later in the future) of course user ratings will spread including on crypto forum forums, it is too early to trust, there is no legal umbrella, who supervises the service? supervision is important whatever the institution and the assets it manages.

Storing in a time-tested cex and user satisfaction alone still has the potential for cheating and bankruptcy, let alone a service that guarantees the activities of others with such a risk, I think the provider is only running its business not as a protection for each wallet because there is no trace of reputation.

Third-party service insurance and having full decision and rights over the management is too risky.

For me, if I have the funds to save, it is better to buy a ledger or hardware domper that is large and capable in anticipation and buy a new computer that is not connected to the internet :D storing assets is calmer with hand control.

It's no scam, I've been using them since 2021, they were just called BoB wallets then. I've never been hacked, but i think thats the point, they believe in their security that much they're willing to put their money where there mouth is. Not that crazy

And doesn't being certified through the Bank Secrecy Act mandate being regulated? I think most platforms arent even SBA certified, and I doubt most scammers even know what that is.

Some folks feel fine letting a custodial service hold their crypto funds.  That's understandable for sure.  However, a core ideals of cryptocurrency is being your own bank teller and money guard.  Non-custodial wallets empower you grip your private keys.  So you shoulder the safety duties rather than some outside company and  this self-reliance sits better with certain investors, mainly the whales with big stacks of coin.

Unless these whales wrote the code completely from the ground up, at some point they are relying on someone else, whether they admit it or not. The amount of time required to stay updated on every new hack or flaw or bug would be more than a full time job itself. But for someone like me who doesnt have the time nor the fat stacks, knowing my little stack is safer than doing it by myself, I certainly cant insure my own money if it gets stolen, and that i can focus on what matters in life, does sit better with me.

Im not here to argue though, I could care less if you use them or not. It wont affect my life in anyway whether you do or not, I admit I did take it personal when people said it was a scam, but im over it.

There is an easy solution to this guys, like I did, start with a small enough deposit that won't hurt you, but thats large enough some scammer would want to steal, and see if you can move it out of there immediately, then youd have a pretty good idea. This goes for most situations btw

storing your bitcoins with a third party is the same as entrusting your money to someone else, you don't know how they look after your money,. and therefore storing bitcoins with a third party, even a well-known exchange, is not recommended because they may claim that they will take good care of your assets and are anti-hack, but in reality you don't know anything about your assets and it is possible that your assets are being used by them without you knowing.

the safest place to store bitcoin assets is still held by a custodial wallet such as trustwallet or safepal. as long as you protect your private key, you don't need to worry that your assets will be used by other people and you can manage your assets freely.

In short, it is not really advisable to put a large amount in a centralized exchange, provided that if we put a large amount in, we must be the ones who hold and control the password, private key, and seed.

With centralized exchange platforms, it's not like that; instead, they actually have control over our assets and passwords, as if it's no different from banking institutions. Meaning, we are not insured with CEX platforms, but cold and hardware wallets are still better.

My guess is that this is one of those movement in crypto where they try to emulate something that's used in fiat and make it fit into the current cryptocurrency landscape, 50k insurance isn't that bad if you ask me since that's a lot of money but in terms of bitcoin insurance it's never going to work because when the price goes up, the difference from the insured amount is going to be a free bitcoin for the people in that insurance company or to some hackers, I mean the possibility that they might even orchestrate their own hacks isn't that far fetch right?

One of the most important factors of Bitcoin is that it offers us self custody, we can be our
own banks without the control and permissions of a third party.

It teaches us to be mindful of our security. The Bitcoin network has never been hacked,
the weakest link is "us" the human element. By handing over your Bitcoin you are relying
on someone else having their systems secure, thats a mystery.

Be responsible for your own property, take control and learn to secure your own Bitcoin.

So they can steal your $450K but give back $50K and pretend like they are good people. I never seen this before interesting.  :P

Exactly, that's how banks works an that's the limit of insurance! Imagine that everyone a bank would be insured for all the sum And the bank somehow loses all the money, how would they come up with the same amount?
Quite interestingly, in this scam, the limit in $ value is the only thing that makes sense, nobody would be able to repay you the same amount in BTC if they would get hacked and at the same time the price would double, where would they be able to come up with 200% the money they previously had?

As for the reason why, it's because if your company gets hacked it's your loss, if it's insured you at least have 50k.
That's how Coinbase Vault works!


Insurance works with gold deposits, what's the thing that prevents it working with Bitcoin?


And you woke up after 4 years in which you no posts to suddenly defend them in this brand new topic!
Yeah right, I mean , NOBODY has any REASON  to believe you're behind this!

That's understandable. Here's another question. Where, in fact, is the guarantee that they will pay the insurance? In order for the insurance to have any legal validity, you have to enter into some kind of contract with them, which means you have to go through the KYC procedure. For people who are concerned about their anonymity, this is unacceptable. So we can assume that this insurance is just a fiction.

So after a newbie create an account snr advertise a scam insurance company which can insure your bitcoin other newbies came in and start sharing fake testimonies of how they have been able to use the site, does this scammers think here is some kind of social media where one users will make a scam post and the other group will be bumping it up saying it’s real I have used it and all of that, what a failed attempt they have done here.

I don't want to go into so many words, I'll just say one thing, what is the main purpose of our Bitcoin? I think the first and foremost purpose of creating Bitcoin is to protect our financial freedom and privacy. As such, if we use this kind of third-party secondary, it means breaking our own privacy and financial freedom in our own hands.
I think that if we take a normal long-term strategy following the DCA method and investing in bitcoin like 10$ per week for Five years or make an investment of 5k at once then I think for long run this will also work like an insurance. I think such third party websites are nothing more than ponzi-scams, which only lure and fool people to make money.

Flag opened. https://bitcointalk.org/index.php?action=trust;flag=3269
Feel free to support it :-)
Negative feedback left. If you have a moment and feel it's needed you should leave some too.

Should also tag the other users saying how great the service is, but I am on mobile so I'll get to that later.

-Dave

First, for insurance to be possible that means it's a centralized wallet because who's going to pay the insurance money? Also, who would you pay the insurance premium to?
Use only a non-custodial wallet to save your coins.

As for the insurance, of course, centralized companies should have insurance. Insurance against hacking is not a big thing. Every business at risk of hacking should have insurance, especially tech companies.

You are giving out a tiny piece of information that on its own means nothing to be honest. Now I am a bit too lazy to dive into the research, but what do you mean by "insured wallet"? If they get custody of your Bitcoin and make a promise what will happen in case of a hack, you could still end up with empty hands if there is no sufficient way for you to verify whether this company is financially healthy enough to pay out everyone who might have lost something. This insurance thing can only work if they take your Bitcoin and hold it for you. Otherwise they would bear the risk of idiots losing their Bitcoin or getting outright scammed because proving that you did not get hacked when you claim you got hacked is impossible in many cases.

I assume they take a monthly fee then or something. Everyone should really consider whether it is worth a fee or whether they should educate themselves and use Bitcoin the way it is supposed to be used and supposed to serve its users. The point of Bitcoin is that there is NOT a third party involved when your assets are concerned.

If they provide a wallet that is supposed to be insured, there is still the risk of using it in a wrong way or being reckless with backups and passwords. Sounds like a weird service to me.

If you feel like you need insurance, why don't you contact the conventional insurance company and ask them to insure your hardware or cold non-custodial wallet? Why? Because if their system (bankofblockchain.us) gets hacked, how will they refund you? They will just say sorry mate we were hacked we don't have any funds left. With a real insurance company at least you have some chance of getting your money back. 

Infact your theory makes so much sense and I very much reason with you that it could be a possibility, because there's too much scams and hacks in the crypto space that you can't help but look at everything in it from a scam point of view. They can hack their system, give you the 10% as agreed and keep the rest for themselves, a clean scam job, and the scammed will be happy to get something. Like Cryptovator, said, the best insurance that you can give yourself regarding wallets is to secure your crypto coins in a none custodial wallet, you hold the password and seed phrase, not inside of an exchange or some insured third party wallet.

This is really laughable, what's the difference between the platform and an exchange? And why'd anyone want to insure his/her Bitcoin, what happened to self custody?

You may be a newbie on the forum but you're certainly not a newbie in the crypto space. From the way you sounded, I think you're part of the scam and you're trying to shill the fake platform here hoping some rookies will fall for it. I hope you get slammed with a sledgehammer on the head.

I have the same feeling, OP is definitely part or possibly the mastermind of this scam. OP is not new to the market and found this service by chance and shared it with us. The market is entering a new bull cycle and the appearance of fraudulent projects is inevitable. Hopefully newbies won't have to fall into the silly traps of scammers like OP.

By the way, OP chose the wrong place to promote his scam project, people on this forum don't fall into these traps easily. This is the oldest bitcoin forum and there are many experienced people here, not a chaotic place like social network X or FaceBook.

It's pretty clear what @acroman08 has revealed both sites are the same so I conclude this is a scam just copying a tamplate from the internet for free anyway there is no social media whatsoever.

So I'm not sure about the BTC wallet being insured, is it really worth it? I don't think so, security is more on the individual how to keep it I'm not so familiar with BTC insurance.

What I know is that there is conventional insurance that is often said by many people, but I don't believe it because it is too complicated to process claims.

Yes, they can hack the system and tell a lie just to make money. However, they may not necessarily need to do that for one to know that it’s a danger zone. For me, I think that anything or any firm that comes between you and your Bitcoin wallet keys is improper; following that Satoshi aimed at removing middlemen.

We're near to the bull run so there will be a lot of usual and unusual scams that we're going to see. Before it was with several projects and did some rug pulls, now, this might be their next meta about giving the safety thought of their potential victims that they can handle things for them and do the deposits on their own fake and scam platform. Instead of educating the newbies that the only insurance that they can get is to hold their own wallet with the private keys and not with some other third parties that will handle it for it.

If your Bitcoin is insured, that means it is not under your control so why should I be looking for that kind of wallet? Bitcoin is about full control and ownership.

If you are thinking of insurance for your Bitcoin, then go to centralized exchanges and custodians like Coinbase or Binance. But you should familiarize yourself with the terms and conditions as the insurance might just be limited up to a certain amount and under certain circumstances. Insurance doesn't pay for your negligence and carelessness.

That's important to say what's going to happen if there isn't a real hack. If they'll pay the insurance they've taken from their customers bitcoin wallets they'll be growing a scammer business. I'll protect my cryptos better than any insured btc wallet.

An old sleeping account with almost no Post awaking just to post this shilling of Scam site , 50,000 worth of insurance why not 100% of my funds?
and also being a new site but claiming have millions of dollars being inside their possession , this is something scammy for me and now that you are being tagged then it is given that your site is not that trustworthy at all.
exactly , When Bull market is coming Scams are everywhere in every forms so better keep safe your funds and never give this one a chance guys.

And that's why everyone needs to take care of themselves and for the newbies, if anyone out there can read this. Stop being greedy, your greediness will lead you to fall for these traps set by the scammers like the example of this insured or insurance for a bitcoin wallet. You just have to inform yourself and learn the basic things about taking care of your own fund and you'll not be fooled by any of the scammers and at the same time, you'll be the one to educate others with what you've learned.

This is new to me. So, this place you found is cool because it's got insurance up to $50,000 against hacks. Not many places do that yet, and it's surprising considering how long we've been in the digital age. Having this kind of insurance just makes sense, and it's something more services should offer. It's all about keeping your digital stuff safe

From what you said, I bet you don't understand what bitcoin is, the purpose it was created for and the benefits it brings you. It seems like you only invest in this market for profit and you don't care about any concept of decentralization or privacy that bitcoin brings us. There is nothing wrong with this because everyone has their own goals when participating in the market, but you need to have basic knowledge to avoid falling into scam traps in the market.

Furthermore, if you take the trouble to read the above comments, you will know that this is a scam that is not too new in this market.

If it's not insured by the government, it's not safe. Banks in the US are usually insured by the FDIC (a federal government agency) up to $250k. Why should you trust a shady company with your BTC? You're better off writing the seed on a piece of paper a paper and keep it in a safe deposit box at your local bank. Your coins will be safe for years on end.

With how popular BTC has become lately, one needs to be very cautious not to fall for scams. The website you've mentioned looks very shady, by the way. Even the copyright year at the footer of the page isn't updated. You know the drill, right?   ::)