Can bitcoin get an insurance?

[AakZaki]

When you own a certain amount of bitcoin, it is your responsibility to secure it in various ways. It is still possible to get insurance if all your bitcoin are entrusted to a company or exchange. Several exchange have been held highly responsible for hacking case and fully compensated their consumer for all losses. But of course this kind of thing is not recommended. Bitcoin is a decentralized currency, so it's like you have your own bank and you are in charge of it.

An example of an exchange hack that had become a trending topic for 1 week was the Kucoin hack which resulted in assets worth $ 150 million being lost or transferred to another wallet. Kucoin also does not stay silent and replace all lost user assets. this is one's responsibility and includes protection for the user.

However, to get full compensation or get insurance like insurance in general, Bitcoin is not the place, because the nature of bitcoin is decentralized and all risks are at your own responsibility. if you have a wallet with a lot of assets and then those assets are stolen by someone, no one will replace it or there will be no insurance that will replace all these assets.

[Traderbtcc]

Bitcoin is sometimes vulnerable like getting stolen from phishing sites, hacking and scamming other people is a  form of damage to bitcoin.

It's not just "sometimes vulnerable" bitcoin is always vulnerable to attacks all the time, the safety of bitcoin actually depends on the holder, if you leak your private key out to scammers your bitcoin will definitely get stolen, so it's just like a "wise holder = a safe bitcoin, a careless holder = an unsafe bitcoin".

Is there any chance that bitcoin can have an insurance from its vulnerabilities in the future?

As you said already, "Bitcoin was created as decentralized digital currency" to eliminate the middle man, so why do you need a middle man now?, the only insurance you can get is keeping your private keys or seeds safe, nothing else, if they are kept safe you won't need a middle man for insurance.

[ekeh]

Bitcoin is an asset movement, that no one can be predicted, giving an insurance to bitcoin, is simply know your gambling you're assets, because bitcoin has no specific amount to start with.

[TopT3ns]

Bitcoin is an asset movement, that no one can be predicted, giving an insurance to bitcoin, is simply know your gambling you're assets, because bitcoin has no specific amount to start with.

It depends on what insurance they will offer because some large exchanges such as the Binance exchange some time ago there have been cases of losing assets in some of its members so that finally the exchange places an investigation and of course all the assets of the missing members will be replaced by an exchange, because it looks like they are using insurance to provide the best service.

[Crptomagma]

Your idea isn’t bad but you should know bitcoin is volatile, getting insurance for a decentralized currency is trying to hand it over to the centralized authority which bitcoin cannot subscribe to. Bitcoin is good for investment but shouldn’t be mistaken for a central currency because it’s decentralized and anonymous. If you want to insure your seed then, you should think outside the box because the price of bitcoin will continue to rise and fall. There are lots of factors that influence the price of bitcoin either positively or negatively.

[ChrisPop]

I do think tthat insurance can be applied to Bitcoin, but the holder of the cryptocurrencies would have to respect certain security procedures and make the proof for doing so which is extremely hard, or maybe use a custodian. More likely, in the eventuality that banks will offer Bitcoin deposit accounts, they would be covered by a financial authority insurance policty to a certain extent like we see with broker and savings account nowadays. (e.g. $100k guaranteed deposits).

[MCobian]

With the volatile price of Bitcoin and Bitcoin is a decentralized currency that cannot be controlled by the government.
I don't think any company would dare to provide insurance against Bitcoin, so if you decide to invest in Bitcoin,
the risks that occur must be able to face yourself. If you want to be safe by getting insurance, you can join the investment
offered by the bank.

[VAdrops]

First of all the insurance is not necessarily required to secure bitcoins cause finally its a cryptocurrency which is being constantly bought and sold by the Investors.
And now talking about the investors who HODL 'Bitcoins' for a long term might worry about insurance for the tokens to a some extent and for that i suggest the investors to transfer the coins in a very secured wallet available in the markets that will be a very good solution to the above question

[Jawhead999]

If you want to be safe by getting insurance, you can join the investment offered by the bank.

To be honest it's not really a investment, but a savings account. Let's say they offering 4% APY excluding monthly fees, withdrawal fees, penalty etc. that would make your money decreased instead of profit.

You need to calculate the fees in a month and calculate the minimum deposit to able covered all the fees.

[yayayo]

I don't think insurance company would likely to insure the Bitcoin since it's volatile and would likely immune to risk. But I'm curious if any company offers this kind of service specifically just for Bitcoin insurance.

ya.ya.yo!

[BITCOIN4X]

~snip

Basically no one will provide insurance to bitcoin user if they don't entrust all their asset to a second party (such as an exchange). Even the government will absolutely not be responsible for the case of losing bitcoin even though they have made a rule that bitcoin is legal. At least all this should make us realize that our bitcoin are entirely our responsibility to secure them.

I don't think insurance company would likely to insure the Bitcoin since it's volatile and would likely immune to risk. But I'm curious if any company offers this kind of service specifically just for Bitcoin insurance.

ya.ya.yo!

It is very difficult to realize, but consumer protection from some companies is still possible.

[taufik0911]

I don't think insurance company would likely to insure the Bitcoin since it's volatile and would likely immune to risk. But I'm curious if any company offers this kind of service specifically just for Bitcoin insurance.

ya.ya.yo!

it is true who wants to risk his money to provide insurance services that have too high a risk
the greatest possibility if there is to quickly suffer losses is just my assumption
out there may be companies that dare to take these risks

[tanjiran]

Insurance will only reduce the essence of bitcoin decentralization, right? especially with the involvement of third parties, the price is also very volatile.
rather than paying for insurance, it is better to invest in bitcoin more. you have all the control, that's decentralization, all the losses and risks you bear, and have to be prepared for it.

[mezzaluna]

Bitcoin as an asset or property is like also having a real property or a car that usually needing insurance to cover expenses whenever nad things occur for that property.

Bitcoin was created as decentralized digital currency, but also consider as an asset. Bitcoin is sometimes vulnerable like getting stolen from phishing sites, hacking and scamming other people is a  form of damage to bitcoin.

Is there any chance that bitcoin can have an insurance from its vulnerabilities in the future?

What do yoi think?

That actually depends on the amount of Bitcoin you are holding since having Insurance on something that is volatile can be risky. The insurance value can have the possibility to drop at a price that you payed for a higher value. It is an asset but I doubt people would want insurance regarding Bitcoin or other Cryptocurrencies unless they can create an idea that would revolve around that basis.

[jademaxxiss012]

It will not be possible because insurance company are smart and do not take losses. In this kind of an asset wherein the value is volatile it can't be predicted. Insurance company could not be able to apply in this kind of asset. Cryptocurrency or bitcoin is only good for investment purposes and as a digital currency. This where I believe that bitcoin could do instead of having an insurance. One may not get a good profit with insurance or third party service.