Compensation against Bitcoin loss

[aron123]

So I have a Question.

What are you thinking about compensation against bitcoin loss, is it possible to get a kind of redress in the case of a hacker attack?

[freebutcaged]

SOS. MAYDAY

[valta4065]

So I have a Question.

What are you thinking about compensation against bitcoin loss, is it possible to get a kind of redress in the case of a hacker attack?

Could you precise your thoughts?
Are you talking about a hacker attack in an exchange platform for example?
It has happened already and... Well most of the time it's not the site which pays...
In cas of a hack users are the first victims
And there isn't much you can do about it sadly :/

[viralz]

I could say there ll be no compensation if you loose your btc.
once it is gone, it is like gone forever.
You have to keep it reasonably, if you want to spend then spend it wisely, keep the access to your wallet,.... because if you loose it then no gurantee, no compensation, it is just flying away.

[pooya87]

bitcoin has value and some countries consider it currency some a commodity, in both cases you "may" be able to go to the law enforcement and file a report on the robbery/hack and also there are some services such as the one walletexplorer has that do some blockchain analysis and may find the culprits.

but don't expect an easy way. because bitcoin may not be 100% anonymous but it still offers some level of anonymity. and also because it is not regulated like usual things such as gold, fiat, ... you will have troubles.

[shintosai]

bitcoin has value and some countries consider it currency some a commodity, in both cases you "may" be able to go to the law enforcement and file a report on the robbery/hack and also there are some services such as the one walletexplorer has that do some blockchain analysis and may find the culprits.

but don't expect an easy way. because bitcoin may not be 100% anonymous but it still offers some level of anonymity. and also because it is not regulated like usual things such as gold, fiat, ... you will have troubles.

that's for sure it will be a hard thing to do getting some help to find the hackers and get compensation since bitcoin is not yet been so popular especially for those countries which internet is not really been acquired as much as possible we needed to be more extra careful with our investment in order not to get hacked.

[klf]

I could say there ll be no compensation if you loose your btc.
once it is gone, it is like gone forever.
You have to keep it reasonably, if you want to spend then spend it wisely, keep the access to your wallet,.... because if you loose it then no gurantee, no compensation, it is just flying away.

Yes, that is an issue with these cryptocurrencies. We all want to keep things anonymously and we need to take those risks and responsibilities to keep your wallet access safely. No one will compensate those losses and if they provide such services then many fake claims will pop up to get the free money.

[carlfebz2]

So I have a Question.

What are you thinking about compensation against bitcoin loss, is it possible to get a kind of redress in the case of a hacker attack?

Can you please elaborate more? On what you are pertaining to because there are numbers of things that can be hacked,either on wallet,exchange,gambling site, investment site these things can be hacked and when you do asked about compensation i think it would really be difficult unless if those hacked funds would be returned or recover but if not i cannot see any reason for them to give compensation on their users.All those money being hacked are lost forever.

[cafucafucafu]

So I have a Question.

What are you thinking about compensation against bitcoin loss, is it possible to get a kind of redress in the case of a hacker attack?

If there is some sort of compensation or resolution system in bitcoin then there is no difference between bitcoin and paypal. Bitcoin is extremely anti-paypal, in fact in my opinion is the complete opposite of paypal.

The thing is, online sellers have gotten sick and tired of paypal chargebacks and credit card fraud. Bitcoin is bitcoin, if it's stolen it's stolen. It makes no difference. Do your own due diligence before you open a bitcoin wallet and send coins in there. Make sure that your laptop is fully secure.

If you take all the reasonable steps, your coins are as safe as it is in a bank(if not more so).

[Idrisu]

Do you mean if your bitcoin wallet get hacked? Because of the anonymous processing system, I doubt that you can find any insurance that will compensate you if your wallet get hacked!

For now it might not be possible but in future when people began to understand bitcoin and others crypto currencies it will become very possible for many insurance companies to pay one if it wallet is hack. Many things are being done at the back end to make bitcoin worthwhile and in future we would see positive results.

[Supercrypt]

What are you thinking about compensation against bitcoin loss, is it possible to get a kind of redress in the case of a hacker attack?

you are talking in the sense of insurances like that ? I do not think it will be possible in the decentralized environment. Some times back I did read some insured investment services, but they did not sound like legit. Practically we need to accept the profits/losses incurred with our bitcoins. Will be ready to pay back if you get unexpected profits/returns ?

When we are signing up with an exchange we need to agree their tos. It means when something extraordinary beyond their control happens, we need to stand on their side for possible solutions.

[magneto]

So I have a Question.

What are you thinking about compensation against bitcoin loss, is it possible to get a kind of redress in the case of a hacker attack?

No. Bitcoin is designed to not do that. If you want to have protection against sellers then use paypal but you will be at risk of other people scamming you via the same payment method if they were dishonest as well.

It's a trade off. If you are good at maintaining your own privacy and security, bitcoin is definitely the best thing for you. You have control over everything and your actions will mean whether your bitcoins are stolen or not. If you choose to have a secure environment while you are operating with bitcoins then there is almost 0 chance that a hack will happen.

[ktabb]

So I have a Question.

What are you thinking about compensation against bitcoin loss, is it possible to get a kind of redress in the case of a hacker attack?

If your bitcoin's get stolen or hacked, there is nothing you can do about it. That is one drawback to crypto versus fiat in a bank or something. At least USD in the bank is insured up to $250k by the FDIC, plus it is harder to steal in the first place.

[romero121]

If that's the case now the entire population would be using bitcoin. No need of carrying hard cash in hands and lose it and suffer. Just have your own wallet and have your bitcoin. Even if lost too we can get it back . That doesn't make sense, how come people think in such a manner. I think these were hyperactive minded.

[gabmen]

So I have a Question.

What are you thinking about compensation against bitcoin loss, is it possible to get a kind of redress in the case of a hacker attack?

I don't think so. When you start trading, you have to recognize that there are risks involved and having your account hacked is one of these risks. All we can do is to make everything we do as secure as possible and i think trading platforms are also making sure that they're sites are secure for traders

[BitZonk]

There are insurance companies who offer insurance from hacking and financial losses caused by it, I am not sure that the offer it to individuals and if it's worth it.