Bitcoin insurance.

[ClaytonLWils]

Hi I eagerly want to that is there any insurance company that offers services to protect investment in btc or any cryptocurrency. If you know please share.

[Red-Apple]

i have seen a couple of them in the past that said they are doing something like that. i have even seen an ICO for this matter but all of those that i have seen were pure scams nothing more.

[Goodday]

Digital Bitcoin currency assurance services aimed at preventing trade-related losses in my opinion this positive technology can be used to speed up the settlement of claims but convincing insurance companies to trust the new currency is not an easy task.

[andeonnut]

It's an interesting idea, this. Wonder if it's already out there.

[franky1]

bitcoin insurance is a hard thing to achieve. many home insurers do not automatically pay out at request. they investigate and do accounting on the chance/risk that the insured person has not simply hidden the posessions to pretend they were stolen. which is harder to prove because a investigator cannot simply ask neighbours if they seen a removal van at the persons home. so i do not see insurance companies offering a personal insurance. as there are too many ways to fake a claim to get out mor then the person put in.

however
exchanges could decide to put their trade fee's into a trust (multisig) that is co-signed by an insurance company. where by to keep trade fee's down and keep the exchange profitable. can only access the fee's after 12 months of the trade.

EG
imagine in one day trade fee's totaled 7.45btc(Gdax example), over a year totals ~2,700btc
at the 366th day the exchange will get their 7.45btc. but could lose ~2,700btc if they do anything to harm thier customers

its kind of how silk road reportedly operated, by having a reserve/collateral. how how some fiat institutions are set up. though fiat institutions do not get their premiums back after a year, which is why trading fee's can be higher in those cases

[Kimchu kuno]

bitcoin insurance is a hard thing to achieve. many home insurers do not automatically pay out at request. they investigate and do accounting on the chance/risk that the insured person has not simply hidden the posessions to pretend they were stolen. which is harder to prove because a investigator cannot simply ask neighbours if they seen a removal van at the persons home. so i do not see insurance companies offering a personal insurance. as there are too many ways to fake a claim to get out mor then the person put in.

however
exchanges could decide to put their trade fee's into a trust (multisig) that is co-signed by an insurance company. where by to keep trade fee's down and keep the exchange profitable. can only access the fee's after 12 months of the trade.

EG
imagine in one day trade fee's totaled 7.45btc(Gdax example), over a year totals ~2,700btc
at the 366th day the exchange will get their 7.45btc. but could lose ~2,700btc if they do anything to harm thier customers

its kind of how silk road reportedly operated, by having a reserve/collateral. how how some fiat institutions are set up. though fiat institutions do not get their premiums back after a year, which is why trading fee's can be higher in those cases

No need of registering insurance company.

[MBAPOLIN]

I think insurance company add to btc. and more offering that digital crrpronce

[Marlo Stanfield]

Hi I eagerly want to that is there any insurance company that offers services to protect investment in btc or any cryptocurrency. If you know please share.

Not that I would recommend storing any bitcoin there, but I beleive companies like Coinbase have some sort of insurance to protect at least a certain amount of loss in the event of theft or other type of loss by them. I don't think it covers you personally at all if say you made a mistake that lead to your account being hacked or something. But if I'm correct about this then it should function almost like FDIC guarantees on bank accounts and such.

[Renal]

I strongly agree if there is an insurance company that protects the world of cryptocurrency later this will better memepermudah each user to make transactions in the world crypto hopefully fore there are companies who want to participate in managing digital currency.

[3angel84]

I didn't heared it yet but if these will be included in bitcoin,it must be better,but in other way also,we are always secured here in bitcoin,our future is already in surest way to be green so,this is the insurance of being here in bitcoin.

[lesya-ya]

In my opinion, it would be great that your investments be insured. Thanks to this, investors wanting to buy bitcoin will become more.

[marn6767]

a project named BitRust. It aims to go out on the market as an insurance mechanism. But lately, it's not making much noise from the project. I hope they can successfully enter the market

[fatirborju]

I am very happy and very agree if in bitcoin there is a company that is bitcoin insurance but I think if you want to establish a company is still very difficult, because it is in bitcoin there are many scam projects, so if the company is there then it will likely experience a little loss ....

[franky1]

No need of registering insurance company.

not so much an insurance company(government regulated). but a public body that can display they as a multisig co-signer have morals and rules to not spend funds themselves  and are not in cahoots with the exchange. usually this would be an pre-established entity who has experience and would happily register their location details to be handed court orders should anything nasty happen.

im not saying regulated registration insurance.. im saying public consumer protection insurance. which there is a difference.

regulated insured establishments are allowed to break the law, pretend they are bankrupt to not pay out and then go money grabbing
consumer protections keeps businesses ethical or suffer repercussions

after all. how many bankers went to jail due to the crises. and on the flip side how many bankers got more richer
where as if a business with consumer protection certification, would get court orders and bailiffs at their doors in a crisis

[onurgozupek]

There are some uncertainty about Bitcoin, no regulations especially. How can any company grant your Bitcoins unless you leave all your funds to them. You can keep your Bitcoins secure as any others can do. If you are looking to keep the value safe, you should check crypto investment rather than insurance

[Marlo Stanfield]

not so much an insurance company(government regulated). but a public body that can display they as a multisig co-signer have morals and rules to not spend funds themselves  and are not in cahoots with the exchange. usually this would be an pre-established entity who has experience and would happily register their location details to be handed court orders should anything nasty happen.

Reading this just makes me think of BitGo when they had 2 of 3 multisig as a service for Bitfinex and just let someone withdraw 60 mil or what it was in BTC at the time.

Imagine if they were actually on the hook for their incompetence somehow rather than Bitfinex.

[fritzwalter195]

Its a good concept, businesses could work towards it.

[pauline_78]

I didn't about this thing before. Thanks to this forum. I gotto learn so many new things. Different people commented different things. Thanks for posting this.

[gentlemand]

Reading this just makes me think of BitGo when they had 2 of 3 multisig as a service for Bitfinex and just let someone withdraw 60 mil or what it was in BTC at the time.

Imagine if they were actually on the hook for their incompetence somehow rather than Bitfinex.

I believe Bitgo's methods were fine, Bitfinex completely ignored them and left themselves wide open.

I just don't see how widespread insurance can work. All the places that claim they're insured like Coinbase for hacks at their end may well find there's no pay out if they ever really needed it. A Bitpay employee opened an email attachment and lost them a million dollars. They tried to claim on their insurance and were told to bugger off.

As in Bitfinex and Bitpay's cases these losses are almost always down to incompetence and laziness. No insurer would pay out under those circumstances.

[rabia_laskor]

A different concept to know but a very good one undoubtedly. Yes, there are some companies which provide insurance to bitcoin investment. if you want to go for it make sure you have gone through the terms and conditions well so that you don't face any trouble in future.