Can crypto Insurance be a next big thing?

[TGD]

I don't think insurance can be a big thing for cryptocurrencies personally because the company cannot predict what can happen and what can't .. we see 100% loss instantly , it's not something that can be defined by any policy ;the risk factor is too high therefore am not really sure why would a company provide insurance for this ...
Who knows.. ?

It takes to have a big company who will risk their name and their budget to provide this. Maybe when regulations happen there might be a insurer who will  do something like this maybe applicable only in their government. It will take a lot of process since insurance companies needs to provide KYC and interviews in anything I wonder what should be insured a wallet or all crypto involved in one owner or in an exchange. It will take time but I hope exchanges provide insurance in hacked accounts if its explainable how it happened.

[mohdk52]

I think so, crypto insurance is the next step to adopting crypto

[jarhed]

I don't think insurance can be a big thing for cryptocurrencies personally because the company cannot predict what can happen and what can't .. we see 100% loss instantly , it's not something that can be defined by any policy ;the risk factor is too high therefore am not really sure why would a company provide insurance for this ...
Who knows.. ?

It takes to have a big company who will risk their name and their budget to provide this. Maybe when regulations happen there might be a insurer who will  do something like this maybe applicable only in their government. It will take a lot of process since insurance companies needs to provide KYC and interviews in anything I wonder what should be insured a wallet or all crypto involved in one owner or in an exchange. It will take time but I hope exchanges provide insurance in hacked accounts if its explainable how it happened.

I really hope that an insurer will appear on the cryptocurrency market that will change the situation for the better. But to begin with, the Exchanges must receive a package of insurance services.

[target]

BTC wallets you personally own which you have the private key is going to be an assurance that you won't be a victim of exchange hacking. Your wallet act as a bank like they've been saying. Why would you need an insurance for that?

There were projects about insurance in crypto but I don't see any of them actually getting much attention, they even become scam later.

[Thirdspace]

The possibility for such a insurance service is quite a complex thing, because when there is some crime or hack takes place through insurance one can get back the funds. Same time these funds can be send by the respective person to known person and claim it a hack for the insurance funds. Only thing maybe the present insurance firms can accept bitcoin and other cryptocurrencies as premium.

good point, I was thinking about the same too
how would the service protect itself from insurance fraud claim
it would be hard to insure bitcoin which has pseudonymous transaction in nature
and by insuring our bitcoin, we surely have to do KYC with the service and lose privacy
when talking about insurance, everything seems to be the opposite of bitcoin principal

[nydiacaskey01]

If this crypto insurance becomes a reality, there will be a lot of conditions that needs to be met before a claim can be awarded. Imagine, someone filing a claim because his 5BTC was stolen, but he took the insurance when BTC was worth $10,000 USD, now that the price of BTC is down, he will just claim that it was stolen and he will be paid more than the current value of BTC. Just take a look at those business that are not earning money anymore, they will just burn down their shop and file a claim.

[tambok]

If this crypto insurance becomes a reality, there will be a lot of conditions that needs to be met before a claim can be awarded. Imagine, someone filing a claim because his 5BTC was stolen, but he took the insurance when BTC was worth $10,000 USD, now that the price of BTC is down, he will just claim that it was stolen and he will be paid more than the current value of BTC. Just take a look at those business that are not earning money anymore, they will just burn down their shop and file a claim.

Indeed, it will be more difficult to claim, and I don't think we will have that crypto insurance, since the price is volatile it will be hard. For now, maybe we should not focus on it, but how can we adopt more people first to join crypto industry, and for businesses to use crypto as their payment options too.

[Murat]

Crypto Insurance will add another value in this cryptocurrency world, That's good thinking for the favor of this platform in order to get more flourish of this system, When you want to build a platform then you have to create a proper platform where everything should exist and so risk-taking system will enhance the people's courage, In recent time, a lot of people lost their worth investment in the ICO/IEO, if there was a risk-taker like an insurance agency then those people got some regulatory method and some policies regarding this issue, I think Insurance also may bring a proper environment for doing trading and investment, That's why it will bring a positive change in this platform for sure.

[ReiMomo]

Crypto Insurance will add another value in this cryptocurrency world, That's good thinking for the favor of this platform in order to get more flourish of this system, When you want to build a platform then you have to create a proper platform where everything should exist and so risk-taking system will enhance the people's courage, In recent time, a lot of people lost their worth investment in the ICO/IEO, if there was a risk-taker like an insurance agency then those people got some regulatory method and some policies regarding this issue, I think Insurance also may bring a proper environment for doing trading and investment, That's why it will bring a positive change in this platform for sure.

Tent to agree on your statement. Absolutely! That's a very big thing because we all know that bitcoin price is volatile and also many people will be careless on investing or sharing their bitcoin wallet or in trading as well because they know that they are insured and whatever happens there is an insurance in their back so that's not fair to the insurer.

[xiboothrezi]

In what ways does cryptocurrency insurance work? Is it when you get caught up with a scam? or when you experience losses when trading because of missed analysis? it seems impossible, things related to the internet/virtual completely like cryptocurrency is very risky. I don't think insurance companies will want to provide guarantees for it.
Moreover, cryptocurrency is very complex, synonymous, it's easy if someone wants to manipulate that the wallet has been hacked, right?

BTC wallets you personally own which you have the private key is going to be an assurance that you won't be a victim of exchange hacking. Your wallet act as a bank like they've been saying. Why would you need an insurance for that?

There were projects about insurance in crypto but I don't see any of them actually getting much attention, they even become scam later.

That is because cryptocurrency especially bitcoin is decentralized, the holder of control is entirely in our hands. We are the ones who have full responsibility for their safety. So we can conclude that insurance on cryptocurrency is not appropriate, not right on target, not suitable. In fact, as you mentioned, many insurance projects don't even get market attention.

[ivakar]

insurance is a good thing and possible even with large fee it could be implemented.
but there are several questions and problems that need to be solved, for example, insurance agents usually do some investigations of the case before pay the insurance.
how to do it in decentralized and anonymous crypto world?
also there is question about your crypto origin, cause sometimes we do not have any