Crypto Asset Insurance

[tetuto]

Crypto asset insurance is gaining momentum as a standard among a variety of businesses in the crypto asset space as of late 2019/2020. We definitely need more insurance policy implementations among the DeFi products/dApp. Feel free to add your options to the article, and all comments/edits are welcome!
https://defiwiki.org/wiki/Crypto_Asset_Insurance

[Lagduf]

The problem is how we can trust such a party who have been creating the insurance service? have you seen incent and various failed platforms that already offered this idea to the traders or even investors. I think the only reliable party to offer this service could be the exchange site

[Pecunia non olet]

I can´t imagine how can insurance works in a decentralized crazy market.  The volatility is normal because there is no centralized bank that will ensure stability. When crypto falls down, you have to pay a debt or you will lose all your money.

[asder250]

There is already a cryptocurrency that focuses on crypto-insurance = inSure. From the website, I got information that it should protect you against scams and massive devaluation. But I do not know how exactly the process work, someone has experience with it?

[elisabetheva]

There is already a cryptocurrency that focuses on crypto-insurance = inSure. From the website, I got information that it should protect you against scams and massive devaluation. But I do not know how exactly the process work, someone has experience with it?

wow it is quite interesting if there is, but obviously there will be certain obstacles that will occur, but because you have not seen the form of the policy, you just think about it. what is clear that might be difficult is whether the policy is measured by token or fiat? because if the token is clearly always changing and no one wants to lose if the token drops and disappears from the market.
we will wait for this good news, hopefully there is clearer information.

[Lantind]

I can totally agree, that insurance sphere of business it's not something easy, but we need such services for sure. I just wonder how much money should I spend for that.

Don't feel confused when you want to know how much money you have to spend on it, because spending money on crypto is very risky so it would be best if you just spend what you can, and don't push yourself to it.

[hongchao123]

Usualy insurance rate in crypto are too hight to be reasonable

[Akiko]

The problem is how we can trust such a party who have been creating the insurance service? have you seen incent and various failed platforms that already offered this idea to the traders or even investors. I think the only reliable party to offer this service could be the exchange site

Other than that how you can also claim the benefit of insurance if for example you need it ,is there  office available  for every country?

I heard many scam business in insurance the fact is many company use the insurance thing to benefit from persons that want to have it. It is good if you have it especially the time like this. The bad things about insurance is many company is only looking for money not to help people.

[bittick]

I can totally agree, that insurance sphere of business it's not something easy, but we need such services for sure. I just wonder how much money should I spend for that.

Don't feel confused when you want to know how much money you have to spend on it, because spending money on crypto is very risky so it would be best if you just spend what you can, and don't push yourself to it.

This is a speculation market and everyone know there was no safe place in the cryptocurrency. If they didn't wanna make their investment will be involved into the risk and then they must try to keep their money into their wallet.

[minairia3]

I can totally agree, that insurance sphere of business it's not something easy, but we need such services for sure. I just wonder how much money should I spend for that.

We need? How can blockchain is a must for insurancr processes? I dont think we should always take blockchain including on different sector. The works done on insurance can barely be done by database. I know there are lots of blockchain who launches for the purpose of insurance however Im not sure if they are still up and running.

The volatility is normal because there is no centralized bank that will ensure stability. When crypto falls down, you have to pay a debt or you will lose all your money.

It means it hard to implement a payment premium using blockchain of course not all clients are knowledgable on cryptocurrency. How can you explain to them why the premium charges changes? We csnt say due to market condition. We are not talking investment here but an important aspect such as insurance.

[Thomas-s]

Insurance companies cannot be decentralized. if the company insures your assets, then in case of some loss you need to get back your funds. if the company is decentralized, then you cannot officially solve your problems

[GreatArkansas]

This is very useful for all the exchanges.
But the problem here is the transparency, especially it can be used for some corruption.
But we already saw some example like this before, especially in Binance before when there are some hacked happens or breach on Binance exchange, and Binance got Safe Asset Fund for Users (SAFU).

[Johnyz]

This is very useful for all the exchanges.
But the problem here is the transparency, especially it can be used for some corruption.
But we already saw some example like this before, especially in Binance before when there are some hacked happens or breach on Binance exchange, and Binance got Safe Asset Fund for Users (SAFU).

That will works to those good exchanges and its good Binance made a reserve and anticipate the future incidents like this. Taking insurance requires a lot of works but if those exchanges or any projects really wants to be secured and wants to secure the assets of the users, having an insurance or a reserve funds can be a big help for future problems. Though individual insurance for every users can't help that much because of regularity.

[Febo]

I can´t imagine how can insurance works in a decentralized crazy market. 

It cant. Anything that consist real life cant work totally decentralised. Someone will have to decide when insurance have to be paid.  You insure your hand and you break your and then some doctor will have to decide if it is broken. That makes it not fully decentralised.  Blockchain was made to secure digital asset.

[leea-1334]

Other than that how you can also claim the benefit of insurance if for example you need it ,is there  office available  for every country?

I heard many scam business in insurance the fact is many company use the insurance thing to benefit from persons that want to have it. It is good if you have it especially the time like this. The bad things about insurance is many company is only looking for money not to help people.

Insurance works only if it has the license from the government or jurisdiction of the exchange,,, this is how it works in Japanese crypto exchanges where actually the law forces an exchange to sign up and pay for insurance that is recognized by the government.

Same as bank insurance (but that is normally insured by government).

[Strongkored]

Until now, many things have been tried to be implemented in crypto, unfortunately, there are many developers who are great at the idea but fail to implement it, including insurance, just see how they will be implemented this project idea.

-snip- have you seen incent -snip-

I even left my token on the exchange, it has no value anymore, it might have delisted from that exchange.

[Chuky92]

Crypto asset insurance is gaining momentum as a standard among a variety of businesses in the crypto asset space as of late 2019/2020. We definitely need more insurance policy implementations among the DeFi products/dApp. Feel free to add your options to the article, and all comments/edits are welcome!
https://defiwiki.org/wiki/Crypto_Asset_Insurance

Insurance of crypto assets? That sounds impossible to me because there are several reasons why it won't work. The first and biggest reason is that crypto is volatile or better still unpredictable, therefore with this high volatility, how then can an insurance company insure crypto assets? that means they will run at high losses.  Another is, one of the good things about crypto is decentralization, having control over your assets, thus insuring your assets under a platform might end up exposing users to different types of manipulation, thefts etc. Hacking is also another reason to think of.

[rajakulam]

I myself am a little doubtful about insurance services in cryptocurrency, because currently many of the various platforms themselves promise interesting things before the project is launched, and after launching the promise is not as promised, for now I think only exchange sites can  trusted.

[H1N1]

I have seen some crypto insurance project, for example insure project and maybe you want to take a look here : https://coinmarketcap.com/currencies/insure/
The crypto insurance projects are not many, maybe if you are a developer, you can build the DeFi platform with insurance system and attract many people.

[ife2020]

Crypto asset insurance is gaining momentum as a standard among a variety of businesses in the crypto asset space as of late 2019/2020. We definitely need more insurance policy implementations among the DeFi products/dApp. Feel free to add your options to the article, and all comments/edits are welcome!
https://defiwiki.org/wiki/Crypto_Asset_Insurance

I want to believe that there is no crypto asset insurance anywhere in the crypto currency world. What we have are exchange platforms ensuring that Funds on the exchange are safu, exchanges such as binance and okex for example. Defi products or dapp is not a form a insurance to crypto asset. Do not mix itnuo