Can bitcoin get an insurance?

[dothebeats]

I came across one that covers individuals (there seem to be some timid attempts), and it goes on about insuring your BTCs (and other alts), stating that it covers stuff like loss of wallet keys, proven hacks by means of brute force, cyber attacks, phishing, trojans amongst others. The catch is that it will only cover you if you use a specific wallet (and probably a ton of clauses).
See: https://www.coincover.com/theft/bitcoin-insurance

This is understandable, considering that the insurance company covering the costs wouldn't have any way to verify if the claimant is speaking of the truth, and have no accomplice for the hack. They might have placed some security features on those certain wallets to insure that they are not gamed in any way by claimants who think that this is an easy money-grab opportunity for them. Having said that, I'm still unsure as to how would they conduct thorough investigation on loss of private keys, or how would the claimant prove that they lost their keys in an unfortunate manner.

[mangsitin]

bitcoin and other crypto assets cannot be insured.  bitcoin is not a real thing, bitcoin is digital.  that's a funny statement.  Besides that, the nature of bitcoin is not insurance but bitcoin is very risky.  the consequence of crypto users is profit or loss.  and if you lose, bitcoin cannot be insured.  and don't think about insurance, but you have to think of the best way to get big profits.

[TimeTeller]

bitcoin and other crypto assets cannot be insured.  bitcoin is not a real thing, bitcoin is digital.  that's a funny statement.  Besides that, the nature of bitcoin is not insurance but bitcoin is very risky.  the consequence of crypto users is profit or loss.  and if you lose, bitcoin cannot be insured.  and don't think about insurance, but you have to think of the best way to get big profits.

But if you will store your bitcoin for example in a crypto exchange, like Binance.
They have what you call SAFU  - https://academy.binance.com/en/glossary/secure-asset-fund-for-users.
This will secure your assets on their platform. So this is one option to get insurance of your bitcoin, to store your funds with them.
Otherwise, if it is in your wallet, you are in control of that funds and definitely, no insurance involved.

[daarul50]

bitcoin and other crypto assets cannot be insured.  bitcoin is not a real thing, bitcoin is digital.  that's a funny statement.  Besides that, the nature of bitcoin is not insurance but bitcoin is very risky.  the consequence of crypto users is profit or loss.  and if you lose, bitcoin cannot be insured.  and don't think about insurance, but you have to think of the best way to get big profits.

But if you will store your bitcoin for example in a crypto exchange, like Binance.
They have what you call SAFU  - https://academy.binance.com/en/glossary/secure-asset-fund-for-users.
This will secure your assets on their platform. So this is one option to get insurance of your bitcoin, to store your funds with them.
Otherwise, if it is in your wallet, you are in control of that funds and definitely, no insurance involved.

I dont think that binance SAFU could be considered as what op intended called as "an insurance"
Lets say it is an insurance , but what makes us as user in binance can get an insurance that they will not run to exit scam ? Nothing can guarantee that right? So this will get more complicated then i guess.
The decentralized nature itself makes noboby but you has a special privilege to interupt, to get access to your bitcoin in case something unexpected bad happened and your value in bitcoin expected to be safe , it is a little bit contradictive to me.

[rhomelmabini]

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

I don't think it will be, insurance of a property is handled by a centralized entity and to be free from those damages is the sole responsibility of every Bitcoin owners. Well, we may never know if there are companies that may open up in the future regarding insurances but I think it will be a complicated one especially if people trying to protect their anonymity.

[Oasisman]

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?

I don't think an insurance works perfectly with Bitcoin. I mean, Bitcoin is a decentralized currency, you are responsible for every actions you make upon using Btc, and of course you're protecting your privacy. I guess you're only exposing yourself to a possible harm If you disclose your financial information to an insurance firm.

[Rengga Jati]

So far, I never heard about insurance for Bitcoin. Bitcoin is decentralized, so it may be not available to make insurance. Moreover, if it is about investment for the digital asset, it may be difficult to insure our investment in it.
Insurance will need some requirements and also, of course, the important thing under the law. But Bitcoin is once more decentralized. So it may be difficult to make it as proof of something if we lose our investment.

[Vaskiy]

Various insurance projects have come out developed over blockchain. These are just the insurances that can be paid with cryptocurrency and their own tokens. Few were under good expectation, but things didn't worked out at the end. When we talk of an insurance for bitcoin, surely it won't be realistic. Even if such an insurance service is developed, certain rules and regulations will be written so to have a processed claim than just claiming when price falls.

[Shasha80]

I think Bitcoin does not require insurance, because Bitcoin is a decentralized currency which indeed gives the owner the freedom
to control everything himself. So Bitcoin does not require a third party to provide security, we ourselves have to take good care of
the Bitcoin that we have. If you want your money to be insured, please just save it in the bank.

[DoublerHunter]

So far, I never heard about insurance for Bitcoin. Bitcoin is decentralized, so it may be not available to make insurance. Moreover, if it is about investment for the digital asset, it may be difficult to insure our investment in it.
Insurance will need some requirements and also, of course, the important thing under the law. But Bitcoin is once more decentralized. So it may be difficult to make it as proof of something if we lose our investment.

^ Definitely right, I totally agree with you. How can bitcoin have an assurance?
This could not be, because bitcoin has decentralized which means no one will behind this currency and not even back up by any institution. So now, how can we able to have insurance. If you are invested in bitcoin, face the consequences on it that included risk, you know already that investing in bitcoin is a very risk that will probably be losing value since you purchase. Nevertheless, you can hold it on your own and keep like real assets that someday you will have a better retirement fee in your life.

[Lorence.xD]

Pretty decent idea to have insurance regarding bitcoin. In my opinion, being decentralizzed means that you are solely responsible to your cryptos which eliminates the predatory nature of insurances that will require payments from you to keep your cryptos safe when the chances of your crypto from is very low unless you are irresponsible with your keys.

[Salauddin1994]

Bitcoin cannot be insured bitcoin is not regulated by any country's government and is not replaced by banks no one can insure the crypto market can hold on by making long term investments. It is a very profitable currency for long term investment if bitcoin is supported by the government and becomes legal and is introduced as a fiat currency the insurance system can be introduced this is not possible with decentralized transactions many people do not know how to use bitcoin so they prefer fiat for insurance.

[Yamust]

I don't think Bitcoin can get an insurance since like what many said it is decentralized and no one controlling it. Too, there is no company or institution that handling it like savings account thus no one can give assurance that Bitcoin is safe in their hands. You are responsible in keeping and taking care of your bitcoin.

[Alucard1]

Just like what you have said, bitcoin is a decentralized system and there is no third party to it so it would be impossible t have any insurance as what you are thinking. You mentioned all the things that might happen in bitcoin but as a person, you should be the one who protects your set and not anyone. We are in a decentralized system so there would be no authorities that could help you if a bad thing happens, so to avoid it, you better secured your crypto wallet so you won't need any assurance.

[HabBear]

What do you think?

Any bitcoiner knows their best insurance is proper security. But for the insurance man there's a market with the pedestrian bitcoiners. People who won't bother to take proper security and buy bitcoin with a big $10 or $20 thousand could feel the need to insure it. They aren't likely to get it stolen but will gladly pay the premium to sleep at night and not worry.

In the investment world, though, real insurance typically comes from diversification of those investments...but one doesn't expect theft to be the real threat (rather than investment loss). But anyone introducing that middle agency into their asset management is offending the purpose of bitcoin and cryptocurrency.

[abderrazak belkhir]

I dont think that this is a possible thing because bitcoin is desentralized and once you lose money no one can help you to recover theme

You must make your own insurance and the way to this is the strong security

[error08]

Yes, there is insurance exactly for bitcoin holders and some exchanges have an agreement with the insurance companies in case hacks ever happens.
Bitcoin isn't vulnerable to be hacked but the problem is the owner, phishing sites are the most common way to scam people, hence we have to learn how to store bitcoin in a save way, especially a huge portion in a wallet isn't meant to be stored in online wallet or exchanges.

[senya-com]

As for bitcoin, insurance in transactions is the same as fiat money, with the only problem being its legal status. As for cryptocontract platforms they can evolve into being self-insured by contract assigning for every transaction.

[nemey]

Not even get government approval, then how can you get insurance. The step is to get government approval, then maybe insured. It would be difficult if it weren't.

[BITCOIN4X]

Not even get government approval, then how can you get insurance.

It depend on which country you live in as several countries have approved it as a mean of payment.

The step is to get government approval, then maybe insured. It would be difficult if it weren't.

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.