Did anyone else know there is an Insured BTC wallet?

[sokani]

I just found this place, it says it's insured up to $50,000. It's just astonishing that after all this time this is the first place that does that. Called bankofblockchain.us Insured against hacks, why isn't this a standard for pete's sake. I just feel everyone needs to know this.

This is really laughable, what's the difference between the platform and an exchange? And why'd anyone want to insure his/her Bitcoin, what happened to self custody?

You may be a newbie on the forum but you're certainly not a newbie in the crypto space. From the way you sounded, I think you're part of the scam and you're trying to shill the fake platform here hoping some rookies will fall for it. I hope you get slammed with a sledgehammer on the head.

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[Smack That Ace]

I just found this place, it says it's insured up to $50,000. It's just astonishing that after all this time this is the first place that does that. Called bankofblockchain.us Insured against hacks, why isn't this a standard for pete's sake. I just feel everyone needs to know this.

This is really laughable, what's the difference between the platform and an exchange? And why'd anyone want to insure his/her Bitcoin, what happened to self custody?

You may be a newbie on the forum but you're certainly not a newbie in the crypto space. From the way you sounded, I think you're part of the scam and you're trying to shill the fake platform here hoping some rookies will fall for it. I hope you get slammed with a sledgehammer on the head.

I have the same feeling, OP is definitely part or possibly the mastermind of this scam. OP is not new to the market and found this service by chance and shared it with us. The market is entering a new bull cycle and the appearance of fraudulent projects is inevitable. Hopefully newbies won't have to fall into the silly traps of scammers like OP.

By the way, OP chose the wrong place to promote his scam project, people on this forum don't fall into these traps easily. This is the oldest bitcoin forum and there are many experienced people here, not a chaotic place like social network X or FaceBook.

[BABY SHOES]

It's pretty clear what @acroman08 has revealed both sites are the same so I conclude this is a scam just copying a tamplate from the internet for free anyway there is no social media whatsoever.

So I'm not sure about the BTC wallet being insured, is it really worth it? I don't think so, security is more on the individual how to keep it I'm not so familiar with BTC insurance.

What I know is that there is conventional insurance that is often said by many people, but I don't believe it because it is too complicated to process claims.

[oktana]

Okay, my deposit is insured for $50k. But if I deposit, let's say, 10 bitcoins (~450k) and they get hacked, then it turns out that they will return only a tenth of it to me? What the hell do I need such services for? And in general, what is the point of depositing my bitcoins with a third party? It's the same as depositing your dollars in a regular bank.

Haha, in fact I already have thoughts running through my head. With what you’ve said, what if they use your money, make more money, then they say that there was a hack, give you the 10% which they must have gotten through gain and then they own your complete money. Did I make a mistake? because I think this is the math they are likely doing.

And yes, what happened to being in control of your money that one will rather put their money in the hands of someone else in the name of “insured”. Puzzling.

Infact your theory makes so much sense and I very much reason with you that it could be a possibility, because there's too much scams and hacks in the crypto space that you can't help but look at everything in it from a scam point of view. They can hack their system, give you the 10% as agreed and keep the rest for themselves, a clean scam job, and the scammed will be happy to get something. Like Cryptovator, said, the best insurance that you can give yourself regarding wallets is to secure your crypto coins in a none custodial wallet, you hold the password and seed phrase, not inside of an exchange or some insured third party wallet.

Yes, they can hack the system and tell a lie just to make money. However, they may not necessarily need to do that for one to know that it’s a danger zone. For me, I think that anything or any firm that comes between you and your Bitcoin wallet keys is improper; following that Satoshi aimed at removing middlemen.

[blockman]

We're near to the bull run so there will be a lot of usual and unusual scams that we're going to see. Before it was with several projects and did some rug pulls, now, this might be their next meta about giving the safety thought of their potential victims that they can handle things for them and do the deposits on their own fake and scam platform. Instead of educating the newbies that the only insurance that they can get is to hold their own wallet with the private keys and not with some other third parties that will handle it for it.

[Fundamentals Of]

If your Bitcoin is insured, that means it is not under your control so why should I be looking for that kind of wallet? Bitcoin is about full control and ownership.

If you are thinking of insurance for your Bitcoin, then go to centralized exchanges and custodians like Coinbase or Binance. But you should familiarize yourself with the terms and conditions as the insurance might just be limited up to a certain amount and under certain circumstances. Insurance doesn't pay for your negligence and carelessness.

[arabspaceship123]

That's important to say what's going to happen if there isn't a real hack. If they'll pay the insurance they've taken from their customers bitcoin wallets they'll be growing a scammer business. I'll protect my cryptos better than any insured btc wallet.

I just found this place, it says it's insured up to $50,000. It's just astonishing that after all this time this is the first place that does that. Called bankofblockchain.us Insured against hacks, why isn't this a standard for pete's sake. I just feel everyone needs to know this.

[peter0425]

I just found this place, it says it's insured up to $50,000. It's just astonishing that after all this time this is the first place that does that. Called bankofblockchain.us Insured against hacks, why isn't this a standard for pete's sake. I just feel everyone needs to know this.

An old sleeping account with almost no Post awaking just to post this shilling of Scam site , 50,000 worth of insurance why not 100% of my funds?
and also being a new site but claiming have millions of dollars being inside their possession , this is something scammy for me and now that you are being tagged then it is given that your site is not that trustworthy at all.

We're near to the bull run so there will be a lot of usual and unusual scams that we're going to see. Before it was with several projects and did some rug pulls, now, this might be their next meta about giving the safety thought of their potential victims that they can handle things for them and do the deposits on their own fake and scam platform. Instead of educating the newbies that the only insurance that they can get is to hold their own wallet with the private keys and not with some other third parties that will handle it for it.

exactly , When Bull market is coming Scams are everywhere in every forms so better keep safe your funds and never give this one a chance guys.

[blockman]

We're near to the bull run so there will be a lot of usual and unusual scams that we're going to see. Before it was with several projects and did some rug pulls, now, this might be their next meta about giving the safety thought of their potential victims that they can handle things for them and do the deposits on their own fake and scam platform. Instead of educating the newbies that the only insurance that they can get is to hold their own wallet with the private keys and not with some other third parties that will handle it for it.

exactly , When Bull market is coming Scams are everywhere in every forms so better keep safe your funds and never give this one a chance guys.

And that's why everyone needs to take care of themselves and for the newbies, if anyone out there can read this. Stop being greedy, your greediness will lead you to fall for these traps set by the scammers like the example of this insured or insurance for a bitcoin wallet. You just have to inform yourself and learn the basic things about taking care of your own fund and you'll not be fooled by any of the scammers and at the same time, you'll be the one to educate others with what you've learned.

[Natsuu]

This is new to me. So, this place you found is cool because it's got insurance up to $50,000 against hacks. Not many places do that yet, and it's surprising considering how long we've been in the digital age. Having this kind of insurance just makes sense, and it's something more services should offer. It's all about keeping your digital stuff safe

[DanWalker]

This is new to me. So, this place you found is cool because it's got insurance up to $50,000 against hacks. Not many places do that yet, and it's surprising considering how long we've been in the digital age. Having this kind of insurance just makes sense, and it's something more services should offer. It's all about keeping your digital stuff safe

From what you said, I bet you don't understand what bitcoin is, the purpose it was created for and the benefits it brings you. It seems like you only invest in this market for profit and you don't care about any concept of decentralization or privacy that bitcoin brings us. There is nothing wrong with this because everyone has their own goals when participating in the market, but you need to have basic knowledge to avoid falling into scam traps in the market.

Furthermore, if you take the trouble to read the above comments, you will know that this is a scam that is not too new in this market.

[Abiky]

I just found this place, it says it's insured up to $50,000. It's just astonishing that after all this time this is the first place that does that. Called bankofblockchain.us Insured against hacks, why isn't this a standard for pete's sake. I just feel everyone needs to know this.

If it's not insured by the government, it's not safe. Banks in the US are usually insured by the FDIC (a federal government agency) up to $250k. Why should you trust a shady company with your BTC? You're better off writing the seed on a piece of paper a paper and keep it in a safe deposit box at your local bank. Your coins will be safe for years on end.

With how popular BTC has become lately, one needs to be very cautious not to fall for scams. The website you've mentioned looks very shady, by the way. Even the copyright year at the footer of the page isn't updated. You know the drill, right?