Did anyone else know there is an Insured BTC wallet?

[Usenari]

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.

[1714246048]

1714246048

[Xal0lex]

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.

[The Cryptovator]

Isn't it better to insure my 100% holding? Even though it's 1000 BTC, it is insured by my bank. I just need to make sure my key is secured. Are you wondering how? Yes, it's my own bank, which is called a cold wallet or hardware wallet, which is non-custodial and open source. So why do I need to search for anything that I don't know? Why should I search for a custodial service? Though I don't trust custodial wallets, Binance-insured funds called SAFU. I don't know the amount, but it seems they fully refill wallets in the event of any incident. So use your own bank, called Cold, or hardware wallet.

[BitMaxz]

Insured BTC wallet? Insured against hackers?

How can I trust this service?

Code:

Domain:
bankofblockchain.us
Registrar:
Name.com, Inc.
Registered On:
2023-12-06
Expires On:
2024-12-06
Updated On:
2023-12-11

New domain and then they already have 20k users with 230m total currency and total sponsors amount of 97b.

Sorry but I can't trust the third party with my coins

[Charles-Tim]

Insured BTC wallet? Insured against hackers?

How can I trust this service?

Code:

Domain:
bankofblockchain.us
Registrar:
Name.com, Inc.
Registered On:
2023-12-06
Expires On:
2024-12-06
Updated On:
2023-12-11

New domain and then they already have 20k users with 230m total currency and total sponsors amount of 97b.

Sorry but I can't trust the third party with my coins

It is just a scam and nothing more.

[Orpichukwu]

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.

Insurance and its policies are a big scam to me. I don't buy that idea of insuring some assets because you are going to spend more than you are going to get. Instead, you can make your own insurance by saving that money.
 
Most of the time, you will need to insure more than what you have in other ways for the policy to protect you, and when you are eventually hacked, I don't think the insurance company could be able to give you back up to the amount that was hacked from you.
 
And even if they are going to give you the BTC back, it will be the one you gave to them as a deposit, and the kind of stress you are going to pass through trying to prove to them that you did not spend the coin yourself; instead, it was hacked and stolen from you.

[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.

[South Park]

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.

Insurance and its policies are a big scam to me. I don't buy that idea of insuring some assets because you are going to spend more than you are going to get. Instead, you can make your own insurance by saving that money.
 
Most of the time, you will need to insure more than what you have in other ways for the policy to protect you, and when you are eventually hacked, I don't think the insurance company could be able to give you back up to the amount that was hacked from you.
 
And even if they are going to give you the BTC back, it will be the one you gave to them as a deposit, and the kind of stress you are going to pass through trying to prove to them that you did not spend the coin yourself; instead, it was hacked and stolen from you.

Assuming the insurance company mentioned in the OP was legitimate, which is not, it will still be a waste of money to use them, people mistakenly believe that once they get insurance they do not have to worry about their actions, but it is very common for insurance companies to use all kind of tricks to not pay you when the time comes, so not only the insurance will be useless and you will not receive the help you desperately need it, but you will also lose all the money you paid over the period of time in which you got that insurance, money you could have used for something else instead.

[snipie]

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.

I will talk generally. Legal insurances have the right to fix a maximum damage that might substitute to one person depending on the initial budget he gave, the value of the item...
When you bypass this limit, you will be reimbursed eventually but you will lose a big parts of your wealth. Insurances used to rotate and use the money deposited there, otherwise what's the point of it if they just keep it in a cold storage if you can already store them yourself

[sheenshane]

I dont know that there are still people who believe in this crypto insurance company these days, trusting third-party companies for your crypto isn't a good idea at all.  Might they forget that Bitcoin was created in a decentralized way that you can protect your money on your own and no need for a third-party service.

Even though Binance built a good reputation and has marketing ads of having SAFU of all customer's funds I still don't believe in them.
I know how to keep my funds safe.  

I doubt that this service will end up scam soon.

[acroman08]

looks like it is a scam(at least that is what I feel). I found a website called walletcold.com which is Identical to bankofblockchain.us(check the images below). also, the images of those "top users" are taken from the internet.

I checked walletcold.com on "who.is" and it was registered on 2023-12-05 which is only a day before bankofblockchain.us

here is the images of walletcold.com and bankofblockchain.us

[NeilLostBitCoin]

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.

I am not familiar with this kind of service.

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.

If this service is legitimate, it would be wise to only deposit an amount of Bitcoin that can be insured. It's not reasonable to deposit a large amount of Bitcoin without full insurance coverage. But in our country, there is a bank that only insures a limited amount of money, but people still deposit large sums of money with them. I believe that this is just a feature of their service to gain the trust of their customers.

[xSkylarx]

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.

It is nice that it is insured, but the problem is that it only covers up to $50k. And what if you have two bitcoins and you got hack or them, so you only get $50k? It is pretty useless. I've tried visiting the website but it takes forever to load on my end so I can't see the website. I'm not sure if people who own tons of Bitcoin will apply to them due to the amount that you will only get unless you just mistakenly read how much was insured on their website.

[kryptqnick]

I do believe that there's a future in the business of crypto insurance because lots of people worry what might happen to their money and would like to have an insurance just in case they get hacked. But if the insurance comes with hodling coins on the company's centralized platform, then there's a big issue of trusting that company to not steal your money. This particular company, as others pointed out, does not look trustworthy, so there's a very good chance that they'll scam people who entrust their coins to them. In that case, it's much better to have no insurance but to store coins safely independently.

[btc78]

If i am being honest i do not know much about this website but I already do not want to know i am not interested it is sure nice to keep an open mind but i do not want to trust my money with a third party which in itself already goes against the core purpose of decentralization which is one of what makes bitcoin unique

I know we are all trying to be alert and make sure that our bitcoin is safe but sometimes too much wariness might lead to even more dangers  

[Ultegra134]

It's certainly a scam, and call me suspicious, but I wouldn't be surprised if you were subtly promoting them with this thread. No way in hell is someone going to believe that there's something called a bank of blockchain that is legit and insured. Where's the evidence that it actually is? Bollocks, a new domain, doesn't even appear in the first or even second page of Google organic results; they just created a fake website with a free domain and hosting, choosing a template that is either free or cheap to purchase. I doubt that the whole ordeal cost more than $50.

[Zlantann]

Insurance and its policies are a big scam to me. I don't buy that idea of insuring some assets because you are going to spend more than you are going to get. Instead, you can make your own insurance by saving that money.
 

Conventional insurance service is not a scam or a waste of time. You are correct that your insurance premium might become greater than the asset's cost but it helps reduce risks. The insurance company will have to pay for damages even when you have not paid enough premiums to cover the cost of settlement. Insurance is also another means to keep money for the future because you might not be able to save by yourself.    

If this service is legitimate, it would be wise to only deposit an amount of Bitcoin that can be insured. It's not reasonable to deposit a large amount of Bitcoin without full insurance coverage. But in our country, there is a bank that only insures a limited amount of money, but people still deposit large sums of money with them. I believe that this is just a feature of their service to gain the trust of their customers.

The service is by no means legitimate, hence there is no need to put even a cent in their custody. From the response and proof we have seen in this thread, this is a clear scam. Keeping Bitcoin with third parties is a great risk, a non-custodian wallet is the only option.  

[batang_bitcoin]

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.

Nice shill, thanks but no thanks. Wallet insurance? You are your own insurance and the one that makes it secure. The standard is to understand that "not your keys, not your coins". That's basic and simple but hard to maintain that when you're too greedy and think that these money projected by scampanies are for real, you will definitely going to be the victim of their scam. But maybe this might be a real thing in the future but won't just be offered by some random website but most likely the banks.

[Jawhead999]

Insurance only works if the currency has unlimited supply, since Bitcoin has a limited supply, it simply only people without brains can trust it. Trusting your coins to a centralized site is also defeat the purpose of decentralization.

Conventional insurance service is not a scam or a waste of time.

It's not scam as long as you pick a legitimate insurance service, as for waste of time, it's really subjective because they often ask too much process to claim the insurance.

[jrrsparkles]

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.

First of all, its not a wallet this seems a custodial service that claims the deposited funds were insured. And as many others said this is too good to be true and a new domain then its almost a good enough reason to conclude that it is a scam but if you want to trust them then it's your choice if they ever hacked and if they managed to returns the hacked funds then let us know.