Did anyone else know there is an Insured BTC wallet?

[johnsaributua]

If indeed this insurance service has been running for a long time (later in the future) of course user ratings will spread including on crypto forum forums, it is too early to trust, there is no legal umbrella, who supervises the service? supervision is important whatever the institution and the assets it manages.

Storing in a time-tested cex and user satisfaction alone still has the potential for cheating and bankruptcy, let alone a service that guarantees the activities of others with such a risk, I think the provider is only running its business not as a protection for each wallet because there is no trace of reputation.

Third-party service insurance and having full decision and rights over the management is too risky.

For me, if I have the funds to save, it is better to buy a ledger or hardware domper that is large and capable in anticipation and buy a new computer that is not connected to the internet storing assets is calmer with hand control.

[1714676042]

1714676042

[1714676042]

1714676042

[pascalsaccount]

It's no scam, I've been using them since 2021, they were just called BoB wallets then. I've never been hacked, but i think thats the point, they believe in their security that much they're willing to put their money where there mouth is. Not that crazy

[pascalsaccount]

And doesn't being certified through the Bank Secrecy Act mandate being regulated? I think most platforms arent even SBA certified, and I doubt most scammers even know what that is.

[Marvelman]

It's no scam, I've been using them since 2021, they were just called BoB wallets then. I've never been hacked, but i think thats the point, they believe in their security that much they're willing to put their money where there mouth is. Not that crazy

Some folks feel fine letting a custodial service hold their crypto funds.  That's understandable for sure.  However, a core ideals of cryptocurrency is being your own bank teller and money guard.  Non-custodial wallets empower you grip your private keys.  So you shoulder the safety duties rather than some outside company and  this self-reliance sits better with certain investors, mainly the whales with big stacks of coin.

[pascalsaccount]

Unless these whales wrote the code completely from the ground up, at some point they are relying on someone else, whether they admit it or not. The amount of time required to stay updated on every new hack or flaw or bug would be more than a full time job itself. But for someone like me who doesnt have the time nor the fat stacks, knowing my little stack is safer than doing it by myself, I certainly cant insure my own money if it gets stolen, and that i can focus on what matters in life, does sit better with me.

Im not here to argue though, I could care less if you use them or not. It wont affect my life in anyway whether you do or not, I admit I did take it personal when people said it was a scam, but im over it.

[pascalsaccount]

There is an easy solution to this guys, like I did, start with a small enough deposit that won't hurt you, but thats large enough some scammer would want to steal, and see if you can move it out of there immediately, then youd have a pretty good idea. This goes for most situations btw

[moneystery]

storing your bitcoins with a third party is the same as entrusting your money to someone else, you don't know how they look after your money,. and therefore storing bitcoins with a third party, even a well-known exchange, is not recommended because they may claim that they will take good care of your assets and are anti-hack, but in reality you don't know anything about your assets and it is possible that your assets are being used by them without you knowing.

the safest place to store bitcoin assets is still held by a custodial wallet such as trustwallet or safepal. as long as you protect your private key, you don't need to worry that your assets will be used by other people and you can manage your assets freely.

[bettercrypto]

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.

In short, it is not really advisable to put a large amount in a centralized exchange, provided that if we put a large amount in, we must be the ones who hold and control the password, private key, and seed.

With centralized exchange platforms, it's not like that; instead, they actually have control over our assets and passwords, as if it's no different from banking institutions. Meaning, we are not insured with CEX platforms, but cold and hardware wallets are still better.

[blckhawk]

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.

My guess is that this is one of those movement in crypto where they try to emulate something that's used in fiat and make it fit into the current cryptocurrency landscape, 50k insurance isn't that bad if you ask me since that's a lot of money but in terms of bitcoin insurance it's never going to work because when the price goes up, the difference from the insured amount is going to be a free bitcoin for the people in that insurance company or to some hackers, I mean the possibility that they might even orchestrate their own hacks isn't that far fetch right?

[aoluain]

One of the most important factors of Bitcoin is that it offers us self custody, we can be our
own banks without the control and permissions of a third party.

It teaches us to be mindful of our security. The Bitcoin network has never been hacked,
the weakest link is "us" the human element. By handing over your Bitcoin you are relying
on someone else having their systems secure, thats a mystery.

Be responsible for your own property, take control and learn to secure your own Bitcoin.

[BabyBandit]

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.

So they can steal your $450K but give back $50K and pretend like they are good people. I never seen this before interesting. 

[stompix]

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.

Exactly, that's how banks works an that's the limit of insurance! Imagine that everyone a bank would be insured for all the sum And the bank somehow loses all the money, how would they come up with the same amount?
Quite interestingly, in this scam, the limit in $ value is the only thing that makes sense, nobody would be able to repay you the same amount in BTC if they would get hacked and at the same time the price would double, where would they be able to come up with 200% the money they previously had?

As for the reason why, it's because if your company gets hacked it's your loss, if it's insured you at least have 50k.
That's how Coinbase Vault works!

Insurance only works if the currency has unlimited supply, since Bitcoin has a limited supply, it simply only people without brains can trust it.

Insurance works with gold deposits, what's the thing that prevents it working with Bitcoin?

It's no scam, I've been using them since 2021, they were just called BoB wallets then. I've never been hacked, but i think thats the point, they believe in their security that much they're willing to put their money where there mouth is. Not that crazy

And you woke up after 4 years in which you no posts to suddenly defend them in this brand new topic!
Yeah right, I mean , NOBODY has any REASON  to believe you're behind this!

[Xal0lex]

If this service is legitimate, it would be wise to only deposit an amount of Bitcoin that can be insured.

That's understandable. Here's another question. Where, in fact, is the guarantee that they will pay the insurance? In order for the insurance to have any legal validity, you have to enter into some kind of contract with them, which means you have to go through the KYC procedure. For people who are concerned about their anonymity, this is unacceptable. So we can assume that this insurance is just a fiction.

[Ever-young]

It's no scam, I've been using them since 2021, they were just called BoB wallets then. I've never been hacked, but i think thats the point, they believe in their security that much they're willing to put their money where there mouth is. Not that crazy

So after a newbie create an account snr advertise a scam insurance company which can insure your bitcoin other newbies came in and start sharing fake testimonies of how they have been able to use the site, does this scammers think here is some kind of social media where one users will make a scam post and the other group will be bumping it up saying it’s real I have used it and all of that, what a failed attempt they have done here.

[Crypto Library]

That's understandable. Here's another question. Where, in fact, is the guarantee that they will pay the insurance? In order for the insurance to have any legal validity, you have to enter into some kind of contract with them, which means you have to go through the KYC procedure. For people who are concerned about their anonymity, this is unacceptable. So we can assume that this insurance is just a fiction.

I don't want to go into so many words, I'll just say one thing, what is the main purpose of our Bitcoin? I think the first and foremost purpose of creating Bitcoin is to protect our financial freedom and privacy. As such, if we use this kind of third-party secondary, it means breaking our own privacy and financial freedom in our own hands.
I think that if we take a normal long-term strategy following the DCA method and investing in bitcoin like 10$ per week for Five years or make an investment of 5k at once then I think for long run this will also work like an insurance. I think such third party websites are nothing more than ponzi-scams, which only lure and fool people to make money.

[DaveF]

Flag opened. https://bitcointalk.org/index.php?action=trust;flag=3269
Feel free to support it :-)
Negative feedback left. If you have a moment and feel it's needed you should leave some too.

Should also tag the other users saying how great the service is, but I am on mobile so I'll get to that later.

-Dave

[Alpha Marine]

First, for insurance to be possible that means it's a centralized wallet because who's going to pay the insurance money? Also, who would you pay the insurance premium to?
Use only a non-custodial wallet to save your coins.

As for the insurance, of course, centralized companies should have insurance. Insurance against hacking is not a big thing. Every business at risk of hacking should have insurance, especially tech companies.

[mv1986]

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.

You are giving out a tiny piece of information that on its own means nothing to be honest. Now I am a bit too lazy to dive into the research, but what do you mean by "insured wallet"? If they get custody of your Bitcoin and make a promise what will happen in case of a hack, you could still end up with empty hands if there is no sufficient way for you to verify whether this company is financially healthy enough to pay out everyone who might have lost something. This insurance thing can only work if they take your Bitcoin and hold it for you. Otherwise they would bear the risk of idiots losing their Bitcoin or getting outright scammed because proving that you did not get hacked when you claim you got hacked is impossible in many cases.

I assume they take a monthly fee then or something. Everyone should really consider whether it is worth a fee or whether they should educate themselves and use Bitcoin the way it is supposed to be used and supposed to serve its users. The point of Bitcoin is that there is NOT a third party involved when your assets are concerned.

If they provide a wallet that is supposed to be insured, there is still the risk of using it in a wrong way or being reckless with backups and passwords. Sounds like a weird service to me.

[serveria.com]

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 you feel like you need insurance, why don't you contact the conventional insurance company and ask them to insure your hardware or cold non-custodial wallet? Why? Because if their system (bankofblockchain.us) gets hacked, how will they refund you? They will just say sorry mate we were hacked we don't have any funds left. With a real insurance company at least you have some chance of getting your money back. 

[Kelward]

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.