Can Bitcoin insurance ever be a reality?

[Incryptex]

Insurance is obtainable with a little luck and a team of underwriters willing to undertake a year to handle the due diligence, compliance, checks, balances, controls and procedures to mitigate any activity down to a criminal matter which can be clearly defined and insured against.  This is common place in most systems that manage valuable assets.  There are a few who have navigated the space to bring a higher level of clarity to this new class of product but insuring one's self is a little disingenuous.  It is a process where you must be challenged, doubted and questioned.  Bit Go seems to have done a great job and we commend them!

We couldn't help but say something here, only being the second post of course.  We have been duct taped, blindfolded and hog tied from saying anything but soon we will finally have something to say.  It will be to the dismay of a few and a hooray to the many.

[Kprawn]

Hmm.. Bitcoin insurance? Sound great but.. Well.. like you say, how can we make sure the person is not cheating? I mean.. Bitcoin was created with anonymous and privacy in mind. So, it is hard to track whether the 'robber' is the person him/her self.

However, if we have a trade insurance.. it will be better.

Insurance companies can employ crypto currency specialists to protect their interest, and I have dealt with those specialist earlier when my house was broken into last year.

They will find "small" things not to pay claims ....like :

1. Sorry sir, you anti-virus was not updated at the time....
2. Sorry madam, you should have implemented 2FA on your online wallet....
3. Sorry sir, your webcam was not covered....

They always find ingenius reasons not to pay.... and it's always your fualt. {I once had a claim for damage to my car in a 4 car pile up... I was in the middle... and they denied my claim, because according to them, one of the 4 tyres on my car was too smooth, and not within road traffic regulations.

They will jump on the opportunity.... Bitcoins have many loopholes for them not to pay. 

[koelen3]

i don't think you can insure your own held btc.  exchanges would be more than happy to charge you a fee (insurance) to pretend to keep your coins safer.

Though they are at more risk that way

[tss]

i don't think you can insure your own held btc.  exchanges would be more than happy to charge you a fee (insurance) to pretend to keep your coins safer.

Though they are at more risk that way

if they run off with your coin.. your insurer won't exist either. hehe