Topic: Bitcoin Life Insurance - page 2. (Read 759 times)
Having insurance on btc is like you have given your assets completely to a stranger who is not suppose to know anything about it. Bitcoin was designed to be kept safe by the owner in a noncustodial wallet, and if you give a third party access to your btc,it means that you are going against the all design of bitcoin which is decentralization and this can lead to regrets. My opinion is that we should teach our loves know about our investment and also letting them know the keys and every other secured aspect of it,so that when you pass on,it becomes easy for them to access. Teaching them about bitcoin and wallets to keep coins should be more of our concentration, so that they can find it easier to inherit your btc when you are no more.
This is a topic that’s been brought up quite a few time over the years and there’s even been books written about “Bitcoin succession planning”. I made a post about this in the collectibles sections as fancy cold wallets like that are very hard to know how to sell when someone passes away. There’s really a pretty easy solution to all of this and that’s having a proper will set up and have directions on how to access your coins in case of passing away. Make sure your loved ones know where to find the directions is all.
Well said m8. I agree, a will is really all that is needed here. I think it is also note worthy the importance of having the proper executor of the estate who is trustworthy to distribute all assets accordingly.
Honestly, something like a BTC or Crypto Insurance Policy though wouldn't be a terrible idea for people who hold $$$ on exchanges, even temporarily in the event of a sudden hack. More so, exchanges in general should have that insurance, although i'm sure its very difficult to get if they can even get it at all.
This is a topic that’s been brought up quite a few time over the years and there’s even been books written about “Bitcoin succession planning”. I made a post about this in the collectibles sections as fancy cold wallets like that are very hard to know how to sell when someone passes away. There’s really a pretty easy solution to all of this and that’s having a proper will set up and have directions on how to access your coins in case of passing away. Make sure your loved ones know where to find the directions is all.
So far, in my opinion, there may be 2 choices that can be made, namely storing it in a bank safe or better known as the Safe Deposit Box. This may sound a little odd, but when there is no trustee to trust, at least the SDB is still efficient. Then the options of the closest people especially family can be used as an alternative to Bitcoin inheritance, but they also have vulnerabilities.
This is a better idea, actually in our house there is a attache case with lock that is store in a cabinet with lock with all the files of properties for security purposes that can only be access by our parents before but then later on they also tell where the keys is when were adult enough to know. Though it will be safer to put it in other secured safe area with insurance security for some events like fire or in bank safe especially the ledger and keys for insurance purposes since we can’t guarantee if there will be some fires or thefts if only left at home and just include it in will or mention to family members since they can only access it if have owner consent.
So far, in my opinion, there may be 2 choices that can be made, namely storing it in a bank safe or better known as the Safe Deposit Box. This may sound a little odd, but when there is no trustee to trust, at least the SDB is still efficient. Then the options of the closest people especially family can be used as an alternative to Bitcoin inheritance, but they also have vulnerabilities.
This is a better idea, actually in our house there is a attache case with lock that is store in a cabinet with lock with all the files of properties for security purposes that can only be access by our parents before but then later on they also tell where the keys is when were adult enough to know. Though it will be safer to put it in other secured safe area with insurance security for some events like fire or in bank safe especially the ledger and keys for insurance purposes since we can’t guarantee if there will be some fires or thefts if only left at home and just include it in will or mention to family members since they can only access it if have owner consent. 
So far, in my opinion, there may be 2 choices that can be made, namely storing it in a bank safe or better known as the Safe Deposit Box. This may sound a little odd, but when there is no trustee to trust, at least the SDB is still efficient. Then the options of the closest people especially family can be used as an alternative to Bitcoin inheritance, but they also have vulnerabilities.
Hmm interesting concept
Or, just have it as a standard loss policy. If coins cannot be retrieved then it's no different then if your house gets broken into and something stolen, or you dropped that priceless piece of art.
There is the potential for fraud, but there is always the possibility for that with any kind of insurance.
The question would be can you make it cheap enough that people would be interested, but expensive enough to generate a profit for the company otherwise nobody would offer it.
-Dave
There is the potential for fraud, but there is always the possibility for that with any kind of insurance.
The question would be can you make it cheap enough that people would be interested, but expensive enough to generate a profit for the company otherwise nobody would offer it.
-Dave
Was just thinking about this last night dave. Instead of trusting it to a third party, why not just insure the bitcoin with a specialized BTC policy?
The only problem with that is how do you insure an asset that has amazing upside potential but also can decrease substantially as well? All of that volatility would be hard to come up with a specialized plan, but it would definitely serve its purpose in the market and I think institutional investors would be more inclined to buy BTC if they can insure it.
There is a serious need for "Bitcoin Life Insurance" In the coming years we are going to see so many cases of "Lost Coins", these will be coins that are not accessible because the surviving heirs are unsure of the password to the ledger or trezor, or whatever cold storage wallet they have, or they just won't have copies of the private keys.
I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
I'm sure this subject has been brought up. I have just finished up my CEs for my 215 license to continue selling life insurance/ health insurance and it got me thinking. What are your thoughts on this?/ is anyone aware of a company that provides said service?
Best,
TREAD
I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
I'm sure this subject has been brought up. I have just finished up my CEs for my 215 license to continue selling life insurance/ health insurance and it got me thinking. What are your thoughts on this?/ is anyone aware of a company that provides said service?
Best,
TREAD
Quite frankly, I believe the case of "Lost Coins" could actually be less now because we cannot compare the understanding of Bitcoin today with how people took Bitcoin in the past decade. Investors could be more careful in handly their info even though there might still be that issue of if the loved ones can access that info after the holder's demise.
Secondly, talking about Bitcoin Life Insurance, what will be the option here, give them your PKs to all your wallets while you are still alive or give them the wallet to pass down to who should have it without the PKs which is still the same problem, I don't see how this will work with the traditional Insurance way.
There is a serious need for "Bitcoin Life Insurance" In the coming years we are going to see so many cases of "Lost Coins", these will be coins that are not accessible because the surviving heirs are unsure of the password to the ledger or trezor, or whatever cold storage wallet they have, or they just won't have copies of the private keys.
I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
I'm sure this subject has been brought up. I have just finished up my CEs for my 215 license to continue selling life insurance/ health insurance and it got me thinking. What are your thoughts on this?/ is anyone aware of a company that provides said service?
Best,
TREAD
I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
I'm sure this subject has been brought up. I have just finished up my CEs for my 215 license to continue selling life insurance/ health insurance and it got me thinking. What are your thoughts on this?/ is anyone aware of a company that provides said service?
Best,
TREAD
Quite frankly, I believe the case of "Lost Coins" could actually be less now because we cannot compare the understanding of Bitcoin today with how people took Bitcoin in the past decade. Investors could be more careful in handly their info even though there might still be that issue of if the loved ones can access that info after the holder's demise.
Secondly, talking about Bitcoin Life Insurance, what will be the option here, give them your PKs to all your wallets while you are still alive or give them the wallet to pass down to who should have it without the PKs which is still the same problem, I don't see how this will work with the traditional Insurance way.
I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
You could keep coins on a hardware wallet, put it in a lockbox and entrust a 3rd party to pass the lockbox to your next of kin or beneficiary when you die. There wouldn't need to be a unique service for this because there's already ways to pass down property to someone after you die. A specific crypto ownership transfer service just seems like a waste. And to any observer, they'd be handing over something that seems worthless. They wouldn't know there's crypto within the device. Of course, this isn't really how insurance typically works. You'd need a will set up for this.
I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
You could keep coins on a hardware wallet, put it in a lockbox and entrust a 3rd party to pass the lockbox to your next of kin or beneficiary when you die. There wouldn't need to be a unique service for this because there's already ways to pass down property to someone after you die. A specific crypto ownership transfer service just seems like a waste. And to any observer, they'd be handing over something that seems worthless. They wouldn't know there's crypto within the device. Of course, this isn't really how insurance typically works. You'd need a will set up for this.
Any insurance scheme relies on the basic assumption that the money paid by buyers will be a percentage larger than the total amount of insurance they actually have to pay to damaged customers. So this will not work in cryptocurrency space as the only people who will buy it are those who are highly likely to get scammed, and the business will also close doors.
It is proving that you have been scammed that will be the problem. Most insurance companies want to see evidence on where you have lost out and that is a chore but with btc it not easy to prove because you probably do not have invoices like you would in the normal world and you cannot prove that you have not just sent your btc to a address you own and tried to scam the insurance company. Insurance for btc will never work.
What will happen to the idea of bitcoin for animosity and decentralization.
How can you maintain the animosity in insurance when you need to give all your personal information for verification and authentication.
Also, this will be a huge risk and subject to scam.
I prefer to just share my account to my partner than to any company or group that can bail out anytime and for me to lose everything in just a second
How can you maintain the animosity in insurance when you need to give all your personal information for verification and authentication.
Also, this will be a huge risk and subject to scam.
I prefer to just share my account to my partner than to any company or group that can bail out anytime and for me to lose everything in just a second
Any insurance scheme relies on the basic assumption that the money paid by buyers will be a percentage larger than the total amount of insurance they actually have to pay to damaged customers. So this will not work in cryptocurrency space as the only people who will buy it are those who are highly likely to get scammed, and the business will also close doors.
There is a serious need for "Bitcoin Life Insurance" In the coming years we are going to see so many cases of "Lost Coins", these will be coins that are not accessible because the surviving heirs are unsure of the password to the ledger or trezor, or whatever cold storage wallet they have, or they just won't have copies of the private keys.
I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
I'm sure this subject has been brought up. I have just finished up my CEs for my 215 license to continue selling life insurance/ health insurance and it got me thinking. What are your thoughts on this?/ is anyone aware of a company that provides said service?
Best,
TREAD
There is no such insurance policy for covering the loss made by crypto currencies that is why exchanges lose their value to zero when they are hacked, and it can be insured as well cause its decentralized and it has the possibility of involve into insurance scams even if any insurance company provide in the future so keep your money on your own and if you feel a part of your asset should reach your heirs then just give it to them when you are there. I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
I'm sure this subject has been brought up. I have just finished up my CEs for my 215 license to continue selling life insurance/ health insurance and it got me thinking. What are your thoughts on this?/ is anyone aware of a company that provides said service?
Best,
TREAD
I know there's a few people who proposed a similar idea but I think it was unsuccessful because the thread receive lots of criticism and then forgotten after some days. It's truly hard to entrust your keys to someone else online but unless maybe if they do have a physical office similar to banks but many banks are much older and much known than them so it's easier for them to gain the trust of the public.
Anyway, cases of lost Bitcoins aren't really new but their numbers are high before compared to now because people back in time are clueless that the coin that they are holding are very valuable that its price can increase by a lot of folds.
Anyway, cases of lost Bitcoins aren't really new but their numbers are high before compared to now because people back in time are clueless that the coin that they are holding are very valuable that its price can increase by a lot of folds.
There is a serious need for "Bitcoin Life Insurance" In the coming years we are going to see so many cases of "Lost Coins", these will be coins that are not accessible because the surviving heirs are unsure of the password to the ledger or trezor, or whatever cold storage wallet they have, or they just won't have copies of the private keys.
Part of the reason baseball cards, sports memorabilia and collectibles appreciate in value over time. Involves many cards, collectibles and memorabilia being lost or destroyed, resulting in deflation and scarcity of assets.
The same principle could apply to bitcoin. As coins are lost, deflation and scarcity increase. Which naturally would contribute towards the price being driven upwards steeply over the long term.
Lost coins would contribute towards bitcoin becoming a more exclusive and rare asset. Like mining rewards halving it would drive the price of bitcoin upwards, under natural market mechanics.
Speculation and volatility are the unknown variables. If it were purely a matter of market forces and trends, bitcoin's value could be expected to appreciate at a linear rate as coins are lost and become defunct.
There is a serious need for "Bitcoin Life Insurance" In the coming years we are going to see so many cases of "Lost Coins", these will be coins that are not accessible because the surviving heirs are unsure of the password to the ledger or trezor, or whatever cold storage wallet they have, or they just won't have copies of the private keys.
I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
I'm sure this subject has been brought up. I have just finished up my CEs for my 215 license to continue selling life insurance/ health insurance and it got me thinking. What are your thoughts on this?/ is anyone aware of a company that provides said service?
Best,
TREAD
Indeed Bitcoin is really a life insurance. But it may end up with only the owner that is no third party can have access to it after the departure of the owner I am not aware of any such policy or service that is trusted to mitigate the transfer of ownership of crypto assets to heirs in the event of one's death. Is anyone familiar with a company that does this? If so, what measures do they take to ensure that the crypto is indeed successfully transferred? Is it a Trust, or some sort of financial advisory board? If someone signed up, how could they ensure that the companies products/services are to be trusted?
I'm sure this subject has been brought up. I have just finished up my CEs for my 215 license to continue selling life insurance/ health insurance and it got me thinking. What are your thoughts on this?/ is anyone aware of a company that provides said service?
Best,
TREAD
I think this doesn't sound interesting because it goes against the idea of Bitcoin. Bitcoin frees you. With Bitcoin, you don't have to trust anybody, whether to take care of your money or to take care of how it is stored or to make sure it goes to the right heir when you die. All of this is removed with Bitcoin. You take care of your own money. That's 100% yours and your 100% responsible for it and for whatever will happen to it after you die.
If you're unsure about its safety or how to make sure it is properly inherited, do something. But you don't have to let a third party intervene.
If you're unsure about its safety or how to make sure it is properly inherited, do something. But you don't have to let a third party intervene.
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