Did anyone else know there is an Insured BTC wallet?

Abiky

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Quote from: Usenari on January 02, 2024, 01:25:16 PM

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? Roll Eyes

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Quote from: Natsuu on January 18, 2024, 07:09:56 AM

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.

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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

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Quote from: peter0425 on January 17, 2024, 09:56:03 PM

Quote from: blockman on January 17, 2024, 06:37:57 PM

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.

peter0425

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Quote from: Usenari on January 02, 2024, 01:25:16 PM

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.

Quote from: blockman on January 17, 2024, 06:37:57 PM

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.

arabspaceship123

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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.

Quote from: Usenari on January 02, 2024, 01:25:16 PM

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.

Fundamentals Of

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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.

blockman

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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.

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Quote from: Kelward on January 16, 2024, 10:22:14 AM

Quote from: oktana on January 02, 2024, 05:31:39 PM

Quote from: Xal0lex on January 02, 2024, 01:58:24 PM

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.

BABY SHOES

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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.

Smack That Ace

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Quote from: sokani on January 17, 2024, 06:23:18 AM

Quote from: Usenari on January 02, 2024, 01:25:16 PM

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.

sokani

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Quote from: Usenari on January 02, 2024, 01:25:16 PM

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.

Kelward

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Quote from: oktana on January 02, 2024, 05:31:39 PM

Quote from: Xal0lex on January 02, 2024, 01:58:24 PM

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.

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Quote from: Usenari on January 02, 2024, 01:25:16 PM

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.

mv1986

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Quote from: Usenari on January 02, 2024, 01:25:16 PM

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.

Alpha Marine

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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.

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Quote from: Xal0lex on January 06, 2024, 11:53:10 AM

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.

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Quote from: pascalsaccount on January 05, 2024, 05:53:54 AM

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.

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Quote from: NeilLostBitCoin on January 03, 2024, 04:52:31 AM

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.

Topic: Did anyone else know there is an Insured BTC wallet? (Read 406 times)