Did anyone else know there is an Insured BTC wallet? - page 3.

NeilLostBitCoin

sr. member

Activity: 868

Merit: 303

Quote from: Usenari on January 02, 2024, 02:25:16 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.

I am not familiar with this kind of service.

Quote from: Xal0lex on January 02, 2024, 02:58:24 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.

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.

acroman08

legendary

Activity: 2310

Merit: 1075

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

sheenshane

legendary

Activity: 2366

Merit: 1206

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.

snipie

legendary

Activity: 3094

Merit: 1140

#SWGT CERTIK Audited

Quote from: oktana on January 02, 2024, 06:31:39 PM

Quote from: Xal0lex on January 02, 2024, 02:58:24 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.

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

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: Orpichukwu on January 02, 2024, 05:38:28 PM

Quote from: Usenari on January 02, 2024, 02:25:16 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.

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.

oktana

sr. member

Activity: 1582

Merit: 281

Eloncoin.org - Mars, here we come!

Quote from: Xal0lex on January 02, 2024, 02:58:24 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.

Orpichukwu

sr. member

Activity: 462

Merit: 304

Quote from: Usenari on January 02, 2024, 02:25:16 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.

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.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Quote from: BitMaxz on January 02, 2024, 05:02:54 PM

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. Shocked

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

It is just a scam and nothing more.

BitMaxz

legendary

Activity: 3248

Merit: 2971

Block halving is coming.

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. Shocked

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

The Cryptovator

legendary

Activity: 2240

Merit: 2174

Need PR/CMC & CG? TG @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.

Xal0lex

staff

Activity: 2436

Merit: 2347

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.

Usenari

newbie

Activity: 3

Merit: 0

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.

Topic: Did anyone else know there is an Insured BTC wallet? - page 3. (Read 378 times)