There is no way to know unless I ask - page 2.

fadhilz123

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Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

There is no way to get more knowledge in this crypto world than asking questions from those who are here before me, so friends, I will like to know if it's slightly even possible to get insurance on your bitcoin holdings? I've heard about this before but honestly, I don't have anyone close to being doing this, maybe someone on here insured their Bitcoin or it's just a fad.

I also never thought about it until now, because I still think that until now no insurer would accept Bitcoin to be insured as someone's possession, but I would also be very happy if it existed now. And if indeed some people have done it before, I would also like to know where did they do it and how? Because they won't be able to do something fad just for Bitcoin ownership.

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I don't think this is a stupid question to ask on this forum so please take it easy on me if this sounds stupid, because, Bitcoin is decentralized, any possibility that insurance can cover something decentralized? Or you gotta give it up?

This question doesn't look stupid to me, because I basically don't know about this, so the answers from people here can really help me. Besides, so far I've only heard of insurance on private vehicle ownership and have never heard of insurance for anything else like Bitcoin.

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Quote from: tjtonmoy on February 26, 2023, 05:07:53 PM

In order to get insurance, you will have to give them information about your hodlings and also some kind of control over your assets. Doesn't that make it centralized in somehow?
Why would you wanna make it centralized? Just to be on the safe side?
Do it yourself, because it's your Bitcoin. Learn risk management. Keep your assets safe.
Although I haven't heard of anything like this before, but what I can understand that this could be some kind of scam. Don't get involved in this kind of thing. Get a hardware wallet and keep your assets safe and sound all by yourself.

OP does not clear what he means by insurance of his bitcoin. But if we talk about possibility here everything is possible and OP needs to handover the information to the company which is not a good thing to do. No, company will get you an insurance without getting the proper information from you.

Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

There is no way to get more knowledge in this crypto world than asking questions from those who are here before me, so friends, I will like to know if it's slightly even possible to get insurance on your bitcoin holdings? I've heard about this before but honestly, I don't have anyone close to being doing this, maybe someone on here insured their Bitcoin or it's just a fad.

Yes, my friend you can get information about bitcoin without asking any question to anyone. You just have to read and watch, well you can read tons of threads here without asking a single question to anyone, or even you can watch videos about a specific topic if you ever have one.

serjent05

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I don't seem to know any company that offers insurance on cryptocurrency. Unless you put your holdings in a centralized company in exchange of their offered services such as staking and such, you can never have insurance while holding your cryptocurrency alone. Even those that offers staking do not give insurance in case they got banrupt or whatsoever. If anyone is offering such service then that would be a news, I think.

tjtonmoy

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Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

I don't think this is a stupid question to ask on this forum so please take it easy on me if this sounds stupid, because, Bitcoin is decentralized, any possibility that insurance can cover something decentralized? Or you gotta give it up?

In order to get insurance, you will have to give them information about your hodlings and also some kind of control over your assets. Doesn't that make it centralized in somehow?
Why would you wanna make it centralized? Just to be on the safe side?
Do it yourself, because it's your Bitcoin. Learn risk management. Keep your assets safe.
Although I haven't heard of anything like this before, but what I can understand that this could be some kind of scam. Don't get involved in this kind of thing. Get a hardware wallet and keep your assets safe and sound all by yourself.

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I heard it over Binance's SAFU funds so I guess it's possible. But this only depends on how vast the money or asset that needs to be insured. Whilst for Binance case, they're a big company so basically these insurance companies would really be quick to take them on their arm because of the cash flow and money that they'll bring in to their company. As per individual, I do think it's really possible but I don't know how and if somebody already did it.

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Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

I don't think this is a stupid question to ask on this forum so please take it easy on me if this sounds stupid, because, Bitcoin is decentralized, any possibility that insurance can cover something decentralized? Or you gotta give it up?

I don't believe such a thing is possible in a decentralized money-saving system. This simply sounds like handing over your keys, or custody of your savings, to a third party, which deviates from the main purpose of storing your savings in cryptocurrency. I've never heard of such services or platforms, but if they do exist, I doubt they'll be dependable.

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There are some conditions where we really have to ask to know more but on the other hand this is not the only way to have more insight, I think even though this is indeed a very good step, of course, by asking.
As for insurance, to be honest, I've never heard of this before because insuring bitcoin is the first time I've heard of it.
Because if there is anything offered, are there conditions where they are ready to return the funds if the price is not right.
I think when talking about insurance and bitcoin it's actually going to be difficult for myself because just looking at the word insurance my insurance won't even be there because it might just be a loss for me.

Baofeng

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Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

There is no way to get more knowledge in this crypto world than asking questions from those who are here before me, so friends, I will like to know if it's slightly even possible to get insurance on your bitcoin holdings? I've heard about this before but honestly, I don't have anyone close to being doing this, maybe someone on here insured their Bitcoin or it's just a fad.

I don't think this is a stupid question to ask on this forum so please take it easy on me if this sounds stupid, because, Bitcoin is decentralized, any possibility that insurance can cover something decentralized? Or you gotta give it up?

Not sure what you mean by insurance since when you have bitcoin, you control of it, as long as you have the private keys and mnemonic phrase, hence the phrase, non-custodial wallet.

But if by chance you store your bitcoin to an exchange let's say Binance, they have control of you bitcoin and or crypto. You can also get at least some sort of insurance if Binance gets hacks. But if you yourself was lose it through hacks on your account then you can't get anything from them. Not all crypto exchange though as SAFU.

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Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

I don't think this is a stupid question to ask on this forum so please take it easy on me if this sounds stupid, because, Bitcoin is decentralized, any possibility that insurance can cover something decentralized? Or you gotta give it up?

It's perfectly alright to ask a question here, that's the exact purpose of this forum, not need to be apologetic about it.

You are right, insurance cannot cover a decentralized asset like Bitcoin. Insurance comes with regulations and you need to have some sort of control inorder to regulate something.

This means that for you to insure your bitcoins in any form, you have to access it on a centralized platform and hand over custody. This is not an ideal option as it involves not being in control of your Bitcoin private keys and hence can be restricted from accessing them at any time.

It also presents a privacy risk in registering on such platform and exposing your Bitcoin holdings.

Bananington

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Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

There is no way to get more knowledge in this crypto world than asking questions from those who are here before me, so friends, I will like to know if it's slightly even possible to get insurance on your bitcoin holdings? I've heard about this before but honestly, I don't have anyone close to being doing this, maybe someone on here insured their Bitcoin or it's just a fad.

I have never heard of something like this, I just did a quick search and found that it actually exist and the service is been offered by even some exchanges like binance, but the insurance offered is not as comprehensive as real insurance. There are many things that can happen to your cryptocurrency, and you have to get an insurance plan for the situations. I know that incidents that lead to loss of cryptocurrency are not always planned and can happen anytime, but you need to personally on your own improve your knowledge on security of your cryptocurrency as the amount of cryptocurrency you have increases. The security plan for when you had $200 has to improve for when what you have has increased to $1000 for example.

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Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

There is no way to get more knowledge in this crypto world than asking questions from those who are here before me, so friends, I will like to know if it's slightly even possible to get insurance on your bitcoin holdings? I've heard about this before but honestly, I don't have anyone close to being doing this, maybe someone on here insured their Bitcoin or it's just a fad.

I don't think this is a stupid question to ask on this forum so please take it easy on me if this sounds stupid, because, Bitcoin is decentralized, any possibility that insurance can cover something decentralized? Or you gotta give it up?

So far I do not think there is a service out there which offers what you want, now in the future banks and exchanges could offer this but only if you give up your coins to them, and if they disappear then any insurance they gave you goes down with them, so it would not be a very good service while the fees you will have to pay for it will be too high, taking this into account I think we should not expect for any kind of reasonable insurance to ever appear.

bittraffic

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Yes. You can be assured that BTC is seizure-proof. That's insurance if you consider it.

But officially like an org like FDIC for BTC insurance, I'm not sure if there is. There was one discussion that I came across that a DEI platform offers something like insurance where users can deposit their BTC and they get wBTC or rBTC. It's not sore of insurance but you can take back your BTC whenever you want to exchange it again.

Stalker22

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Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

There is no way to get more knowledge in this crypto world than asking questions from those who are here before me,
~

Of course there are other ways to acquire knowledge besides asking questions, such as reading books and conducting your own research. However, there is nothing wrong with asking on an online forum if other methods fail or if you're not sure about something.

Quote from: Crypt0Gore on February 26, 2023, 01:28:34 PM

I will like to know if it's slightly even possible to get insurance on your bitcoin holdings? I've heard about this before but honestly, I don't have anyone close to being doing this, maybe someone on here insured their Bitcoin or it's just a fad.

Yes, it is possible to get insurance for your Bitcoin holdings, but the availability and terms of such insurance can vary depending on the insurer and the specific policy. Some custodial platforms provide insurance coverage for crypto assets in case of a security breach or loss resulting from their failure. The insurance coverage may be complete or partial, depending on the specific platform and the terms of the insurance policy.

To learn more about Crypto Insurance, you can check out this Investopedia article: https://www.investopedia.com/crypto-insurance-5441920

Mbitr

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I’ve talked to a few folks in the industry and it has been discussed. They’ve looked at chain analysis companies and had talks with them too, so that’s a real positive. Unfortunately, one of the biggest problems that they’ve discussed is the mixer problem !! There would certainly be NO payout if your Bitcoin had been through a mixer. For example, if you Bitcoin has been stolen and goes through a mixer, there would be no payout!
Besides this the premiums that they discussed would be stupidly prohibitive.

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I am not sure about what you mean by Insuring bitcoin, are you asking about bitcoin insurance so that if you buy bitcoin and the prices drops below your expectation, then the insurance company can pay you back the money you invested?

If the above is what you mean, then I don't think there is any platform or company that offers such a service on crypto yet, and even a company as such comes up, I do not know how feasible it can be to run such a business or what the patronage would be like.

Oceat

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What do you mean by insurance? Where did you get that information?

Afaik, Binance did tell that on their platform since the incident of the hack but I don't really know if it's true since I haven't tried or experienced it. Perhaps, if you put your BTC on the other platform that isn't reputable they might just call it a quits if they were get hacked – because if you think about it.

Where would these exchanges take those lost BTC? Of course, they have to buy it or they have to use their saved Bitcoin but it's likely not going to happen. Unlike with the banks that they could just create money out of nowhere that's why inflation is hitting them real hard once there's a bad thing happening to them.

Thus, in my conclusion, there's no such thing as Bitcoin insurance.

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Not sure if there's a platform that offers that service, but it's probably possible. I definitely wouldn't vouch for such a platform though, because chances are — you'd need to hand over custody of your funds for this kind of service to work. Obviously handing over custody is a huge no-no.

Crypt0Gore

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There is no way to get more knowledge in this crypto world than asking questions from those who are here before me, so friends, I will like to know if it's slightly even possible to get insurance on your bitcoin holdings? I've heard about this before but honestly, I don't have anyone close to being doing this, maybe someone on here insured their Bitcoin or it's just a fad.

I don't think this is a stupid question to ask on this forum so please take it easy on me if this sounds stupid, because, Bitcoin is decentralized, any possibility that insurance can cover something decentralized? Or you gotta give it up?

Topic: There is no way to know unless I ask - page 2. (Read 297 times)