Topic: There is no way to know unless I ask (Read 294 times)
It's not a stupid question, op. In fact, I thought of the same idea a few years ago as a potential business idea. Unfortunately, I'm not interested in business and also don't possess any resources for such a project, but I still believe that an insurance model for crypto holdings is an unfilled niche of the market, and that such a service would find its customers. I can see that there's at least some info about it now, but largely about insuring money that's on exchanges, not in personal wallets. I think that, in principle, it's possible to get your funds insured without giving up decentralization. I mean, people insure cars and homes without weird contracts that make such property technically belong to some authorities, so I don't see why a person can't hodl Bitcoin in a non-custodial wallet and have it insured.
Bitcoin insurance can only be possible if it's under regulations by a central institution and then it will demand that you have to hand over accessibility of your asset to the insurance company but then what's the need for decentralization if such an idea of bitcoin insurance exists, cause it makes the whole decentralized system of a thing useless. Bitcoin is not printed like fiat money so where do you expect a replacement of loss bitcoins by the said insurance maybe due to hack or stolen means or anything of such event. It's all complicated to think such insurance exist with bitcoin.
What kind of insurance you would like to ask OP? Because if you ask for insurance when your wallet gets hacked, never heard of any company doing this now. But if you are talking about insurance from your deposited money to the exchanges, that was already the responsibility of the exchange to give back the money of their users once they got hacked but I'm not sure if it was given back in full amount. I'd see major exchanges like Binance offering this but we can't expect instant money back, it certainly takes time because of huge numbers.
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?
I don't understand which aspect you originally asked about crypto insurance. But generally we take insurance policy to get rid of the risk. As far as i know few organizations offer this facility in Bitcoin or Cryptocurrency. There are some organizations like BitGo,Coinbase and Gemini are very much renowned which are offer a variety of coverages, including protection against theft, loss of private keys, and hacking incidents. But before accepting any such work policy one should read their terms and conditions well. Failure to observe any one of the conditions can lead to great loss. 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?
Some of the crypto insurance companies I know of such as LIoyd's, ReIm Insurance and Coincover will cover crypto protection and software solutions. LIoyd's, ReIm Insurance focuses more on insurance covering crypto exchanges like Binance, Coinbase etc. Binance provides insurance to its users with the title SAFU which will protect the user's assets when Binance is hacked and the like. Coinbase also provides crime insurance that will protect digital assets stored throughout the Coinbase system.
But, of course you have to do KYC to be able to get this insurance and this will be a problem when you are not happy with KYC having to provide your personal data.
Currently, not many insurance companies provide protection against losses in crypto trading. Existing insurance generally only covers loss or damage to crypto hardware. Meanwhile, other insurance plans only protect transfers to third parties or blockchain damage of underlying assets. Therefore, to obtain comprehensive protection, investors need to purchase several different insurance policies.
But, of course you have to do KYC to be able to get this insurance and this will be a problem when you are not happy with KYC having to provide your personal data.
Currently, not many insurance companies provide protection against losses in crypto trading. Existing insurance generally only covers loss or damage to crypto hardware. Meanwhile, other insurance plans only protect transfers to third parties or blockchain damage of underlying assets. Therefore, to obtain comprehensive protection, investors need to purchase several different insurance policies.
There is always the option to ask google before asking the community 
If you go to google and type "Insurance for bitcoin" you will see some results like these ones:
https://www.investopedia.com/crypto-insurance-5441920
https://cryptocurrencyinsurance.io/
https://www.coincover.com/
If you ask me, if I think is a good idea to buy insurance for cryptos, I would say no. It's a better idea to learn how to handle your coins in a safe way and have a plan B if your coins are under attack.
Getting insurance for bitcoin is like getting insurance for gold, it's possible but isn't cheap, and if your coins are lost I don't think the insurance would cover all your loses.
If you go to google and type "Insurance for bitcoin" you will see some results like these ones:
https://www.investopedia.com/crypto-insurance-5441920
https://cryptocurrencyinsurance.io/
https://www.coincover.com/
If you ask me, if I think is a good idea to buy insurance for cryptos, I would say no. It's a better idea to learn how to handle your coins in a safe way and have a plan B if your coins are under attack.
Getting insurance for bitcoin is like getting insurance for gold, it's possible but isn't cheap, and if your coins are lost I don't think the insurance would cover all your loses.
There may be some exchanges that insure the Bitcoin of their clients but I'm not really aware of it. I want to say Binance has some sort of insurance because I remember reading after they got hacked once they said something about insurance covering some or all of it, but not totally sure. In general I don't think exchanges insure any cryptocurrencies. Though that is probably one of the most needed regulations for the industry.
But of course the best way to ensure your bitcoin is simply to hold it yourself and secure the keys properly. Then you don't need insurance.
But of course the best way to ensure your bitcoin is simply to hold it yourself and secure the keys properly. Then you don't need insurance.
I feel compelled to make a correction that inquiry is a major means of acquiring knowledge but not the only means. And coming to the main topic, I must say that it is very important for me to know, I think not only me but also everyone who familiar with Bitcoin should also know about this. According to my opinion it seems to me quite impossible service to give another.
If you know of any such service provider then definitely let me know. I would like to do some research on them.
If you know of any such service provider then definitely let me know. I would like to do some research on them.
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?
Can you tell me who will give you insurance on your Bitcoin holdings when we all know that the coin is very volatile. Incase you don't know, Bitcoin investment is not for everybody. It is for those people who can endure the market turbulence and still keep holding with fear of the market crashing. 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?
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.
Yeah this is what will compromise anyone's privacy and it will become more like centralized asset. In order to keep getting the insurance over all your assets, you have to give information about everything you own or the amount you want the insurance for. This will become public information if there's any data breach or the thing gets hacked.
Someday back I heard a news about a guy who got killed by some thugs after his information about the amount of his crypto holdings got leaked. This happened in India. I was unable to find the source of the news or proof about that, but things like that could happen too. So it is anyone's best interest to just avoid something like this.
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 directly that any I can suggest. But if you put your money in coinbase if you are an American citizen, or if you put it in Binance, that means you are putting your money in things that will basically make sure that it's going to be insured one way or another.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?
Your money directly is not insured in that case, it's insured as general deposit, all the money in there is insured, so if something happens, people who do not have much will get it all back, it will only be people who have a ton of money that will get in trouble because it's insured to a point in both cases. So put your money in either of those and you should be doing pretty well in the end.
I had read about companies that do provide crypto insurance services and of course bitcoin is included. These companies are Lloyd's and Relm Insurance. 1
And it seems that the top crypto exchanges like Binance and Coinbase either have services or use services of some sort of crypto insurance. to protect users' funds from something unexpected like theft, hacking and the like.
for example, Binance established Secured Asset Fund for Users (SAFU) to protect user funds.2
I also remember reading about crypto insurance on Binance having to do with futures trading or something. but I was a little lazy to read it at that time.3
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Reference :
1. https://id.beincrypto.com/belajar/asuransi-crypto-perlindungan-risiko-investasi/
2. https://academy.binance.com/en/glossary/secure-asset-fund-for-users
3. https://www.binance.com/id/blog/futures/
And it seems that the top crypto exchanges like Binance and Coinbase either have services or use services of some sort of crypto insurance. to protect users' funds from something unexpected like theft, hacking and the like.
for example, Binance established Secured Asset Fund for Users (SAFU) to protect user funds.2
I also remember reading about crypto insurance on Binance having to do with futures trading or something. but I was a little lazy to read it at that time.3
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Reference :
1. https://id.beincrypto.com/belajar/asuransi-crypto-perlindungan-risiko-investasi/
2. https://academy.binance.com/en/glossary/secure-asset-fund-for-users
3. https://www.binance.com/id/blog/futures/
I don't see any insurance for bitcoin, and I think this also works like you are giving them your private key, which is not safe even if they are reputable. Also, correct me if I'm wrong, but how do those insurances then work since most of the reasons why we've lost our bitcoin are getting hacked, getting scammed, or we've lost our key, which means it's our fault, and that also means that it won't cover the insurance unless it accidentally happens? Though I haven't heard one, I am also interested in these things, as the goal is to keep our money safe.
Yes, I think you gotta give your Bitcoins up if you want the insurance. I'm not familiar with how Bitcoin insurance works but I guess it is something that is associated with centralized or custodial platforms. If you are into self custody and you are the one who is in control of your Bitcoins, then how would an insurance company make sure you are not say stealing your money from yourself? You can claim you got hacked or whatever but since you have the private keys and all, the insurance seems to have no protection whatsoever.
binance SAFU is not a formal insurance using an insurance underwriter
nor does it protect all of binance's reserves of 575k btc it holds in custody
its actually binances own corporate funds with just enough set aside to protect one small hotwallet (small amount used on servers to process daily withdrawals)
..
the problem with insurance is they will want proof of ownership and also proof of theft before processing any claims.. goodluck trying to prove a theft and not just a movement to new wallet and then claiming loss
insurers will not want to insure such digital items
its upto individuals to secure their own funds. as thats the point.
if you want some insured middleman to take responsibility of liability of funds.. go back to using regular bank balances and let them secure you at a 2% a year debasement of your value for that service
that said in the future there will be regulated 'insurance services' where you lock your value into them. and should they lose it they repay you. where you then only withdraw what you need when you need it.
but thats how banks started out hundreds of years ago when people wanted to insure their gold but still want to spend its value (by trading bank notes)
nor does it protect all of binance's reserves of 575k btc it holds in custody
its actually binances own corporate funds with just enough set aside to protect one small hotwallet (small amount used on servers to process daily withdrawals)
..
the problem with insurance is they will want proof of ownership and also proof of theft before processing any claims.. goodluck trying to prove a theft and not just a movement to new wallet and then claiming loss
insurers will not want to insure such digital items
its upto individuals to secure their own funds. as thats the point.
if you want some insured middleman to take responsibility of liability of funds.. go back to using regular bank balances and let them secure you at a 2% a year debasement of your value for that service
that said in the future there will be regulated 'insurance services' where you lock your value into them. and should they lose it they repay you. where you then only withdraw what you need when you need it.
but thats how banks started out hundreds of years ago when people wanted to insure their gold but still want to spend its value (by trading bank notes)
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?
Insurance for Bicoin hack or its value because I heard something like this when DeFi is new but there’s no idea materialized because crypto in general directly opposite to the insurance main feature to cover which is the low risk. Crypto is very high risk in terms of volatility and safety especially when newbie is controlling the wallet which will be unprofitable for insurance companies to cover the funds.
I believe some insurance companies offer this kind of services on the smart contract of a project and not to normal holder of Bitcoin.
Binance have Safu fund which is some form f insurance for the exchange users who may suffer loss in the event of a hack on the exchange.
This is not Bitcoin insurance but rather exchange insurance which is centralized. OP is looking for a decentralized insurance.
There may be but it would be that as Binance SAFU works, you've to keep the bitcoins in the insurance company's wallet. Afaik, it's only offered by exchange industries[1] that are known to risk more the trust of millions of users. And there's no separate company dedicated to serving crypto insurance, let alone letting you hold your bitcoins in a private wallet.
1. https://coincodex.com/article/6899/best-crypto-exchanges-with-insurance-fund-against-hacks
1. https://coincodex.com/article/6899/best-crypto-exchanges-with-insurance-fund-against-hacks
Binance have Safu fund which is some form f insurance for the exchange users who may suffer loss in the event of a hack on the exchange.
But aside from that we don't have any platform or project that offers such services, but you can become your own insurance by storing your wallet key in a safe place or going the extra mile to get a cold wallet device
But aside from that we don't have any platform or project that offers such services, but you can become your own insurance by storing your wallet key in a safe place or going the extra mile to get a cold wallet device
It is possible if cryptocurrencies are regulated in your country. But since we all know that it is not, therefore that's the answer already. Bitcoin or cryptocurrencies in general are different from fiat wherein savings would be insured. Given that this technology is lacking support from governments, this would seem impossoble at this point. Just like with properties wherein you'd get an insurance from it but ofcourse you would pay huge amount for the registration of your business and there's no such thing yet in this technology. As others have mentioned there are exchanges who offers quite the same of the concept but definitely that's different from what we've known how insurance work.
(.....)
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?
If you hold your Bitcoin personally or you are using such wallets that are non-custodial then I believe there's no insurance at all for your Bitcoin.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 haven't heard of some insurance on Bitcoin but I am not sure if some centralized platforms offer this such exchanges.
For example on centralized exchanges like Binance, they have this Secure Asset Fund for Users (SAFU) which is a emergency insurance fund for their users, you can read more here: https://academy.binance.com/en/glossary/secure-asset-fund-for-users
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.Quote
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. 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. 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.
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. 
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.
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.
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.
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.
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.
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.
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?
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.
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.
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. 
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. 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?
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.
There is no way to get more knowledge in this crypto world than asking questions from those who are here before me,
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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.
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
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.
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.
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.
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.
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.
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.
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?
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?
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