Although I think my bitcoins are fairly safe.... if I had a pretty large amount of bitcoins then yes I would seriously consider getting them insured.
Same thing applies to cash, some people would rather hold it themselves and take their own security measures....other's would rather keep it in the bank of security and insurance reasons.
I think offering insurance on bitcoins is something A LOT of regular every day people would want to do , we can sit here and talk about how to make paper wallets and keep things secure etc etc but I think for the average person it's a bit too confusing and they'd much rather pay a small annual fee to know if something ever happened they won't lose their money.
Topic: Would you ever consider insuring your bitcoin holdings? - page 2. (Read 1862 times)
I was wondering when a site like this would come along. I think it is a great idea. Gaining the trust of people holding bitcoins would be the toughest part, since insurance on bitcoins is relatively uncharted territory. The first thing that comes to everyone's mind is that the person or company holding the coins is going to take off with everyone's money...
My house, my car, my life, my income, my health are all insured.
Why wouldn't I want to insure my bitcoins? I didn't write Armoury. I have no way of knowing that their seed can be trusted. And some random person's opinion on an Internet forum is unlikely to change that.
At least I can sue the Lloyd's names. I sincerely doubt that the creator of Armoury has sufficient assets to cover losses if the program is found to be fatally flawed for some yet to be determined reason.
Why wouldn't I want to insure my bitcoins? I didn't write Armoury. I have no way of knowing that their seed can be trusted. And some random person's opinion on an Internet forum is unlikely to change that.
At least I can sue the Lloyd's names. I sincerely doubt that the creator of Armoury has sufficient assets to cover losses if the program is found to be fatally flawed for some yet to be determined reason.
Bitcoin I don't think has evolved enough yet to have any "real" insurance for it's own currency. But lets take this back a step, what needs to happen first is the Exchanges need to become more responsible and manage all trades between the buyers and sellers of bitcoin which will help stabilize bitcoin more, this way corporate companies like insurance companies which you have clearly depended on will be happy to provide you with a policy to protect your bitcoins as they will feel more comfortable in dealing in bitcoins knowing that when they exchange their coins for fiat they won't be scammed.
I wouldnt just because i don't want any official entities knowing about my bitcoin holdings. period
It would be very helpful if someone is able to get a copy of the insurance policy wording so we could look at it.
I personally wouldn't but I can see people who might. 2 % seems expensive... If I was going to use them I would try to get the lowest coverage possible.... like 10k or somemthing even if the coins were worth 500k + and just rely on their good storage.
My house, my car, my life, my income, my health are all insured.
Why wouldn't I want to insure my bitcoins? I didn't write Armoury. I have no way of knowing that their seed can be trusted. And some random person's opinion on an Internet forum is unlikely to change that.
At least I can sue the Lloyd's names. I sincerely doubt that the creator of Armoury has sufficient assets to cover losses if the program is found to be fatally flawed for some yet to be determined reason.
Why wouldn't I want to insure my bitcoins? I didn't write Armoury. I have no way of knowing that their seed can be trusted. And some random person's opinion on an Internet forum is unlikely to change that.
At least I can sue the Lloyd's names. I sincerely doubt that the creator of Armoury has sufficient assets to cover losses if the program is found to be fatally flawed for some yet to be determined reason.
A UK company called Elliptic Vault is claiming to be the first company in the world to offer insured bitcoin storage.
The fee is 2% of your coverage level annually. Here's their faq page: https://www.elliptic.co/vault/faq
The part that I find really interesting about it is that their underwriting is done by Lloyd's. If that's not a sign that bitcoin is going mainstream, I don't know what is!
Quote
Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security. The copies are accessible only via a quorum of Elliptic's directors.
The fee is 2% of your coverage level annually. Here's their faq page: https://www.elliptic.co/vault/faq
The part that I find really interesting about it is that their underwriting is done by Lloyd's. If that's not a sign that bitcoin is going mainstream, I don't know what is!
Go to www.grc.com/password and use one of the randomly generated passwords that Steve Gibson's site generates for your wallet password. Not to worry the password you choose to use never gets randomly generated again.
A UK company called Elliptic Vault is claiming to be the first company in the world to offer insured bitcoin storage.
The fee is 2% of your coverage level annually. Here's their faq page: https://www.elliptic.co/vault/faq
The part that I find really interesting about it is that their underwriting is done by Lloyd's. If that's not a sign that bitcoin is going mainstream, I don't know what is!
Quote
Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security. The copies are accessible only via a quorum of Elliptic's directors.
The fee is 2% of your coverage level annually. Here's their faq page: https://www.elliptic.co/vault/faq
The part that I find really interesting about it is that their underwriting is done by Lloyd's. If that's not a sign that bitcoin is going mainstream, I don't know what is!
This completely defeats the monetary purpose of bitcoin. great a large, multi-word password for your wallet. Print off a paper wallet with Armoury, then place your paper wallet in hundreds of places scattered everywhere so you always have access to it in a pinch, nothing more needs to be done.
A UK company called Elliptic Vault is claiming to be the first company in the world to offer insured bitcoin storage.
The fee is 2% of your coverage level annually. Here's their faq page: https://www.elliptic.co/vault/faq
The part that I find really interesting about it is that their underwriting is done by Lloyd's. If that's not a sign that bitcoin is going mainstream, I don't know what is!
Quote
Bitcoin keys are encrypted and stored offline. There are multiple copies, protected by layers of cryptographic and physical security. The copies are accessible only via a quorum of Elliptic's directors.
The fee is 2% of your coverage level annually. Here's their faq page: https://www.elliptic.co/vault/faq
The part that I find really interesting about it is that their underwriting is done by Lloyd's. If that's not a sign that bitcoin is going mainstream, I don't know what is!
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