Can crypto Insurance be a next big thing?

[silvousplaitxz 0]

Crypto crime rate has increased significantly. Exchanges which control most of the trading volume and also act as a storage place for cryptocurrency have become an easy target of hackers. So, could insurance be a promising sector in cryptocurrency or there are drawbacks to it?

[Wrath 149]

Yes it is a big thing, many exchanges have insurance, most insurance companies don't like getting involve with crypto currency because of the ups and downs of crypto but there are some that those and the make a lot of money from exchanges.

[IrinaLavrinova 365]

To be honest, I can’t even imagine how you can insure cryptocurrency. If, by analogy with bank deposits, then for this it is necessary, first of all, that banks begin to work with cryptocurrency. And for this you need to adopt a bunch of laws.

[setifien 1016]

As a basic idea, it seems very interesting, but when it comes deeper many issues may appear, how could assurance protect crypto lovers, especially within a high fluctuating market 

[PunkGrunge 36]

Never thought about crypto insurance before. It is far fetched idea for me but it is is a nice and big idea. I just hope no one creates another big scam project on this but very good idea.

I think with right terms and condition of insurance policy.. it will be good thing for industry. Like insurance policy where the insurance company lists projects and new coins with lot of research out there so that individual won't have to research by themselves and can invest without worrying loss. This will greatly increase the trust on crypto and loss on scam project. As a company they can research and think big and more than an individual mind.

51 minutes ago, libidofre said:

I don't think insurance is possible in CryptoCurrency. It's hard to say how public careless with online security . I saw someone lost 100 btc of greed for 10 Bch! So how does insurance help here?
If the exchanges are covered by insurance then it will be good.

 

How did someone lost 100 btc for 10 BCH please explain?

 

 

[andrehol 16294]

Insurance must be mandatory on major exchanges. Small exchanges probably will not pull financially. but deposit security would attract a lot of people who doubt it.

[dentolas 551]

Insurance will also move to blockchain sooner or later, and have already been projects of crypto insurances (failed as far as I know)...

traditional insurance companies don't cover crypto, and if we think about it it will be hard to insure a car if the owner leaves the door open and the keys in front... cyber security is a very tricky business and it will have to develop so that insurances can develop further...

regarding exchanges, I think these already have similar solutions

[williamz902 696]

How would Crypto insurance work? First of all, someone would need to prove that they own crypto - and then they would need to continue to prove that they haven't spend it / lost it in trading in order to claim in the event of loss due to theft or computer crash?

[MyThoughts 514]

On 24.10.2019 at 19:07, cakkepe said:

There are much insurance for cryptocurrency that are coming up today, because of so many scams and hacking events I think insurance has a vital rule in the industry of btc and altcoins. 

I agree with you.
I think that exchanges and online wallets should give some kind of guarantee on the preservation of our funds prescribed in the contract.

[Bills 583]

In every ecosystem there will always be evil, it is normal, but Crypto cannot blame it, the biggest acts of crimes have been with fiat money, bank transfers and more.

[fajarriadi 179]

 If there is any development on crypto it can be a good thing for the member.

But what is the Cryptocurrency insurance for? If several users lost their coin is the insurance can be used?

[dentolas 551]

7 hours ago, Drboss said:

If this can happen then they will be so many trust in the cryptocurrency and bitcoin and other cryptocurrency is going to be  very popular because are one of the marjoy challenges that is going on in cryptocurrency funds online.

I agree that this is a sector that needs to follow along with adoption. I crypto space can warranty some degree of safety through insurance, I am sure fiat has it's days numbered...

But I fear that insurances will also be bringing in hard regulations... and this might also be bad for crypto

[Wrath 149]

On 10/24/2019 at 4:07 PM, aguasuja said:

With the increasing number of hacking victims and the number of people with huge losses because of volatility it is really tempting to avail of crypto insurance.

Yes this will better the crypto currency world, the will be a lot of insurance claims at first and it wouldn't be easy to handle but has time goes by things will improve, insurance will help a lot of people get their coins back and safe many exchanges from closing.

[Mohs3n71 0]

On 10/24/2019 at 7:34 PM, silvousplaitxz said:

Crypto crime rate has increased significantly. Exchanges which control most of the trading volume and also act as a storage place for cryptocurrency have become an easy target of hackers. So, could insurance be a promising sector in cryptocurrency or there are drawbacks to it?

I don't think that we see some sort of insurance for crypto, but big exchanges will repay their users after such events because they don't want to have a bad reputation

[Nicecrypto 543]

9 hours ago, Smartxh said:

Insurance has to be in place to safe most of the people asset, those hacked that happened before without insurance, the users surfers in getting their funds back

Insurance will be some form of regulation Right? Just trying to confirm. I think it is a good thing if this happens as a form to secure the investments of the crypto community but I can see more forms of regulation cryping up once it starts.

[Mohs3n71 0]

2 minutes ago, Nicecrypto said:

Insurance will be some form of regulation Right? Just trying to confirm. I think it is a good thing if this happens as a form to secure the investments of the crypto community but I can see more forms of regulation cryping up once it starts.

yeah it can be some sort of regulations, but I don't think that it will ever happen as we don't have such thing in stock markets too

[Nicecrypto 543]

4 minutes ago, Mohs3n71 said:

yeah it can be some sort of regulations, but I don't think that it will ever happen as we don't have such thing in stock markets too

Right, that was why I asked the question because once this happens then the room for this and that and that means crypto is finally regulated.

[Mohs3n71 0]

1 hour ago, mcgwinrobert560 said:

More and more insurance giants are considering including cryptocurrency holders and businesses losing money due to hacks, as Allianz says the industry is a "great opportunity". This is an important turning point for AFI's network as it will help protect financial consumers when using e-wallets and other electronic payment services. ”

But I really doubt that it really happens any time soon or it happen at all as governments won't let them to such a thing

also I don't think that insurance companies really want to enter this world

[Dammyrichie 131]

Cryptocurrency have not create the chance of insurance investment or through it can fall and no one would refund you of your funds.

[teminalibug 309]

On 10/24/2019 at 7:04 PM, silvousplaitxz said:

Crypto crime rate has increased significantly. Exchanges which control most of the trading volume and also act as a storage place for cryptocurrency have become an easy target of hackers. So, could insurance be a promising sector in cryptocurrency or there are drawbacks to it?

On the other side of the crypto crime rate, crypto has increase acts of crimes, especially money laundering, few days ago we heard the arrest of crypto corp CEO whom was laundering money via big exchanges.

[Kumar 260]

Yes insurance can be a good thing as there are lots of scams and people over here needs it, and I am seeing much drawbacks of it until and unless the company itself is a scam.

[cryptotalker 611]

this is a very wise idea, but if security is blocked from the inside, insurance companies can be victimized and such a thing becomes very difficult to prove. The details of the company's deal for an insurance becomes an important issue.

[Saqib Ali Sadiq 438]

yes it will be a big project if crypto insurance is started, but i think it will not happens, because crypto is unpredictable, so insurance company will not involve crypto in their insurance policies.

[Great Commander 659]

Different companies will benefit if bitcoin get insured and every transactions and exchanges will now be at risk knowking it has insurance. They must learn to implement it properly and precisely to avoid major loss. 

[alicenora 144]

On 10/24/2019 at 7:04 PM, silvousplaitxz said:

Crypto crime rate has increased significantly. Exchanges which control most of the trading volume and also act as a storage place for cryptocurrency have become an easy target of hackers. So, could insurance be a promising sector in cryptocurrency or there are drawbacks to it?

Of course insurances would be better if an exchange has! Because even hackers hacked binance and withdrawed Bitcoins.What If they could not take money from SAFU ?