Can crypto Insurance be a next big thing?

[zhaazure27 524]

On 10/25/2019 at 12:04 AM, 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?

Maybe this is a very good idea with the insurance services for bitcoin and altcoin that we have. Maybe this electronic wallet should have services like this, so it makes us feel safe to store our crypto.

[Syedbesharat 5423]

Insurance of any thing increases its safety.In cryoto all things are online and now all our passwords,details are saved online in browsers.They can be hackked easily.So if get insurance for my wallet or from any exchange which hold my coins on low fees i would gladly accept it.The insurance  of crypto assets can  be good thing if they do it proffesionaly.

[Naga 1250]

Thats a very food idea but there is one small problem. ..will insurance be in fiat or crypto? How will they deal with the volatile market? Because no company can stay in business and keep paying customers if they keep losing money.

[Rg123 318]

Yes, but it still depends if there's a company that is willing to accept crypto currency as a payment for the insurance their offering. 

[Khan 1414]

On 10/24/2019 at 9:07 PM, 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. 

Don't believe on any project that claim to be perfect, valuable and will be high in price in future as real coin seems to be legit not claimed to be.

[Great Commander 659]

That would be a good idea to implement but requires a lot of time in order to be a centralized system. As of now, blockchain itself has no insurance and all transactions goes to it are non-refundable. Hope it will be implemented soon. 

[dmnqe07 365]

There is a possibility, majority of people are already know what a crypto is. their just doubting what can crypto can do to their lives.

[yifnt 666]

Exchanges are always a target to be hacked and that is the risk of having a large exchange, of course they have already had a conversation to deal with in the event of theft in their exchange which will certainly compensate users

[kurt777 839]

Given how many crypto exchanges and wallets scams for each year, insurance companies will go bankrupt! Now there's Bakt

[Sumayya 493]

Insurance can be a good thing in crypto and also with all those crimes going on it could serve as a backup plan for many crimes that had been committed

[Tokyo 66]

The probability is huge. Cryptocurrency insurance has a way far than other insurance. More secure and stable for it was designed to protect against losses and any other crypto capital loss. 

[Emma 611]

On 10/24/2019 at 10:04 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?

People will do misuse of this. they will create different accounts and put a little amount then gain a huge. by the way, it is a must to provide national documents in insurance. it is against the anonymity of crypto

 

[Cryptominded 704]

On 10/24/2019 at 5:43 PM, IrinaLavrinova said:

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.

Binance insures cryptos domicile with them, that way they were able to survive the hack of 7000 Bitcoins that was worth about $40 Million back then. At the end of the day, Binance was able to handle the situation as though nothing happened and Bitcoin price didn't get to plummet as it does when other exchanges were hacked.

https://www.bloomberg.com/news/articles/2019-05-08/crypto-exchange-giant-binance-reports-a-hack-of-7-000-bitcoin

Quote

The company will use its Secure Asset Fund for Users, an emergency insurance fund, to cover the incident in full and no user funds will be affected, it said.

 

Edited November 11, 2019 by Cryptominded

[IrinaLavrinova 365]

15 minutes ago, Cryptominded said:

Binance insures cryptos domicile with them, that way they were able to survive the hack of 7000 Bitcoins that was worth about $40 Million back then. At the end of the day, Binance was able to handle the situation as though nothing happened and Bitcoin price didn't get to plummet as it does when other exchanges were hacked.

https://www.bloomberg.com/news/articles/2019-05-08/crypto-exchange-giant-binance-reports-a-hack-of-7-000-bitcoin

 

Yes, I remember this incident. Binance will always maintain its reputation. In this they have no equal. Nevertheless, there is no absolute guarantee that the next time compensation will follow. I am not a skeptic, I will only be glad if our assets are insured as much as possible.

[Cryptominded 704]

On 11/1/2019 at 1:56 PM, Nipa123 said:

To be honest, I can’t even imagine how you can insure cryptocurrency. 

You must have heard about Bitcoin Futures - it is how Bitcoin can be insured.  Cryptocurrency futures are ways to trade the future price action of a crypto asset.

https://cryptopotato.com/what-are-bitcoin-and-crypto-futures-guide-for-beginners/#:~:targetText=Crypto futures are a way,price action for crypto assets.&targetText=Cash-settled means these futures,contracts in a simple fashion.

Quote

They are “an agreement to make or take a delivery of a commodity or financial instrument at a fixed date in, you guessed it, the future.”

 

[Congli18 154]

Crypto insurance may be a big thing, because crypto has very good potential and the future of crypto is also very bright, so crypto insurace will be a very big thing.

[cryptosix 1643]

Yes, this will be good for anyone those who are investing with exchanges. This would be similar to the offline insurance and people would take it as easier without no fears in losing. I am sure exchanges should start an insurance for everyone.

[sayyedraza 144]

2 minutes ago, wrayaner said:

A cryptocurrency exchange insurance plan is definitely the next ideal thing, as you will lose a lot of will across the world. Insurance plan within it.

Crypto Exchange Insurance can be perfect to cure your lost it is definitely nice to see if there is crypto exchange insurance plans ! being secured is trematodes idea 

Dream Big

Thanks

Good Luck

[fuer44 1083]

On 10/24/2019 at 11:04 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?

actually can, but insurance must work with the law. because when hacks occur, those who guarantee assets from users don't get justice, then they certainly don't want to. except if the law can catch the culprit and then return the assets, that's fair.

[Raven 7817]

On 10/25/2019 at 12:07 AM, 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. 

Yeah that's true most of the people in crypto industry are having some insurance before doing something in crypto because here in crypto there are so much scammers that could fool you by promoting something so that you should get some assurance before doing that. That's for me. 

[rchres 414]

I think yes, We need insurance as we use Bitcoin it's profitable and we can insure our Bitcoins and have a benefits if we have a insurance to use, I think it will have an insurance in the next few months it will be better if have an insurance.

[Sezan789 18]

Crypto insurance be a next big  thing. but I think it's will more profitabl in others insurance. I don't know about others insurance in online or any online earning place. so it's a big thing. 

[Aceventura 208]

Crypto business or crypto trading is already a big thing. But crypto insurance has not been so popular. In future more companies will come and open crypto insurance as well. Thus it gonna change the whole crypto world. 

[cryptosix 1643]

5 hours ago, Wish107.5 said:

We need to know what the aspect of this insurance are covered like if you don't do 2fa authentication,  strong password,  and hacker can easily know your pass word and robbed your funds. So I I think this is not good for exchange to have insurance. 

That is another thing for hackers, but the insurance should be something like when a hacker hacks money from Exchange or a person lost their password. I am sure it will never happen, but if a third party comes for this then their could be something for us.

Or

The exchanges should collect some money for insurance  every year and use that money for the losers. Hope this way can help everyone in this world.

[ASDFGHJKL17 267]

Of course yes. Crypto insurance can be a next big thing because for me i trust crypto insurance andni know that here in crypto is nothing is impossible.