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 | submitted by turtlecane to Bitcoin [link] [comments] https://preview.redd.it/8b6nd1i3lpz11.jpg?width=350&format=pjpg&auto=webp&s=6c666584cfa42dfb64ccb39ff301056a78ff5751 http://genesisblocknews.com/bitcoin-insurance-is-a-ridiculous-and-unnecessary-concept/ Apparently major cryptocurrency firms like Coinbase are buying Bitcoin insurance. It is supposedly a problem that there is only a theoretical insurance coverage amount of USD 6 billion for the crypto space, and apparently people are jealous of Coinbase for obtaining USD 250 million of Bitcoin insurance. GenesisBlockNews believes if someone needs Bitcoin insurance, then they should not even be using Bitcoin. There is already insurance built-in to Bitcoin via cryptographic security. As long as the private key is secured it is absolutely impossible to steal Bitcoin, and an insurance agency is not needed to secure a private key. Yes, Bitcoin gets stolen all the time, but it would never be stolen if people educated themselves about the private key. As long as 100% control of the private key is maintained at all times, meaning the private key does not get lost, stolen, or shared, then Bitcoin will never disappear from your wallet. This requires simple steps, like using a full node wallet such as Bitcoin Core, where the private key is only inside Bitcoin Core and not on any server or accessible by anyone else. Then use a powerful enough password, and do not tell anyone the password, and the Bitcoins will never be hacked. If using Bitcoin Core and a proper password, the only eventuality to plan for is if the computer gets stolen or destroyed. This can easily be solved by storing the private key on a properly encrypted hard drive or thumb drive. It is not recommended to write private keys down, but it could be done if very meticulous when writing down the private key, verifying the private key works after writing it down, and then storing it somewhere no one will find it like on a random page of a book in your library. Literally with these steps there is no way to get hacked. I personally had my computer with 4 Bitcoins stolen by a gang of criminals that were specifically out to steal the Bitcoins. I stored my private key properly in a location external from my computer, and even though they did everything they could to redeem my Bitcoins from the computer that was stolen, I recovered my Bitcoins about a day later. If me as a single individual can secure my Bitcoins even in the event of a physical robbery, why does Coinbase, a huge company with tons of resources, security, and expertise, need insurance? They do not, and the whole concept of Bitcoin insurance is a sham, to try and convince investors that somehow Coinbase is safer because of insurance. Firms that get insurance are trying to say they are better than others that do not have insurance. GenesisBlockNews believes that any crypto firm touting Bitcoin insurance looks ignorant, and is wasting investor’s money. |
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At Innovation Insurance Group, we “get” bitcoin, and we set up an agency to handle the insurance needs, from the routine to the unique, of companies in the bitcoin industry. At Bitcoin Insurance Agency, we know the questions to ask and, through our “C” level relationships built over 30 years, we find the right insurance carriers for the specialized needs of the bitcoin community. Even insurance policies for crypto-related businesses and ICOs are being formed on a case-by-case basis. The Future of Bitcoin Insurance. Statistically speaking, it’s difficult to tell if cryptocurrency insurance policies will become an industry mainstay or even a legal requirement in the future. The insurance company would issue a payment to the exchange platform, who would then reimburse those affected. Trading DeFi Insurance Swaps. Another legacy finance-emulating tool is the trading of insurance swaps, which are similar to futures. When you trade an insurance swap, you are trading streams of insurance payments. Bitcoin Insurance Could Help You Recover From Thefts As mentioned earlier, Bitcoin wallet providers typically promote how secure their products are, but they are not without flaws. You don’t have to look for very long in the headlines to find articles about Bitcoin thefts. Two Canadian Bitcoin companies have partnered up to deliver their clients the world’s first 1:1 insurance on bitcoin exchange deposits. Toronto-based cryptocurrency exchange Bitbuy, which offers ...
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I am talking to Gareth Grobler, CEO of the Ice3X crypto exchange, on how to buy Bitcoin to act as an insurance policy against the falling South African Economy and Rand currency. Gareth Grobler is ... #bitcoin #Ethereum #tradeBTC #TradeETH #Crypto #insurance Website - http://ccin.io/ Robert explains how Bitcoin could be your best bet against inflation to maintain a good portfolio. Follow me on Twitter: https://twitter.com/Breedlove22 You ... Throughout history, “money” has been many different things. Money has taken the form of seashells, colored beads, feathers, live animals, and large stones. To... Innovation Insurance Group has created, Bitcoin Insurance Agency, Inc., to specifically respond to, and design, the insurance products and needs of the Bitcoin community.