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Canadian Exchange Bitbuy to Offer 1:1 Bitcoin Deposit Insurance

Canadian Exchange Bitbuy to Offer 1:1 Bitcoin Deposit Insurance submitted by raaner12 to Altcoinss [link] [comments]

Canadian Exchange Bitbuy to Offer 1:1 Bitcoin Deposit Insurance

Canadian Exchange Bitbuy to Offer 1:1 Bitcoin Deposit Insurance submitted by InTheKnow_2016 to mrcryptolive [link] [comments]

Canadian Exchange Bitbuy to Offer 1:1 Bitcoin Deposit Insurance

Canadian Exchange Bitbuy to Offer 1:1 Bitcoin Deposit Insurance submitted by a36 to AllThingsCrypto [link] [comments]

Bakkt Says Its Warehouse is Open for Futures with Bitcoin Deposits Insured

Bakkt Says Its Warehouse is Open for Futures with Bitcoin Deposits Insured submitted by templetonmor to Bitcoin [link] [comments]

How about a private "BDIC" - Bitcoin Deposit Insurance Corporation?

I saw a post on "Bitcoin Issuance" and for a minute I thought it said "Bitcoin Insurance." There are so many hazards involved with keeping coins with online wallet providers (hacking, internal theft or incompetence) that I wondered if there's a business opportunity for an FDIC-like, but private, insurance corporation.
E.G., if I have 10 coins with Coinbase, and the BDIC audits their staff, security, etc., and gives them a rating of 10, then I pay (numbers are out of thin air) this BDIC .01 BC a year or whatever to insure those 10 coins. If Coinbase goes under or gets hacked or whatever, the BDIC will reimburse me. If I have them at a newer provider, or one who's had "issues," who has a ranking of 5, I pay .05 BC a year in insurance, etc.
This would require a sizeable financial investment, up to the amount of a certain % of total insured BC value, but...it could shore up confidence in the currency, which would give it legitimacy, which would increase the value, which could result in $$$ for such a BDIC that held much of its value in Bitcoins...
submitted by ovoutland to Bitcoin [link] [comments]

Bitcoin deposit insurance

Is anyone out there in the community offering or contemplating offering deposit insurance (along with, I'd assume, strict mandates for security protocols on the firms they regulate), for trading platforms, exchanges, and online wallet services?
It seems to me that the exchanges keep getting hacked because they have no real monetary incentive to adhere to strict security standards, and those who have their BTC stolen are out of luck with no recourse.
Obviously, it is never smart to keep all of one's BTC in an online wallet, or on an exchange's servers; but that doesn't mean that the amount that you are currently trading with can't be a significant enough to warrant a big loss to you if the server is hacked. Not only do you lose the BTC, but you lose time. Time and BTC that could potentially be saved by either the end user or the exchange paying into a deposit insurance program, which guarantees quick repayment after a verified theft or breech of security; and ensuing audit of the exchange or online wallet service.
Thoughts on why this kind of service has not become prevalent? Would it be too expensive to mitigate that risk at this point? Are their any hybrid solutions along these lines that could be affordable/profitable at this time.
And from the customer's side; who wouldn't be willing to pay a little extra for insurance and the additional protection that the regulation would provide? And why?
submitted by kwanijml to Bitcoin [link] [comments]

BitGo Receives $250,000 Bitcoin Deposit Insurance Coverage

BitGo Receives $250,000 Bitcoin Deposit Insurance Coverage submitted by BTCWF to Bitcoin [link] [comments]

How about a private "BDIC" - Bitcoin Deposit Insurance Corporation? /r/Bitcoin

How about a private submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Exchange Bitbuy Partners With Knox Security To Offer Full Deposit Insurance - Forbes

Bitcoin Exchange Bitbuy Partners With Knox Security To Offer Full Deposit Insurance - Forbes submitted by BitBuyNews to BitBuy [link] [comments]

BitBuy to Offer 1:1 Insurance on Deposited Bitcoin - Inside Bitcoins

BitBuy to Offer 1:1 Insurance on Deposited Bitcoin - Inside Bitcoins submitted by BitBuyNews to BitBuy [link] [comments]

The Bakkt Warehouse is active for futures Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy

The Bakkt Warehouse is active for futures Bitcoin deposited at our Warehouse is protected by a $125 million insurance policy submitted by clayton1012111 to Bitcoin [link] [comments]

Do you think non-techies would even consider being responsible for their bitcoin savings?

edit: Thank you all for your feedback.

We probably all have a cold storage wallet for our bitcoin savings as it is obviously the most secure way to protect private keys from hacking. More conveniently, solutions like Trezor allow to create a cold wallet that does not even expose the private key when signing a transaction.
Yet, the user still has a huge responsibility. He should never
An advanced user (say, a computer scientist or a corporation) could of course mitigate these issues. For instance, one could create strongly encrypted backups of the key, possibly split across multiple vaults / locations using secret sharing techniques, etc.
However, the end-user is uneducated and lazy. He is not willing to learn these techniques, probably does not even know he should, and would not understand them anyway. As a consequence, even a solution like Trezor does seem extremely risky for this typical individual.
My questions are the following.
edit: Additional question:
It is very unlikely that insurers will insure funds whose private key is stored by the end-user, as the risk of fraud would be extremely high. Were insurances to provide such a service, the premium would be prohibitively high anyway.
And please, do not forget the most important question of this post:
submitted by pornik to Bitcoin [link] [comments]

Bakkt Announces Massive $125 Million Insurance Policy for Bitcoin Deposits

Bakkt Announces Massive $125 Million Insurance Policy for Bitcoin Deposits submitted by ThrillerPodcast to thrillerpodcast [link] [comments]

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance submitted by a36 to AllThingsCrypto [link] [comments]

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance submitted by cryptolobe to cryptolobe [link] [comments]

09-09 19:44 - '$125m Insurance on BTC Deposited on Bakkt Warehouse - CoinJournal.co' (coinjournal.co) by /u/CoinJournalCo removed from /r/Bitcoin within 182-192min

$125m Insurance on BTC Deposited on Bakkt Warehouse - CoinJournal.co
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Author: CoinJournalCo
submitted by removalbot to removalbot [link] [comments]

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance submitted by raaner12 to Altcoinss [link] [comments]

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance

Bitcoin Deposited in Bakkt Warehouse Protected by $125M Insurance submitted by Ranzware to BitNewsLive [link] [comments]

TIL: China "has no official insurance system to protect bank deposits". A larger bank run could bring Bitcoin center-stage.

TIL: China submitted by BobAlison to Bitcoin [link] [comments]

05-07 02:13 - 'Could you use somethig like vechain + a smart contract to prove who printed it and insure each deposit made?' by /u/mc1887 removed from /r/Bitcoin within 251-261min

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Could you use somethig like vechain + a smart contract to prove who printed it and insure each deposit made?
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submitted by removalbot to removalbot [link] [comments]

GDAX and deposit insurance /r/Bitcoin

GDAX and deposit insurance /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Sheila Bair, Former Chairman, Federal Deposit Insurance Corporation: Bitcoin Should Not Be Banned, Regulatory Policy Should Not Help Fanatics

Sheila Bair, Former Chairman, Federal Deposit Insurance Corporation: Bitcoin Should Not Be Banned, Regulatory Policy Should Not Help Fanatics submitted by agentebank to u/agentebank [link] [comments]

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Through the partnership, Bitbuy will leverage Knox’s custody and 1:1 deposit insurance, making “Bitbuy the world’s first platform to find a way to keep the full value of its bitcoin cold Two Canadian Bitcoin companies have teamed up to offer their customers the world's first 1: 1 insurance on bitcoin and cryptocurrency exchange deposits. The exchange Bitbuy, based in Toronto, which offers Bitcoin trading and 6 altcoins, has just struck a deal with the Montreal-based security firm, Knox. Through the partnership, Bitbuy will leverage Knox custody […] Coinbase: Bitcoin USD price chart. Time Stamp - 11:25PM EST, July 23, 2020. Coinbase. Inflation. The Federal Reserve’s balance sheet has increased by approximately $3 trillion since the start of Toronto-based cryptocurrency exchange, Bitbuy, now offers full insurance on all Bitcoin (BTC) deposits in an apparent first for the industry, according to a press release shared with Cointelegraph on May 27. The platform claims that the full value of its Bitcoin cold storage holdings is insured as a result of a partnership with Knox, a Canadian Bitcoin custody provider which normally caters to Toronto-based cryptocurrency exchange teams up with a local security firm to offer full security against “the unthinkable”. Toronto-based cryptocurrency exchange, Bitbuy, now offers full insurance on all Bitcoin deposits in an apparent first for the industry, according to a press release shared with Cointelegraph on May 27.The platform claims that the full value of its Bitcoin cold storage

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