General insurance Can You Insure Bitcoins?

[kayode10]

Bitcoin remains one of the best asset someone can possess in the modern days. The price of the Bitcoin keep rising by the day as there are more demand for the cryptocurrency by people.

More people got to know the potential of Bitcoin and other cryptocurrencies when one of the richest man in the world, Elon Musk decided to invest huge amount of money in Bitcoin.

Most people no longer keep money in the bank for safety, they prefer to keep their savings in cryptocurrency especially bitcoins.

Anytime they need the money they will just convert the Bitcoin into local currency and buy whatever they want to buy.

This ignite my curiosity that can a person insure bitcoins if it happens that they have a lot of the cryptocurrency in their wallets.

I want to ask that is there any insurance package to insure bitcoin someone processes?

 

[Good luck]

I think we should be able to insure Bitcoin because it is a crypto currency and it has a very good value in the market and can be used to make transaction online or buy any goods or products.I f you can insure your properties generally then nothing stops one from insuring Bitcoin.One will get many benefits or gain from it later in future

 

[uforwealth]

Any insurance company that makes an attempt to insure Bitcoin is calling for incurable disease because Bitcoin can't be accurately predicted.

Some experts predicted it to rise from $10.000 to $20,000 before the end of 2019 but reverse was the case. Although the coin is gaining popularity with people ever day, that doesn't mean it can be insured.
Bitcoin can't be insured because it can luckily be predicted.

 

[Mandy96]

In my opinion, I do not think it is possible to insure Bitcoin because it might somehow serves as loss for the insurance company or the insurer. The reason behind this is that the price of the Bitcoin has never been stable so let’s say you get to insure the current price of Bitcoin due to the amount you have as asset and later the price falls, that will definitely be loss for the insurance company

 

[btaliat]

Not all properties are insurable. There are some risks that cannot be measured, therefore they cannot be insured. It will be difficult to insure bitcoin because it falls into the category of these properties that cannot be insured because of its high volatility which will make it difficult for its risk to be measured.

 

[Wisdom01]

Although Bitcoin is an asset , and you can insure an asset against loss theft and others , my concern now is that I don't think there are insurance policy for that ,but there are for other asset like cars and others , but for bitcoin it seems different I think

 

[Jamoflondon]

If truly insurance is not a scam and insurance companies do not just worry only about making profits from their insured or let me say “customer” then I think there should really be an insurance plan or policy for Bitcoin and insuring Bitcoin should not be a problem because it’s an asset

 

[Mika]

You can insure your bitcoins on decentralized insurance platforms like Nexus Mutual or Etherisc. The insurance works as coverage for your assets that you lend through the crypto currency money market. I know all the technicalities associated with the crypto currency insurance not just Bitcoin but I have not tried it for myself.

 

[Wisdom01]

If truly insurance is not a scam and insurance companies do not just worry only about making profits from their insured or let me say “customer” then I think there should really be an insurance plan or policy for Bitcoin and insuring Bitcoin should not be a problem because it’s an asset

Yeah but there was one certain time o saw a post on insuring high risk investment which insurance dosent cover , and I think Bitcoin is still part of high risk investment because of the volatility , I keep wondering on how insurance company would try to insure such thing too , I just found out

 

[Nite]

Right now, it doesn't look like bitcoin can be insured, because insuring it can be highly risky. It’s easy to lose and nearly impossible to recover. Insurance industry is highly regulated, whereas the crypto industry is largely unregulated. As digital assets become more widely used, and more widely accepted, we may see insurance companies stepping in to provide coverage.

 

[btaliat]

The fact is that most insurance company won't have any plan for bitcoins. In as much insurance companies tend to have plans for every sector of human beings, there are some instances where there wont be insurance package. Risks associated with bitcoins can not be measured because of its volatility.

 

[Reillygirl]

Due to price fluctuations I dont think it would be possible?

 

[Wisdom01]

Right now, it doesn't look like bitcoin can be insured, because insuring it can be highly risky. It’s easy to lose and nearly impossible to recover. Insurance industry is highly regulated, whereas the crypto industry is largely unregulated. As digital assets become more widely used, and more widely accepted, we may see insurance companies stepping in to provide coverage.

It all depends too because there are still some insurance companies that provide coverage on insuring Bitcoin , the only thing you would take note of is that , the insurance company might not cover the volatility of Bitcoin ,but might just cover only if the asset is stolen and others , because it's normal and certain for Bitcoin to flunctuate