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yes, you sure can, but that's just a matter of delegated custody; the facility that stores it for you is acting as your agent. bitcoin is harder to insure beca
by sgammon 4y ago
yes, you sure can, but that's just a matter of delegated custody; the facility that stores it for you is acting as your agent.
bitcoin is harder to insure because guaranteeing the safety of keys remains a challenge.
- tekknik 4y agoNo bitcoin has always been difficult to insure because no sane company would insure something that can double or triple value overnight. The extreme finite quantity of bitcoins is what makes it difficult to insure.
- sgammon 4y agoi suppose i thought you meant insurance against theft, not loss of value
- tekknik 4y agotheft is loss of value. either way the fact remains, Bitcoin is difficult to insure due to its scarcity. If I insure 1 BTC now worth $10k then in 20 years or so (or maybe overnight) it jumps to $1mil. The insurance company hasn’t gotten enough premiums to cover the payout. Insurance works well for inflating assets, not so much for deflating.
- sgammon 4y agoyou don't actually need to lose your coins for them to lose value... custody and value aren't the same thing.