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If fiat bank money is stolen, or bank is fire/damaged, we have banking insurance. If hard money gold is stolen, it can always be replenished with Lloyds of London insurance, or with a mining annual growth rate of 2% per year.

If Bitcoin money is hacked (as it was in past), USB Drive destroyed, or the bitcoin is missing, how can a person recoup their losses?

Some of us agree, slight inflation 1-2% helps insure against losses (just like FDIC insurance, or gold insurance). Of course large inflation, where governments finance war, pointless government programs with inflation of 20-30% year is too much.

The question is, How will Bitcoin solve the insurance issue? Can be it a good storage of value to families if its lost?

Note: I'm aware fiat or gold insurance, will not work if 3rd party insurance is lacking funds. It can work however, last time, someone stole money from friend's bank account. Does bitcoin offer any level of insurance?

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So far as I am aware, no currency, whether fiat or cryptocurrency offers intrinsic insurance against accidental loss of cash.

For example is a shopkeeper takes dollar bills from their cash register and drops it unnoticed in the street on the way to the bank, they will not be covered for that loss by the US treasury. The shopkeeper will only be covered by any relevant insurance whose cover includes that kind of loss.

Bitcoin insurance exists in the same way that dollar insurance exists for cash.

Bitcoin was designed to do away with trusted third parties such as banks therefore there is no need for government organised recompense for bank failure.

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  • hi, not referring to losing money on the street, but losing money at the bank, equivalent to losing money in Coinbase brokerage etc ,if money is hacked like two years ago when reading news etc, thanks – mattsmith5 Apr 18 at 9:15
  • interesting though, just reading these articles now investopedia.com/news/… coincover.com/theft/bitcoin-insurance – mattsmith5 Apr 18 at 9:16
  • @mattsmith5: Bitcoin was designed to make banks redundant. So no need to care if banks fail if you use Bitcoin as intended. – RedGrittyBrick Apr 18 at 9:16
  • not referring to banks failing, but if coinbase, or robinhood fails, etc – mattsmith5 Apr 18 at 9:19
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    @mattsmith5: That's like putting dollars into a business that isn't a bank, there's no insurance managed by the US treasury department for people who give dollars to fund-managers or other businesses. Dollar investors lose their shirts when such businesses fail. Bitcoin was designed as cash, definitely not as some ultra-safe investment consortium. – RedGrittyBrick Apr 18 at 10:04

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