What is Bitsurance?

The Bitcoin network is one of the safest networks in the world. However, self-custody of Bitcoin is not without risks.

An estimated 4 million Bitcoins have been lost so far due to insufficient security in storage, and many more have been stolen.

With Bitsurance, we are launching an insurance that allows you to self-custody Bitcoin while simultaneously protecting you from the greatest risks of Bitcoin storage—so you don't have to worry about your share of the 21 million.

What does Bitsurance protect me from?

Robbery and Extortion

Since Bitcoin is, in a broader sense, money that is best kept in self-custody, it is often the target of robbery. Victims are usually individuals known to possess a large amount of Bitcoin. In the Bitcoin community, there is even a specific term for this type of attack: the $5 Wrench Attack.

Victims are forced through violence to unlock their wallets and must send the Bitcoins contained therein to the robbers. Once sent, the transaction cannot be reversed.

Over 120 physical attacks on Bitcoiners have been compiled over the years on Jameson Lopp's list. These are often extremely violent crimes. The actual number of such attacks is likely much higher.

Bitsurance customers can be relieved of the worry of never seeing their Bitcoins again, as they are insured in the event of a robbery in their own home. They can hand over their Bitcoins to the robber without fear, as the money will later be reimbursed by us.

Fire / Water Damage

If you prefer to store your hardware wallet in your own home, there is always the risk of environmental damage. The sensitive electronics of a hardware wallet are generally not waterproof and can be easily damaged or lost due to flooding. Most wallets also have little defense against a house fire.

With Bitsurance, you are effectively insured against water and fire damage. Should your Bitcoins be lost due to environmental damage to the hardware wallet, we will replace the equivalent value.

Exit Scams / Exchange Hacks

A large portion of Bitcoin holders keeps their coins on an exchange. This may seem reasonable at first glance, as these exchanges supposedly have enough expertise to manage your money securely.

The fact that this has already led to disaster for many is evidenced by hundreds of hacking attacks on exchanges, where criminals managed to seize money from customers.

The large sums of money often also lead to exchange operators simply disappearing with customers' funds.

For Bitsurance customers, this risk does not apply, as they secure their Bitcoin on a hardware wallet. This effectively protects the Bitcoin from hacking attacks and exit scams.

What does Bitsurance cost?

The amount of the insurance premium is based on the insured value. Wallets up to 10,000 EUR cost only 2.50 EUR per month. Wallets worth up to 50,000 EUR can be insured for 12.50 EUR per month. If you want to insure your wallet for up to 100,000 EUR, the monthly amount is 25.00 EUR. Higher coverage is available upon request.

With Bitsurance, we offer the world's first Bitcoin insurance for consumers. We look forward to supporting you in your self-custody.