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With the growing relevance of Bitcoin and the diverse needs of its user base, BitBox is excited to announce a strategic partnership with Bitsurance. This collaboration marks a significant milestone in our continuous effort to enhance the security and user experience of our BitBox02 cold wallet, especially for those new to the Bitcoin realm. We are proud to introduce an optional insurance feature, crafted to address the specific risks associated with the self-custody of digital assets. This initiative underscores our dedication to simplifying Bitcoin self-custody and promoting it as a superior alternative to traditional investment vehicles, such as Bitcoin ETFs.
Enhanced security for peace of mind
"The BitBox02 cold wallet is already recognized as one of the simplest solutions for securing your bitcoin. However, we acknowledge that certain risks in self-custody, such as physical theft, extortion, or hardware wallet damage, cannot be mitigated by technology alone," states Douglas Bakkum, CEO of Shift Crypto. Addressing these concerns, our alliance with Bitsurance marks the start of a pioneering Bitcoin self-custody insurance in the market. Bitsurance, a Bitcoin-exclusive insurance broker crafted by dedicated bitcoiners, has its roots in Germany and is set to expand its innovative services across Europe.
The first $5-wrench-attack protection of its kind
Bitsurance aims to provide comprehensive protection against a range of non-technical risks, covering both the BitBox02 itself and the bitcoin stored on it.
✅ Robbery, burglary, or vandalism
✅ Destruction due to fire, water, or natural disasters
When it comes to theft of your BitBox02 at home, Bitsurance has your back. Be it burglary, vandalism, or even the infamous '$5 wrench attack,' it provides effective coverage against these unpredictable real-world scenarios.
But why stop there? Bitsurance also protects against financial damage due to a wide array of natural hazards. Whether it's fire, water damage, lightning, or even the extremes of earthquakes and avalanches, rest sure that you’re protected. And yes, before you ask, volcanic damage from your own Bitcoin mining is covered as well!
"Collaborating with BitBox is a significant step towards integrating Bitcoin insurance into the daily lives of users. We are committed to delivering custom insurance solutions within the BitBoxApp, enhancing the sense of security and resilience of users' holdings," states Philipp Oehler, CEO of Bitsurance.
Already available in Germany, Switzerland and Austria will follow soon. Bitsurance aims to broaden its reach quickly, offering an additional safety net to Bitcoin users all over Europe.
Nuanced coverage for non-technical risks
The BitBox02 wallet is built to secure your bitcoin against a wide range of digital threats. It employs advanced encryption and security protocols to safeguard against physical access and online risks, effectively protecting your assets from cyber threats and technical failures. However, securing against real-world physical threats presents a different spectrum of challenges – threats that are inherently complex to counteract solely with technology.
Advanced security measures, while robust, can be complex and demanding. Options like limiting fund access, implementing multi-signature requirements across different locations, or dividing backup components for safekeeping add security but can be overwhelming, particularly for users not familiar with security practices.
Here lies the synergy between BitBox and Bitsurance. While the BitBox02 provides a defense against digital threats, Bitsurance steps in to offer a layer of protection against these nuanced, non-technical risks. Bitsurance offers "traditional" insurance that covers your financial loss in case of an insured event. The benefit of this approach is that your bitcoin always stay in your exclusive control, no private keys need to be shared to anyone else, no additional co-signers need to be involved.
It’s not just about adding a layer of security; it's about offering simplicity and peace of mind. This simplicity is particularly appealing to non-technical users who might otherwise resort to paper Bitcoin through ETFs, seeking convenience but at the cost of renouncing self-custody. Through this partnership, users are empowered to maintain self-custody with an assurance that both technical and physical threats are thoughtfully addressed.
BitBoxApp integration: focus on privacy and simplicity
The direct integration of Bitsurance into the BitBoxApp is designed to prioritize user privacy and provide a seamless opt-in process. Importantly, no data communication occurs with Bitsurance unless the user actively chooses to sign up for the service. This ensures that personal details are safeguarded and only exchanged directly between the user and Bitsurance when the user decides to engage with this feature.
Activating the insurance is an intuitive process, accessible directly from the account overview or the "Insurance" section in the BitBoxApp sidebar. The sign-up is managed through a secure web widget provided by Bitsurance, which guarantees the confidentiality of user information, ensuring that the BitBoxApp does not access or store any personal details.
For users who opt in, the BitBoxApp facilitates discreet verification of their insurance status. It runs secure, hashed checks with Bitsurance servers, only after the user has chosen to enroll, maintaining a high standard of privacy and data security.
Built for bitcoiners
Our partnership with Bitsurance offers an unparalleled insurance solution for those who cherish the principles of self-custody. Privacy is of the essence: no unnecessary data exposure, no need for third-party key holdings. A pivotal aspect for BitBox in this collaboration was ensuring coverage against real-world threats, notably the “$5 wrench attack,” for which technological deterrents are limited.
While activating an insurance is entirely optional for BitBox users, this new feature integration reinforces our commitment to providing a secure, transparent, and user-centric Bitcoin experience.
Don’t own a BitBox yet?
Keeping your crypto secure doesn't have to be hard. The BitBox02 hardware wallet stores the private keys for your cryptocurrencies offline. So you can manage your coins safely.
The BitBox02 also comes in Bitcoin-only version, featuring a radically focused firmware: less code means less attack surface, which further improves your security when only storing Bitcoin.
Frequently Asked Questions (FAQ)
What is the purpose of the partnership between BitBox and Bitsurance?
To introduce a Bitcoin self-custody insurance feature that addresses risks associated with digital asset self-custody without giving up your keys.
Do I need to share my private keys in any form?
No. Bitsurance is a 'traditional' insurance that covers financial risks. No private keys need to be shared with them, and no additional co-signeres are required.
What risks does Bitsurance cover?
Coverage includes robbery, burglary, vandalism, extortion, and destruction due to fire, water, or natural disasters.
How does Bitsurance protect against the "$5 wrench attack"?
Bitsurance provides comprehensive protection against non-technical risks, including physical threats like the "$5 wrench attack".
Where is Bitsurance available?
Initially in Germany, with plans to expand to Switzerland, Austria, and across Europe.
How does the BitBox02 wallet protect my Bitcoin?
By securing your Bitcoin against digital threats with advanced encryption and security protocols.
What makes the integration of Bitsurance into the BitBoxApp unique?
It prioritizes user privacy and simplifies the insurance opt-in process without unnecessary data communication unless chosen by the user.
Why is self-custody insurance important for Bitcoin users?
It offers an additional layer of security against physical threats, ensuring peace of mind for digital asset owners.
Shift Crypto is a privately-held company based in Zurich, Switzerland. Our team of Bitcoin contributors, crypto experts, and security engineers builds products that enable customers to enjoy a stress-free journey from novice to mastery level of cryptocurrency management. The BitBox02, our second generation hardware wallet, lets users store, protect, and transact Bitcoin and other cryptocurrencies with ease - along with its software companion, the BitBoxApp.