Bitrust

Bitrust: a simple & easy to use insurance platform for cryptocurrency enthusiasts

Bitrust: a simple & easy to use insurance platform for cryptocurrency enthusiasts

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Bitrust: a simple & easy to use insurance platform for cryptocurrency enthusiasts

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In 2017, 179 new altcoins were launched, many of which have since decreased in value dramatically. With BITRUST, investors who are interested in coins that are new to the market will be able to hedge the risks associated with such pitfalls.

 

In short, this is why the market is calling out for something like BITRUST:

  1. The need for secure and easy-to-use insurance solutions for cryptocurrency investors.

  2. The need for an affordable solution for regular cryptocurrency enthusiasts.

  3. To solve the real issue of altcoin volatility.

 

We offer a secure and easy-to-use risk management solution for cryptocurrency enthusiasts which enables cryptocurrency investors and day-to-day users to significantly mitigate risks associated with high market volatility. Potential users of our cryptocurrency insurance platform would be able to bypass and drastically reduce the cost of applying risk management strategies in their investments through P2P interaction using smart-contract technology.

 

(Please read our White-paper for more details: https://bitrust.co.uk/files/whitepaper.pdf)

 

Please answer questions below to complete the task:

  1. What are your thoughts about Bitrust’s solution?

  2. What advantages we might have in the crypto industry? And why?

  3. What challenges and difficulties we might face? And how to overcome these difficulties?

 

We are looking forward to your contribution!





34 COMMENTS 71 VOTES

Most recent Most voted Most verbose

Hi, I wish the project will succeed. I was surprised at first when I heard the insurance word in the crypto money market. If somebody thinks about the insurance part of this job, is this really a very insecure market? But when we examine the project in detail, the insecure cryptography is not the infrastructure of the money market, it is the money itself. Last time we get a new crypt money every day. And every day they continue to add new ones. The interesting thing is that everyone claims their own money for the safest money. It is inevitable for new currencies to rise to the surface as long as people invest in this sector. But I think the more important thing is that the increasing number of crypto money will confuse people's minds. The constant increase in Bitcoin has led people to invest in this area, and people are really starting to invest in being short-lived. As time goes on, these investments will continue to increase. Human beings have the natural desire to feel safe. So a good publicity and work to persuade people in this area will be successful. In my view, insurance will lead people to invest in better quality crypto money. At this point, people will be able to make their investments without dealing with the danger of fraud. (Google Translate)

1 year ago

1. Good solution! because crypto will grow very fast in the next few years 2. Blockchain is a network technology in which participants in the network have replicas of the ledger that tracks all the transactions in the system. The benefits to be gained with cryptocurrency are reduces trust cost and operating cost 3. the difficulties that maybe faced is about the crypto regulation in each country

1 year ago

GomberS ID expert

1. yeah every people need solution and iam need to projec like this 2. easy to invest as it suppresses fraud against money laundering 3. the price of the crypto token we want will fall in price. sell before it is too late if there is an increase we buy the song

1 year ago

Working on the loopholes surrounding all the alcoins outside now demand a thumb up 👍. This unique concept in cryptocurrency is welcome because it'll safeguard all crypto investors who key into the idea. From my own point of view, thinking outside the box will encourage people to join this project because every investors want to be at the safer side. As we all known that most people don't buy the idea of insurance but you have to work on market strategies to convince and believe in you. Bitrust team should take note of this for the betterment and success of the project.

1 year ago

Insurance platform in Cryptocurrency world will be a Bomb.....this means no more fear about volatility of Cryptocurrency by investors

1 year ago

This is a great Concept for Cryptocurrency investors.Bitrust bringing insurance platform to Crypto world is first of its kind and will encourage more investors who are afraid of altcoin Volatility

1 year ago

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1 year ago

1.. Insurance industry is in dire need of solutions like this 2. by using the blockchain you ensure transparency, you are also aided by low cost transactions leading to increased profitability . Money can be sent anywhere in the world almost instantly without the need of costly clearing houses. 3. your main challenge will depend on how transparent you are with investors. Many good coins have failed because developer has failed to inform investors of potential issues. Investors get restless if there is lack of communication via social media etc. When investors get restless, the scammers take the opportunity and attempt to rob.

1 year ago

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1 year ago

Shuyong Yang expert

Hello Arfuddin! Please stop spamming with low quality content.

You should answer questions asked in the task, and they are as following:
Please answer questions below to complete the task:
What are your thoughts about Bitrust’s solution?
What advantages we might have in the crypto industry? And why?
What challenges and difficulties we might face? And how to overcome these difficulties?

Because, you didn't answer questions, I considered your comment is a spam, hence I removed it to maintain the co-creation environment.

1 year ago

I am sorry

1 year ago

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1 year ago

ngo tran new user

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1 year ago

Shuyong Yang expert

Hello Ba phuoc Ngo. Right now all the projects we are hosting are in English. So please use English here for discussion.

Please read our code of conduct, for more details:
http://help.crowdholding.com/general-support/code-of-conduct

1 year ago

ngo tran new user

Good

1 year ago

jbm386 expert

Signification time spent with enterprise software companies

The concept is very interesting overall. I think the advantages you have now are the vast majority of crypto investors experienced major downturns either with existing coins or with many icos that under performance. They have felt the pain very recently of the challenges you are proposing your platform will solve. I think the challenges you experience are going to be with level of adoption and the changing market place. The level of adoption is a challenge because most crypto investors fall into one of two categories. They view things as it’s only going to go up and won’t “invest” in insurance because they don’t believe they are going to experience 75% price drops. The other major group is made up of individuals who understand crypto is a very volatile market and mitigate risk by not investing their entire portfolio life savings into crypto or a single asset class. To me this concept will always be a stuck in between the two mindsets. The first group is the one that really needs your platform but won’t invest due to their own hubris and lack of understanding of the market volatility. You will need to show them that they need to account for market volatility by using your insurance platform. The second group understands the volatility of the market has already mitigated their risk by not putting their entire net worth in crypto. So you would need to show them why investing in your platform is a better proposition then just diversifying their net wealth outside of crypto. In your opinion which target group is going to be your focus? Once you figure that out you will be able to come up with a strategy to market towards that group. Personally I think the first group is going to be easier than the second group to get to adopt. The other thing that would be really interesting is if you could office insurance is included in a slightly higher price for the tokens themselves. Example: You offer BTC for 25% higher the current market price but you will cover any losses below the current market at the end of a 6 month. If you can figure out that strategy and make it profitable I think you will get people really interested in that offering because the perception will be that you can migrate risk but people will be paying an insurance premium to mitigate that risk. It’s like creating a more advanced automated stop loss solution. That product would have a very large market in my opinion.

1 year ago

There is a real risk that is not fully understood by many clients who invest in crypto currency. Various ads promise that crypto can get you rich quick. And social media is full of stories about neighboring friends or distant cousins who have made a lot of money through crypto. There is no doubt, the cases are real, and those who invest early can reap huge profits. But that's what happens in every bubble-from dotcom bubbles to tulip mania. That's what happens in every pyramid scheme. As always, investors should be very vigilant with schemes that promise quick profits. with the existence of this Bitrust it is possible to restore investor confidence

1 year ago

I think a project like this is definitely needed in the crypto world. It would attract newbie investors I believe. I think your main challenge will be pricing the product because of the large volatility of the crypto market.

1 year ago

First off, let me commend your project for taking the initiative to help the cryptocurrency space, as a whole, attract more adopters with the important promise of risk mitigation. The extreme volatility of cryptocurrencies and the immense risks that come with it is the primary factor that prevents the mainstream investors to migrate into the crypto space, therefore stunting its growth rate. Your concept, while not the most innovative in the lot, is a simple and pragmatic solution that has the potential to draw a lot of new users. Your advantage, I would say, is that your insurance scheme is easy to comprehend and very straightforward. This means that you can attract a substantial volume of users into your platform depending on how well you create awareness of your product in the market. The main challenge I see is, and some might actually see it as a weakness, is that the format can be taken advantage of by opportunists that has superior knowledge of the tendencies of crypto price movements and TAs. Knowing that most of the buyers on the platform are newbies, sellers can apply their experience and know-how to exploit the market. If this becomes rampant then the tendency of the market is to steer clear of your platform. Overall, I like the potential of your project and the ideals for which it was conceived. I believe that any project that takes into consideration the common good at the get go would have higher chances for success, simply because it is difficult to hide pure intentions.

1 year ago

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1 year ago

Great Bro.

1 year ago

THNX BZro

1 year ago

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Nice.

1 year ago

I like it.

1 year ago

Shuyong Yang expert

After a careful examination, with proper evidence, I have confirmed that you have cheated the voting system. You were pushing your own comments inorganically. This is a violation of the Crowdholding Code of Conduct, Section: "Don't cheat the voting system". Hence, I removed your comment.

You should understand that comment which violates the Code of Conduct will not receive any reward. This is a fair decision which protects other participants. If you think our decision is wrong, you can appeal to Crowdholding officials through the chat button in the right-down corner of the webpage, or send Email to hello@crowdholding.com .

For more details please read our Code of Conduct:
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1 year ago

Zexro Indra guru

former mutual wealth advisor for indonesia

good solution. during this pump and dump become cryptocurrency problem. I'm sure bitrust has a solution to this problem. have digital assets have become the current trend. the price of crypto that tends to rise, becomes an attraction. especially now that many merchants receive cryptocurrency as a means of payment. the biggest challenge will come from the SEC and the big traders who will control the price stay away from the SEC as far as possible. listing to many exchange will reduce the dump effect done by big traders

1 year ago

Nasrullah . senior

This is the best solution in my opinion right now, a good idea. I am also worried about altcoin investment especially new altcoin, where the initial price is very promising but keeps eroding its price and make me loss, with this project make me a little smile, where the existence of safe insurance, low cost and minimize risk. absolutely perfect. obvious advantages or advantages Bitrust is to provide security in altcoin investment, minimize the risk of price volatility, this is an important point, a very valuable point for the crypto players, because now many players crypto altcoin who have lost confidence in altcoin invest where the price is declining, great risk of loss. difficulties may be just how to disseminate info about this BITRUST project program, because not everyone joined in Crowdholding this forum, I suggest to be more vigorous promoting this project in all social media and bitcoin.altcoin forums.

1 year ago

Randy Tice guru

Staunch believer in the power of the crowd and blockchain.

Aloha! Before I get into responding to your tasks, let me throw this out there. The entire "Setting the Stage" section of your whitepaper is unnecessary; it is more a history lesson on crypto and doesn't belong in a whitepaper. Instead, take that out and post it as a medium article and direct people to it who might have questions about the need for your services. Now onto the tasks: 1) Your solution is great! It is not entirely innovative and new, but since you are specifically targeting those in the $100 to $100,000 range, I believe you will have a large amount of interested customers. 2) Honestly, I couldn't find any distinct advantages you will have in the crypto industry. Mainly because I don't see you doing anything particularly new or innovative (in crypto terms). 3) I see a HUGE problem you will have. Since your target demographic are low traders and those "new" to crypto, they will not have much investment knowledge and can easily be scammed by someone putting up an insurance deal that will work against the buyer. The terms will be executed according to smart contract, yes, but if the deal itself is terrible, and the noob jumps in on it and finds that the insurance doesn't pay off, you will lose customers. Someone with a lot of knowledge can easily put up a bad insurance deal but get someone to agree with it.

1 year ago

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1 year ago

Shuyong Yang expert

Hello Shittu, we have detected that you have copied this comment from Jonny Dee. This act is the violation of our code of conduct. And we have been warning you more than two times to respect our code of conduct. This community cannot tolerate users disrespecting other's intellectual effort. Hence, we decided to ban your account from our platform permanently.

1 year ago

Jonny Dee guru

I am really liking the project and it seems quite unique. I have seen p2p lending and other insurance ideas, but not actual insurance on investments, a great example of a project that uses p2p for lending is https://ethlend.io/en/. 1. As stated above seems interesting and different, I am curious to see how it works as the prices in the crypto world are very volatile. Also I think you should move away from the words "Insurance" as 1) it usually connects with normal insurance such as car, medical, home etc. 2) insurance isn't sexy. Protection plan, guard against crypto volatility or fortify your crypto investment. 2. I think you are tapping into a very good idea, straight away people are looking to invest into crypto and it opens up the door to many new users who are afraid of losing their investments. Also you have daily investors who would invest more if they had a protection. I also love that you do it through through smart contracts, so there is no changing of the terms. it's what blockchain technology is all about. 3. Marketing - Currently there are loads of ICOs going on and yours needs to stand out, apart from the above comment about the term "insurance", look for user cases of successful ICOs. I also think you are going to have to think about attracting people to your platform such as the people who are willing to use their crypto as the insurance, and also I imagine you will have to consider which coins you will allow people to invest into, a token that is poor will have no use on your platform as nobody will want to protect / safeguard the investment. Although right now according to your white paper you don't have your app, so should focus on building a community and preparing for the ICO to raise the awareness and funds for your project. Good luck!

1 year ago

Jpm Magno expert

I love the idea of protecting my crypto assests, esp if I do FOMO-ing sometimes. We have seen the volatily of crypto market these past few months. Example is my Porfollio suffered alot for hodling, I know that the marketnis recovering now. But an insurance would be an option. Challenges and difficulties would be in introducing and how people would adopt your project. But a good marketing and a pr work would help.

1 year ago

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1 year ago

Shuyong Yang expert

Hello Adie, thanks for sharing your opinion about Bitrust project. But please keep in mind, this platform is designed to co-create with businesses, and help them grow. As a result, you should read the task fully, and your comment should answer questions which have been asked in the task.

According to our code of conduct, your comment is considered as a spam, hence we removed your comment.

Please put some thoughts and answer questions which have been asked in the task.

If you continue spamming the platform, or violates other code of conduct, then we have to ban your account permanently, to maintain the co-creation environment.

Please read our code of conduct, for more information: https://intercom.help/crowdholding/general-support/code-of-conduc...

1 year ago