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This project is an experiment. Bitcoin is not a regulated currency and it will never be. We consider this to be a great advantage. But we cannot foresee the future development of the bitcoin value. If it rises - we are convinced it will rise extremely - you make profit. If the value of bitcoins (not to be confused with price) drops, you might be better off with conventional products.

This experiment is set up to demonstrate that Bitcoin products are better than non innovative instruments - provided the Bitcoin idea is implemented in a puristic manner.

At the moment, many Bitcoin features are not yet implemented, e.g. standing orders or peer-2-peer-associations (by colored coins or something similar). As long as those features are not fully tested, Bitcoin Life operate as a hybrid construct: Bitcoin as peer-2-peer system and Bitcoin Life as a real world people's fund. This way, you can benefit already in this early stage.

Legal form
Bitcoin Life e.V. is a German association. "e.V." stands "for eingetragener Verein" which means "registered association". We are registered with Amtsgericht Friedberg (district court Friedberg, Germany).

The Volkskasse - people's fund
Volkskassen (people's funds) have a long tradition in Germany. There are many names and forms like Grubenpfennig, Sterbekasse etc. A lot of local associations that keep tradition alive - mainly the Schützenvereine (shooting association) - offer their members a "Sterbegeld" (funeral money).
The idea is simple: If the fund has 1000 members and each time a member dies, all surviving members pay 1 Euro, the widow gets 1000 Euro. It is obvious that no one can predict the amount one has to pay.
A variation is to set a fixed fee that all the members have to pay. Then it is impossible to know how much the widows will receive. No one knows how many members are going to die during the year.
That is the reason why the association's bylaws must state that no member has a legal right to benefit. It is required by law to expressively exclude any right.
If an association wants to guarantee fixed benefits, it needs allowance to operate the insurance business. Many insurance companies offer small life insurance policies that cover the funeral costs.
Though the insurance companies invest their money in a very professional manner, there are Volkskassen that pay more than even high ranking insurance companies. The reasons are: no broker commissions, no advertising and slim administration.

By the way, with Bitcoin Life, it is not nessecary to die in order to be benefitted. At the end of the specified term, you recieve your benefits.

Why a bitcoin Volkskasse?
Since no government can ever control or regulate bitcoin, it is impossible to give any guarantee that is backed up by law. Therefore, it is impossible to create a conventional insurance policy based on bitcoin.
A Volkskasse doesn't guarantee any benefits - yet, a membership can be more profitable than a commercial insurance police. This way, a people's fund can accept bitcoins and pay the benefits in bitcoins. We rely 100% on bitcoins! No other currency.

Bitcoin Life e.V. was established and is managed by competent experts with more than 25 years experience in the insurance business, Volkskassen and association management. Hufeisen GmbH (insurance broker and management consulting) shared their managers, their staff, their offices, their servers and they generously helped set up this experiment. They are firmly convinced about bitcoins and enthusiasts about the bitcoin philosophy. They gave all their support free of charge.
In passionate discussions with the members of the Frankfurt/Main Bitcoin Usergroup we got many valuable and encouraging insights and suggestions. Thank you for that. We also express our thanks to the Zentrale who made their facilities available to us bitcoiners.

Bitcoin Life e.V.
registered with Amtsgericht (District Court) Friedberg, Germany: VR2829
BaFin (Federal Financial Supervisory Authority) GZ: Q 33-QF 5100-2011/0191 (40829)
non commercial association, non charitable
subject to § 3 Abs. 1 Nr. 1 VAG (German Insurance Supervision Act)

bitcoin:1Fmpaej3DzEvVCL67zd9gDs2APw8sWdNXo (not for contributions!)

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