If you feel uncertain or have questions about Bitcoin Life to which you cannot find an answer here, please contact your competent financial advisor or a modern insurance broker.
I don't have any idea about blockchain and bitcoin.
You do not need to be a cryptography expert. If you use bitcoin - everyone should these days - you can easily enjoy the benefits of Bitcoin Life.
However, a "bitcoin account" with a third-party provider is not sufficient. You need your own wallet with which you can control your private keys yourself. Whoever has the private key has the coins. You need the private key in order to receive benefits and, if necessary, to sign declarations in a forgery-proof manner.
When you sign up, you can easily create a private key (secure and without transfer to the net!). Use our » tool (opens in new window/tab).
NEVER LOSE YOUR PRIVATE KEY! - A private key ist NOT A password, it cannot not be replaced or retrieved!
Can a company or organisation be a member?
Yes. Anyone with full business capacity, whether natural or legal person, can be a member.
Your company - and therefore the entrepreneur or partners - can receive benefits. Either in the event of unforeseen loss or from the providence fund.
What are the differences to insurance?
Bitcoin Life is something very different from insurance. And yet you can still achieve the desired effect, namely economic security, with Bitcoin Life.
With insurance, you are betting on a specific event. If the event does not occur, your bet - the insurance premium - is lost. If the event occurs, the insurer must pay.
At Bitcoin Life there is no predetermined loss event and therefore no legal claim to a predetermined benefit. If you find yourself in a difficult economic situation, the community will help you.
In order to prevent abuses, the procedures and processes are automated. This also ensures that you actually receive the benefits.
The difference lies not only in the savings from the leanest and most automated administration, which benefits you as a member, and fast, reliable performance, but also in the fact that there is no pre-determined limit on the amount of benefit - even when you have paid only small contributions.
For details, please refer to the benefit plan.
Can I enjoy the benefits worldwide?
Yes, but please keep in mind that in some countries it is difficult to provide evidence. These are mainly the so-called Third World countries and emerging economies.
Is Bitcoin Life حلال ?
In Islamic culture, it is important to know whether projects you are involved in are halāl (permissible).
No interest is charged or paid in any phase of the Bitcoin Life membership or in the background process.
Neither trading is carried out nor is a contract network built up by means of option models, in which interest is involved. Bitcoin itself knows no contractual partners against whom one has a claim.
No حيل (Hiyal, contortion / "religious-legalistic trickery") are necessary. The Bitcoin Life model is based solely on the solidarity principle, in which people help and support each other.
How much is my contribution?
You yourself decide what contribution you make. If, after the actual course of the claims, it turns out that your contribution was too low in relation to the risk - which is represented by your income - you will only receive a proportional benefit.
A good rule of thumb for a sensible cover alternative is half the premium you would have to pay to commercial insurers for all your policies. If you combine conventional cover with our modern concept, your contribution may be lower, but you may also receive lower benefits.
In addition, there is a share of contributions for pension provision and asset accumulation. The amount of these contributions is also at your discretion.
You may make ongoing, regular or irregular contributions or one or more larger sums. It is entirely up to you to decide when, how often and in what amount you will contribute. You do not have to commit yourself to anything.
Can I pay my contributions in euros?
Yes, you have the choice of paying your contributions in bitcoin or in euros - or both.
Can I receive benefits in euro?
In principle, benefits are paid in bitcoin.
However, you can apply to receive your benefit(s) in euros.
Is Bitcoin Life a speculation on rising prices?
No. Bitcoin Life is a providence and support model which - as the articles of association state - is about "providing support and assistance in difficult life situations".
By "difficult life situations" we mean not only economic restrictions in old age, accidents, illness or after death, but also any other extraordinary events that lead to economic and financial shortages.
Are really all risks and dangers covered?
All adversities that cause you economic damage are grounds for receiving benefits.
Damage that you yourself have deliberately caused is of course excluded just as much as events whose occurrence was already foreseeable.
Bitcoin Life is not the right instrument for minor damages. But as a Bitcoiner, you don't think small anyway.
Details can be found in the benefit plan.
Do I have to pay a fee to my consultant?
In order to avoid excessive or unreasonable costs for our members, Bitcoin Life pays standard brokerage fees to registered and licensed agents. This is the standard procedure in Germany.
Please take this into account if you make a separate fee agreement with your consultant.
Do I lose money if I join at times of high bitcoin price?
The Bitcoin price fluctuates strongly. In the past, it has happened time and again that the price has reached extreme highs compared to previous prices and then dropped quite suddenly.
Those who ended their investment at this stage have actually lost money. So far, however, it has been the case that the price slump has been made up after a while. This observation has led to the so-called "Hodl" instructions in the Bitcoin scene (a spelling mistake in the word "hold").
The Bitcoin Life concept is not designed to take short-term speculative profits. Bitcoin Life is about security through the principle of solidarity and medium or long-term profit participation.
Is Bitcoin suitable for long-term providence and pension plans?
At the time being, we see no reason to believe that Bitcoin will not establish itself in the same way as other developments, such as the Internet, e-mail and digitisation in general, which were initially considered with caution.
If, however, it is clearly foreseeable that the technical, economic or regulatory environment will change so dramatically that it makes sense to withdraw or switch, each member can, firstly, call up its pension benefits at any time without giving reasons and, secondly, Bitcoin Life can adjust its funding strategy - and, if necessary, offer members an option.
Why Bitcoin? There are so many coins?
Anyone can bring a cryptocoin into existence. The Bitcoin protocol is public and can be easily copied.
But to keep a cryptocoin alive, a more or less clever advertising campaign is not enough.
Bitcoin is the strongest and best established coin with a sustained active community. Bitcoin is robust and very well tested both technically and economically.
Can I profit purely as an investor - even without protection?
Yes. The benefit plan offers you an alternative to investments which only aim at price differences between cryptographic and fiat money.
You will be able to benefit both from the medium and long term natural price increase of Bitcoin as well as from the model-related profits of the Bitcoin Life plan.
Please see the details on this website at » invest.
What does it mean that benefits are not guaranteed?
Bitcoin Life is not an insurance company which is required to provide pre-determined services for limited cases. We are not subject to any rules on how we invest and use the capital - which we consider to be a great advantage to our members. In return, we cannot and may not make any promises of benefits, either in terms of amount or substance. It is a legal regulation.
But this does not mean that members do not receive their benefits. Of course, the benefit plan will be reliably fulfilled.
Can the benefits be higher than the bitcoin price increase?
Part of the providence fund is used as a buffer for the loss compensation fund. In some periods this buffer is lost from your point of view. In return, you have a share in the profits which arise in the other periods. If the lost portions are overcompensated in advantageous periods, the overall return is higher, which can exceed the cost portion as well as the contribution portion used as a buffer.
How do I apply for benefits?
That is quite simple. You compile the documents in a pdf-document, with which you prove the damage, its origin, the amount of the damage, etc. You upload this in the member area.
Now other members (the "jury" / the oracle) are selected at random according to a fixed procedure to judge, on the basis of the submitted documents, whether the case is a fitbene case or not.
If they come to the conclusion that the damage is real and that there are no grounds for exclusion, then the benefits will be automatically transferred to you.
The members of the jury do not know each other, so that they cannot make secret arrangements. Members of the jury who do not vote as the majority do lose part of their contribution, which is then allocated to the others. This gives everyone an incentive to carry out their task conscientiously and correctly. Each member of the jury who has voted in accordance with the majority will receive an additional credit, so that even in the case of unanimity there will be a reward.
Alternatively, a committee decides, which also internally reviews turned down performance requests.
In this way, benefits are distributed fairly, safely and quickly. At the same time the community is protected from unjustified use.
Why oracles instead of artificial intelligence?
Using human decision-makers instead of relying purely on mechanical procedures in everything may seem inconsistent.
In future versions we will probably change the direction. But for the moment we consider our procedure to be timely. The preliminary examination of the processing is of course purely mechanical: formal examination of the application for benefits, searching the block chain for contributions, the fulfilment of requirements, etc.
However, we are not sure whether the majority of people are already prepared to entrust their protection to machine. Furthermore, we believe that in certain cases human judgement is still superior to that of machines.
Can I also be appointed to the jury (oracle)?
Nobody is forced to become a member of the jury. Only members who have regularly made high contributions over a longer period of time are offered the opportunity to participate in the vote on the allocation of benefits from time to time.
Why the combination with a real world organisation?
Although it is possible, according to the current state of the art, to design insurance alternative constructions in a completely decentralised way. Multi-sig, ring-signature procedures, side-chain techniques and smart contracts in combination with news bots make this possible.
Yet, we see the problem less on the technical side or possible lack of acceptance, but more on the legal and practical side.
In the event of a benefit claim, you are probably more interested in receiving euros, dollars, Swiss francs or other fiat money. You want to exchange the bitcoins quickly. Members who have little practical experience with bitcoins or who only move small quantities may encounter unexpected difficulties with their exchange service company if there are tens or hundreds of bitcoins to be cashed out.
With Bitcoin Life, you can easily provide proof of origin.
Furthermore, in most jurisdictions the treatment of smart contracts - including the joint liability of users, etc. - has not yet been satisfactorily resolved.
As a member of Bitcoin Life, you do not need to worry about these and other problems. You take advantage of both systems: the old and the new.
Why should I recommend Bitcoin Life?
Bitcoin Life works (even) better with a broader member base.
You are therefore welcome to make your personal contacts known to Bitcoin Life.
Of course NEVER in the form of SPAM, mass harassment in social networks and messengers or other over-motivated actions. But a qualified, friendly hint in personal contact should always be gladly accepted.
We believe that factual, clear and honest information is more important than advertising gimmicks.
My broker is not (yet) familiar with Bitcoin Life.
Ask your professional consultant to read the information on this website.
A reputable, and above all independent, professional will register with Bitcoin Life and calculate your best amount of contribution.
I have more questions.
The benefit plan provides comprehensive information. If you would like additional explanations or need assistance with the technical handling, please contact your business or financial advisor or a competent insurance broker.