Does Bitcoin obsolete the insurance industry? Rather than pay hundreds of dollars a month to an insurance company, people will be able to self-insure by stacking more sats. Savings will add up month over month. And the cost of an xray or root canal will go down over time on a bitcoin standard. IMHO there will be no need for people to buy insurance in the future.
Discussion
Good thinking Allen, but insurance funds have to remain extremely safe as a net for the larger community, which is hard to do without some overall custodian that provides explicit protection. I do think BTC will provide a safe harbor of assets during times of war however.
i am my own custodian
exactly, and insurance assets have to be safe because they don't exist for you, they exist for the total community, and how can the total community ensure that you are safe?
Everyone will have personal insurance funds called personal savings. There won’t be a need to rely on a community when everyone takes care of themselves by saving (aka self insuring)
insurance exists when the state of your property (in this case your body) has an impact on the overall well-being of the community
Maybe traditional insurance, but I think products like Crowdhealth will emerge