by Hodler Ash 
SAFU Meaning in Crypto
Today people start to use crypto currency because it is mostly valid everywhere around the world and much safer than fiat currencies of most of the countries. The money issued by the government of a country may lose all its value suddenly as the demonetarization happened in India.
What Is SAFU Meaning In Crypto ?
SAFU is a common and most favorite terminology in crypto world chats. Every deposits and usage is surely based on the safety of that commodity. SAFU meaning in crypto denotes saltiness in the use of crypto money. In short, we can say that SAFU is a one-word of saltiness to your cryptocurrency.
The word SAFU in crypto is Secure Asset Fund for Users, In other ways SAFU is a term used to denote ” Safe ” in the crypto sphere.
Formation Of SAFU Term
The first time when someone used the term SAFU was by Bizonnaci YouTube channel, in this channel, the You Tuber made a funny video after the Binance CEO tweeted in July 2018 saying Funds are SAFU. But this later got turned into a crypto meme and crypto slang.
So since then, the crypto world has started using the term ” SAFU ” to denote or clarify whether their funds are safe now on a crypto exchange in an emergency.
Today we found many attacks of hackers in crypto currency world. SAFU is something which is very important always. So every crypto world software’s and sites follow certain measures to secure the property of its users.
In 2018 you may about the attack of hackers on famous crypto platform Binance’s and how they overcome it. After this incident there occurs serious changes in the concept of safety in crypto platforms and form the idea of safu meaning in crypto currency production.
The few crypto exchanges that have insurance policy offers only very limited cases to make a claim. Insurance is primarily for cases where exchanges systems are hacked due to no security fault of their own. With poor quality passwords and don’t correctly follow basic security protocols will most likely not be insured.
Still the crypto space highly unregulated and there are frequent news’s about hacking cryptocurrency has made many insurers reluctant to cover exchanges. Every country particularly South Korea has had more than its fair share of exchange hacking incidents, which leads to promoting local insurance to form doubts on their credibility and security.
Currently, only 4 exchanges in South Korea offer insurance; Upbit, Korbit, Bithumb, and Coinone. However, the insurance limits on these exchanges are less than $5million, which is barely enough to cover users in the case of a serious hacking incident.
It remains to be seen how exchanges will regain the lost trust from Insurers. Binance has wisely chosen to take on the costs of insurance by allocating 10% of its trading fees to SAFU. As insurance corporations are still not ready to take the risks of covering crypto exchanges, it is better for the exchanges to follow Binance’s example and take on the burden of insuring themselves in order to create a lot of confidence and loyalty from traders.
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