The Importance of Bitcoin Self Custody
Do not back down or away from the self custody of your Bitcoin.
The self custody of Bitcoin is a principle that we cannot back down or away from. It's important to not only Bitcoiners, but to all individuals, whether they realise it or not.
Here is where self custody helps to protect you as an individual.
- It gives you the ability to resist attempts of seizure, confiscation and theft. It is much more difficult to do than if it were held with a trusted third party custodian.
- It gives you the ability to transfer wealth to the next generation without intervention. Bitcoin can be passed down to your next of kin without the involvement of lawyers, wills, trusted third parties and the State. This gives you options and flexibility.
- It gives you the ability to protect large sums of money from the decision making of a few. The "rules" around retirement funds are constantly changing. The self custody of your nest egg puts your mind at ease for retirement. Your money, your rules.
- It gives you the ability to move wealth across borders without friction. If you memorise 12 words in your head, you'll have access to your Bitcoin no matter where you are in the world. This is extremely powerful because it's hard to attack and easy to defend.
All the above protections are offered to you exclusively if you self custody your bitcoin.
On a broader level, self custody helps expose organisations that have been selling paper bitcoin and aids in its true price discovery.
Self custody definitely has its challenges. It's not easy. But neither is anything worth doing - driving a car, swimming, cooking. There are risks, but we learn to mitigate them. All of these skills require effort and practice. Self custody is no different. You must sink hours into this very important skill.
You really have to question the motives of anyone who doesn't advocate for Bitcoin self custody.
If you want to get started on the journey with small amounts, have a read of this article I wrote over at Ministry of Nodes.
An article for beginners to self custody
If you want to get familiar with Bitcoin wallets, I have created a video to get you up to speed with concepts.
Getting familiar with Bitcoin Wallets
