The All-Important Journey To Self-Custody Bitcoin – Bitcoin Magazine


This is an opinion editorial by Mark Maraia, an entrepreneur, author of “Rainmaking Made Simple” and Bitcoiner, and Casey Carrillo, associate editor at Bitcoin Magazine.

One of the many things that makes bitcoin such an amazing asset is our ability to take possession of our private keys. This ability is so new and groundbreaking that the Law Commission of England and Wales has written a 500-page report proposing to carve out a new form of property right for digital assets.

As I reflected on how long it took me to take possession of my private keys I realized it might be somewhat instructive for others. Since I’m a boomer and not the least bit tech savvy or inclined it took me months before I felt comfortable enough to take possession of my private keys. My thought process — which I suspect is similar to many others’ — was that I trusted a third-party exchange — which is nothing more than an IOU for bitcoin — more than I trusted myself. So my journey began when I bought a small amount of four kinds of digital assets — one of them bitcoin — in March 2020. I bought that bitcoin on a centralized exchange and didn’t know enough back then to know about private keys.

As COVID-19 wore on and central bank money printing continued at insane levels during 2020, I began to wonder and worry about the purchasing power of the dollars in my U.S. bank account. So I decided to buy more bitcoin in November 2020. It was only at that point, where I went down the proverbial rabbit hole and began to learn about bitcoin exclusively, that I learned the importance of taking possession of your private keys.

Source link Bitcoin Magazine


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