TD₿: Differences between Private Keys, Signing Devices, and Wallet Software (a thread) by Ben Kaufman
TL;DR Understanding the different components of self-custody is a vital first step in taking control of your wealth.
Hey Bitcoiners,
I tend to repeat myself about topics that I care deeply about in this newsletter and one of those things is self-custody.
At Swan, we try to educate all of our clients about why taking self-custody of their bitcoin is important. It’s why we have zero withdrawal fees and allow users to enable automatic withdrawals. We want to make the whole process as frictionless as possible for our users.
Despite our attempts to make it as easy as possible, self-custody is still a bottleneck for beginners because many are afraid they’re going to lose their bitcoin, or are overwhelmed by all the technicalities of the process.
That’s why Twitter threads like this one by Ben Kaufman that explains the differences between the components of self-custody is important to share so people learn self-custody best practices. (04/14/2021).
By holding the private keys of your own coins, you are reducing the risk that your bitcoin can be confiscated or lost in an exchange hack.
Downloading or purchasing a wallet and understanding the different components involved with it is the first step in taking ownership of your bitcoin.
Tick tock next block,
Cory Klippsten
Sign up for Swan and take self-custody of your coins for free.
Quote of the Day
“A number of people will undoubtedly recognize that, “Bitcoin fixes this.” That’s only true with self-custody. Account-based crypto has similar vulnerabilities.” - Congressman Warren Davidson
Meme of the Day
