TD₿: The Importance of Self-Sovereignty by Nick Neuman
TL;DR Hodling your own keys makes your bitcoin more difficult to control and seize by authorities and helps strengthen the network.
Hey Bitcoiners,
Self-custody is foundational to using Bitcoin in the way Satoshi intended it to be used.
By taking self-custody of your bitcoin, you are taking sovereignty of your wealth and no longer have to trust any third party to access or transact with your bitcoin.
As the industry has matured we have seen the development of hardware and software that make it easier for investors to take self-custody, but on the flip side, we’ve also seen the rise of large, centralized custodians that hold bitcoin on behalf of others.
This trend is important to keep an eye on because ideally, we want more bitcoin custodied by individual investors instead of centralized in custodians where it is easier for regulators or governments to confiscate.
CEO of Casa, Nick Neuman, recently was on a podcast where he discussed this trend of more and more bitcoin being held with custodians and why self-sovereignty is important (01/17/2022).
As bitcoiners, we should be doing everything in our power to educate others on why self-custody is important.
As we like to say…not your keys, not your coins.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“I’ve been in bitcoin almost 5 years and self-custody still feels like magic.” - @spiralbtc
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