The all-important journey to Bitcoin self-custody – Bitcoin Magazine

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

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

As I pondered how long it took me to take possession of my private keys, I realized that it could be somewhat instructive for others. Since I am a boomer and not at all 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 that of many others – was that I trusted a third party exchange – which is nothing more than an IOU for bitcoin – Moreover how much I trusted myself. So my journey began when I bought a small amount of four types of digital assets, one of them bitcoin, in March 2020. I bought that bitcoin on a centralized exchange and didn’t know enough at the time to know the private keys.

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