As many of you know, I am a huge proponent of custodying one’s own Bitcoin, so much so that I’ve written an entire series on self-custody basics to help people understand what it is and why it matters.
I believe self-custody can be the best way to protect one’s Bitcoin. After 2022, it’s not hard to see why, what with all the crypto hacks and corporate implosions. Suffice it to say that your Bitcoin can never be safe if someone else holds your private keys. Many people will choose that route anyway, but let’s not forget that we’re at the mercy of whoever holds our private keys if we want to get our Bitcoin back.
Let me be clear though: there is no surefire way to keep your Bitcoin, or any money for that matter, 100% safe. I recommend self-custody over anything else, but even self-custody is not without risks.
Recent events give a painful, but potent example…