Obi Nwosu (Fedi) on Second-Party Custody with Fedimint (EP.344)
On The Brink with Castle Island
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How to Safely Deal With the 24 Word Back Up
First party custody is the gold standard, or the bitcoin standard. The hard bit of a first party custody is how to safely deal with the 24 word back up. You should not be storingt in a bank volt because that's a regulated third party. If you want pure first party, you wouldn't store it with a second party either. So no storing with your wife or children, or friends and so on,. unless they're not aware that you're storing with them - then that's just you finding a hiding place.
Play episode from 44:10
Transcript
