Once Bitten! A Bitcoin Podcast.
Bitcoin Custody And Backup, Taken Seriously. @thibm_ #519
Jan 14, 2025
Learn how to fireproof your Bitcoin recovery seed with practical backup strategies. Explore the intriguing privacy wars between Wasabi and Samourai and the effects of recent events on their methods. Discover the concept of 'pleb work' and how you can start earning Bitcoin on the side. Delve into the reasons some are selling their Bitcoin for MSTR and what that means for crypto enthusiasts. The conversation is a treasure trove of insights on security, custody, and community engagement in the Bitcoin space.
02:16:22
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Quick takeaways
- Self-custody of Bitcoin is essential for true ownership, emphasizing that if it's not in your wallet, it isn't yours.
- Implementing metal backup systems like Seed 12 is critical for protecting seed phrases from environmental damage and disasters.
Deep dives
Importance of Self-Custody
Taking self-custody of Bitcoin is crucial for true ownership. When Bitcoin is held on exchanges or third-party apps, it does not belong to you; instead, it belongs to those entities. This principle is illustrated by the fact that if your funds are not in your own wallet, they are not truly yours. Ensuring that you control your Bitcoin requires backing up your seed phrase and using hardware wallets.
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