This is an opinion compilation by Mickey Kos, a West Point graduate with a degree in economics. After spending four years in infantry, he moved to the treasury.
My family was nervous about holding our own key. It’s a huge and terrifying responsibility that leads to procrastination.After seeing some BTC session Video, but we finally decided it was time. Around March 2022, we finally withdrew Bitcoin from Celsius.
It seemed to be responsible. We don’t make much money. Why not use your interest-bearing account to strengthen the dollar cost averaging method? It’s like a bank. Keep our money safe with someone else and make a little money. We are now aware of the risks. Laziness and fear have almost caused disaster.
If I’m grateful for this bear market, it’s to emphasize how dangerous these storage services are.
Hostile thinking
One of my favorite things about Bitcoin space is continuous risk analysis. The risk that most of the population takes by not being able to withdraw coins from custodians ultimately results in a mixture of some regulatory prisoners of war and re-hypothesis, but it is the main point that has become very noticeable to me these days. ..
Bitcoin can really thrive only if you do not mediate the system. Peer-to-peer electronic cash, digital gold, hedging against reckless monetary policy, hedging against tyranny — whatever definition or bitcoin theory you subscribe to, the conclusions are the same. To win, you need to hold your key.
Evolution of responsibility
I have a background in economics and business. The technique behind self-management made me very uncomfortable. What if I mess it up? What if I lose not only my signing device, but also my seed phrase backup? What if you lose all the million-dollar horror stories that mainstream media love to advertise?
We are certainly not rich, but holding Bitcoin makes a lot of sense to us. Our energy, our life savings, proof of our own personal work. It is represented by a number on the screen in the form of UTXO. It’s time to take responsibility.
I spent hours researching products and techniques related to self-management before getting enough comfort to secure coins with a single signature solution. Fundamental responsibility requires proof of work.
Graduation to Multisig: Diversification of Security
After a few months of successful self-HODL, I was uncomfortable with the single point of failure solution I developed. Not only does it mean that we have only one private key that protects our life energy, but it also means that we have only one hardware device. We had to trust ourselves not only to stay vigilant for years, but also to the software and hardware developers of a single solution that we chose to use.
One solution, some single points of failure, is not what I wanted to think of.
After a few more hours BTC sessionAnd a discussion with my friend Unchained capital, My wife and I decided to use Multisig Vault to diversify security. It was very easy.
Compatible hardware wallets include: ledger, Tresor When Cold card.. To further diversify security, we chose to use two different types. Unchained Concierge It’s a setup service, but after watching the BTC session I rarely needed it Step-by-step description. I even restored a multisig setup with multiple software wallets such as: blue When Sparrow.. Just because a vault is built using Unchained doesn’t mean you need to use those interfaces for everything, you can recover funds without a vault.
To be honest, the hardest part of the whole process was understanding that you need to download the Google Chrome browser instead of the garbage browser you were initially trying to use.
One of the features I really liked was the “key check” feature. You have uploaded your device’s extended public key to Unchained. Before sending the UTXO, I wiped both devices and restored them using the seed phrase. Unchained’s key-checking feature not only recorded the seed phrase correctly, but also confirmed that the wallet was properly restored instead of accidentally creating a new wallet with the wrong word.
I’m sure there’s a better way to do this, but as I said, I’m not a technician, this tech makes sense to me and gives me comfort I did.
No excuses
He barely avoided the catastrophe of Celsius, but is now independent. My experience at Unchained gave me comfort, but it was also an incredible learning experience. I’ve learned a lot more about Bitcoin in a couple of hours of setup and tinkering than in the last few years. With a little guidance, my 58-year-old father was able to set up a multisig wallet within two hours.
Whether you choose a traditional single-signature wallet, a self-sovereign multi-sig wallet, or a managed multi-sig solution like Unchained Capital, the most important factor is to be self-managed and self-sovereign. Therefore, each time UTXO withdraws from the exchange, the risk of prisoner of war and re-hypothesis is proportionally reduced.
As the great patch-off-Rihan once said, “If you can dodge the wrench, you can dodge the ball.. I’m here to tell you, if you can read these words, you’re smart enough to self-manage your coins. No excuses.
Rights and responsibilities are the same. The right to maintain freedom requires that responsibility. By holding the key and taking autonomy, you can make your network even stronger. Don’t give up your freedom. Take responsibility and grab it.
This is a guest post by Mickey Koss. The opinions expressed are completely original and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.
