Self-Custody: Taking Control of Your Bitcoin Wallet
The conventional financial system relies heavily on custodial services, which many people trust without considering the potential consequences. Storing our hard-earned value in Canadian dollars in a bank makes it the bank’s property, and we must ask for permission to use, move, or withdraw our funds.
Fortunately, as Canadians, we rarely experience bank runs or collapses. However, we’ve seen the government restrict access to people’s funds due to their political opinions.
Trusting Your Bitcoin Wallet to a Custodian: Potential Dangers
Similar to the traditional financial system, storing your bitcoin and crypto on a custodial exchange means entrusting your assets to a custodian. This comes with significant risks. Numerous crypto exchanges have failed in the past, and more will likely follow in the future.
At Bitcoin Well, we firmly believe in the saying, “not your keys, not your coins.” We highly recommend maintaining full control over your bitcoin by storing it in a non-custodial cold wallet, such as a Ledger, Trezor, Keepkey, or Coldcard.
The Benefits of Non-Custodial Bitcoin Wallets
- Sole Control Over Assets: Exclusive access and management of your funds
- No Reliance on Custodians: No need to trust a third party or ask for permission to use/send funds
- Reduced Risk of Hacks/Theft: Offline storage of private keys minimizes security risks
- Greater Privacy: Confidential and discreet management of digital assets
- Customizable Security Features: Options like multi-signature and passphrase protections
- Peace of Mind: Complete control over assets provides security and independence
By using non-custodial bitcoin wallets, you can enjoy increased security, flexibility, and privacy, while maintaining full control over your digital assets.
Bitcoin Well: Fast and Secure Non-Custodial Services
We at Bitcoin Well take pride in offering the fastest and safest way to buy bitcoin through our non-custodial products and services. When you buy and sell bitcoin with us, we never hold onto your assets, and you don’t need our permission to cash out or send them. Simply send us fiat currency, and we’ll transfer the bitcoin directly to your (ideally) non-custodial wallet.
Educating Yourself on Non-Custodial Wallet Security
To enhance the security of your non-custodial wallet, it’s essential to educate yourself on best practices. Always keep your private keys and recovery phrases secure and offline. Make sure to back up your recovery phrase in multiple secure locations, and never share it with anyone.
Embrace Self-Custody for Greater Control and Security
By taking control of your bitcoin wallet, you can enjoy greater security and independence. Non-custodial wallets offer numerous benefits and, when combined with the fast, secure services of Bitcoin Well, provide a seamless experience for managing your digital assets.
Benny Sarnelli - Senior Customer Experience Leader @ Bitcoin Well
Meet Benny, the Customer Operations Leader for Bitcoin Well. Benny is dedicated to educating and onboarding new users into the world of Bitcoin and is passionate about helping people understand and navigate the world of cryptocurrency.
