Why Self-Custody is Important
The traditional financial system has deep roots in custodial services and it is something the majority of people trust without considering the consequences. When we store our earned value in CAD and then store it in a custodial service like a bank, it becomes the property of the bank and we need to ask them permission to use, move or withdraw our hard-earned value.
Luckily as Canadians, we don’t often see a run on the banks and we have not had to endure a bank’s collapse. Although recently we have seen the government step in and prevent people from accessing their earned value due to their political opinions.
Just like in the traditional financial system, if you hold your bitcoin and crypto on a custodial exchange, you are trusting your earned value to a custodian. With that comes incredible risks. We have seen many crypto exchanges fall recently and in the past, and we will likely see many more in the future.
“Not your keys, not your coins”
At Bitcoin Well, we live and breathe the statement, “not your keys, not your coins” and we highly recommend having full control of your bitcoin and storing it in a non-custodial cold wallet like a Ledger, Trezor, Keepkey, or Coldcard. When you store your bitcoin and crypto in a cold wallet that you have the private key or recovery phrase for, only you can access your earned value and you do not have to trust a custodian or ask permission to use it or send it to anyone, anywhere, anytime.
We at Bitcoin Well are proud to provide the quickest and safest way to buy bitcoin through our non-custodial products and services. When you buy and sell bitcoin through Bitcoin Well we never hold your bitcoin and you do not need to ask our permission to cash it out or send it. You send us fiat and we send the bitcoin right to your (hopefully) non-custodial wallet.