The All-Important Journey to Bitcoin Self-Custody

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This is an opinion op-ed by Mark Maraia, an entrepreneur, author of “Rainmaking Made Simple” and Bitcoiner, and Casey Carrillo, associate editor of Bitcoin Magazine.

One of the many things that makes bitcoin such an incredible asset is our ability to take ownership of our private keys. This capability is so new and revolutionary that the Law Commission of England and Wales has produced a 500-page report proposing to create a new form of property law for digital assets.

As I reflected on how long it took me to take possession of my private keys, I realized that this might be somewhat informative for others. Given that I’m a baby boomer and not the least bit tech savvy or inclined, it took me months to feel comfortable enough to take ownership of my private keys. My thought process – which I think is similar to many others – was that I trusted a third party exchange – which is nothing more than an IOU for bitcoin – After that I trusted myself. So my journey started when I bought a small amount of four types of digital assets – including a bitcoin – in March 2020. I bought this bitcoin on a centralized exchange and didn’t know enough about it at the time. era to learn more about private keys.

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