Self-custody is for everyone!
In the future, almost everyone will self-custody. And no, I don't care what the Bitcoin maximalists say, this is a very realistic goal.
I'll break down why/how.
Everyone ALREADY self-custodies!
Whether it's your email, your phone, your bank, whatever centralized service you use, you already control your own access to it: login credentials, password, just having it logged in on your phone, etc.
Where people get confused is the backups.
If you get logged out, forget your password, etc. How do you get back in? KYC, or proving your identity. And how do you do that? With a phone number, government ID, ID number, etc.
And if you can't prove who you are, you don't get back in!
What happens if someone steals your ID, hacks your phone, etc.? Identity theft!
Custodial services have NO advantages over noncustodial, except they're honeypots and can rug you!
The only difference is, right at this moment, recovery and private key storage solutions aren't quite as built-out or advanced. Especially with biometrics, the ultimate last resort of recovery.
But very soon they will be.
People without your best interests at heart are trying to convince you that they need control over your funds, communications, identity, and life. They want to expand this to crypto, the single best tool for sovereignty in human history.
Don't let them. Learn to properly self-custody now.
Posted Using INLEO
It's crazy to think that i can go into my bank, request the money that i placed there and be denied without giving them advance notice and explain why i want my own money.
At some stage this has to change as we can see more and more governmental interference in our lives.
THat's just one of the reasons why i love hive and crypto so much. All we need next are easier on and off ramps from our crypto to the real world POS.
that was the reason i didn't have a card for more than 10 years (could not use my own money so i just took everything out). Then i went to Amsterdam for Hive Fest and almost died of hunger, thirst and lack of ability to buy transportation tickets. Lucky to have Hive people happy to take my HBD for it and pay with their cards :D
Yeah it's a digital world!
When I go to Amsterdam I have a crypto card on my watch that I reload frequently (never keep much on there).
I really am surprised of how many people in the crypto community don't believe in freedom from fiat, banks, and government control. It just boggles my mind.
Proportionally, compared to the regular world, I would say this is much rarer in the crypto world.
It used to be that 100% understood sovereignty. Now it's like 60%. But that's much better than the regular world, where it's like 10% (optimistically).
Well that is better than the 10%
For sure.
Good article like always, thanks for all the good info!
Cheers!
the self-custody is a bit nerve racking for most because the first thing you learn is you and only you are responsible for your keys.
one thing i find interesting is that i never think about my hive and HBD in that way. Never had the what if i leak a key. There are some people who do not like how staking and unstaking works here but it is the ultimate safety, combined with decentralized account recovery it is a pretty good system.
Yeah, somehow people don't think keeping an ID number or their government number like SSN is nerve-wracking.
it just needs normalising. Banks have held on to a strong narrative for a long time, but they're no longer protecting our gold bullion from masked bandits. We'd be fine (mostly) holding those numbers for ourselves!
oh my not loving banks is on a high lvl. just today i had a rant about transaction fees being a % of the transaction :D wtf do they do differently if my transaction is 50$ or 500$. is someone looking at the screen looking harder while 500$ are going through?
yeh thats a crazy stupid thing
US has all that social security numbers thing awareness for a long time, you would be surprised how unaware people here are about it.
especially with digitalization. most people here skipped the late 90 early 00 of digitalization and i feel have no idea what is going on.
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