Can the Average User Truly Self-Custody Bitcoin?

[DPHOR]

But do you really think it's an interface problem, or does the crave for convenience just overdrive the impulse for funds safety.

When the bank ATM was introduced, many people claimed that they would not use it because it was complicated. The same thing was said about online banking. But today, many Nigerians are comfortably using these platforms. One does not need technical knowledge to learn the basics of self-custody. Any literate person would easily understand how to use and safeguard a wallet if they are interested. My take is that convenience is the major reason people choose noncustodian wallets or platforms. 

You are right and whenever they are careful with their data they can as well safeguard whatever it may be.
As a matter of facts, the people whom we think can not secure their wallet are the people who do end up securing their seed phrase properly than we can imagined, and even when we talks about ATM card, even now old women and men do use it provided that you told them how to insert the card and input their pin, the easily go to the Machine and have their cashed withdrawn without having any issues. Same its with the non-custodian wallets.

[obuoma]

I don't see self custody as complicated or difficult as you think. It's all about keeping your seed phrase safe from third-party and have multiple backups. You can also add pass phrase to your seed phrase for additional layer of security. I have been using Electrum wallet for three years now without any issues of the problem you mentioned in the OP. Your wallet security boils down to how you take it serious.

Self-custody starts from choosing the right wallet which should be open source wallet or hardware wallets. If the right wallet have been chosen, the bulk of the job is on how to protect the private keys and the wallet itself from unauthorized access which is where many people fail. As a tip, the private keys should never be stored in anything connected to the internet because it can never be safe that way. Last but not the list, many backups must be created and properly protect.

[promise444c5]

UI shouldn’t even enter the debate lol..
Non custodial walletswallet aren’t as hard to understand as the CEXs, the most popular custodial wallet. I’ve seen people reach out because they can’t navigate their CEX account holding their funds because of so much sections they comprise.

If they can learn to use exchanges then they can learn to use self-custody wallets.. all they need is the learning resources which is available freely online. Keeping the seedphrase is just where most people get it wrong.

[Hyphen(-)]

This is because they were told that it is complex and that is enough to make many not try them since oftentimes words of such is enough to discourage others.
This has an impact on others and it's often the reason for the whole complex view points of self custody. If at first people are brought in to the crypto space or investment through the process of self custody things would have been better. It's not like our non-custodial wallet like  Electrum and Bluewallet are actually complex that we often see the majority introducing others through CEX.

It still depend on understanding and who introduced the newbie unto crypto. Most newbies were just introduced to the use of Centralized exchanges mostly due to their good and simple user interface and their ability to convert their crypto into fiat without much problem. Some of them will come to realize that their privacy is been tempered with, from then, the wise once will start to learn about non-custodial wallets and then plan how to move their wealth back there so that they can take full responsibility over their Bitcoin.

The truth ia that everyone that is ready to secure their wallets themselves can have self custody, it is nothing difficult, it is very simple if you really care about the safety of your Bitcoin. We have free wallets like Electrum and Bluewallet that we mostly use, you will just need to set up the wallet and then look for a very safe way to keep your seed phrase safe because not your keys, not your Bitcoin.

[DiMarxist]

Self custody is the first thing that anyone coming to crypto currency should be aware of. This this because self custody is as important as your coins, because without a good background on self custody one can easily lose his coins. Self custody is just beyond having a knowledge about how to keep your coin from a third party which is usually the notion which is presented but self custody means taking responsibility of our investments which involves one to take the security of his investment seriously, this should involve becoming security conscious by taking steps that will help security of their wallets more serious.

[Audrey Simmons]

A person needs to be so dump, and careless, an extent to which they eat through their nose, to be unable to manage self custody. The least and easiest way to protect assets using hot wallets, by taking down the seed phrase manually, I don't know how difficult this is to anyone, keeping it safe is neither a problem.

Who are these average users? social medias can be more complicated than using a non custodial wallet, an average users knows how to operate the internet but can't use a non custodial wallet? Centralized exchanges are even more complicated, because there are trading options and one has to learn how to avoid mistakes. An average user has plenty of time to learn about using non custodial wallet.

[Amphenomenon]

This is because they were told that it is complex and that is enough to make many not try them since oftentimes words of such is enough to discourage others.
This has an impact on others and it's often the reason for the whole complex view points of self custody. If at first people are brought in to the crypto space or investment through the process of self custody things would have been better. It's not like our non-custodial wallet like  Electrum and Bluewallet are actually complex that we often see the majority introducing others through CEX.

It still depend on understanding and who introduced the newbie unto crypto. Most newbies were just introduced to the use of Centralized exchanges mostly due to their good and simple user interface and their ability to convert their crypto into fiat without much problem. Some of them will come to realize that their privacy is been tempered with, from then, the wise once will start to learn about non-custodial wallets and then plan how to move their wealth back there so that they can take full responsibility over their Bitcoin.

Is good that you said some but there are still others who would have loved to bit since they are already in it, they might just want to remain except they fall victim or someone closed to them which is often the case before the false comfort is seen clearly while there are still others who might just quit entirely.

Informing others about the false benefits and dangers of not picking self custody would be better than they getting informed later, some might learn after being victims. It's better they're informed about both ways and they pick themselves.

[OsaiEmma]

But do you really think it's an interface problem, or does the crave for convenience just overdrive the impulse for funds safety.

Ok lemme serialize my points:

1)  Bitcoin initially, as you stated was all about self custody. When it came out, there was no centralized platforms, it was just you, your private key, and your wallet address. So, if you're coming into Bitcoin, learn these at least. Learn the concept of me, my private key, and my wallet.

2) How does people keep their bank details safe. We should also keep our wallet details safe in such manner. There are a lot of cases where individuals were careless with their bank details and they where drained of their money in their account. This issue is everywhere, and we have been keeping our accounts safe. So we should apply the same mindset and principle, even with more consciousness and safety measures.

3) But then again, having a 3rd party assistant is not a bad thing. Even while handling your bank processes, if you're not well educated, you'll need assistant from others too, and if it is something sensitive, someone you trust will help with it.

So in conclusion, we shouldn't make this space too difficult by saying the only way is the self-custody way. But rather, the best way is the self-custody way, and if you can't handle it, instead of losing everything due to your incompetence, use a 3rd party service. At the end of the day, you're still a Bitcoin investor.

[CryptopreneurBrainboss]

But do you really think it's an interface problem, or does the crave for convenience just overdrive the impulse for funds safety.

Let's think about this, both scenarios can be used as excuse where people make use of the different options available for safeguarding their Bitcoin. Some people might decide that the user interface of most of the non custodial wallet are not that easy to use but it isn't always accurate although they can be a bit difficult to navigate but after just one or two trials anyone should be able to navigate any of this wallet very easily.

Most people are just too lazy, they don't want to hold their self accountable for safeguarding their own money that is why they rely on exchanges and all this available centralized wallets. An average user can be a self-custodial to their Bitcoin but they need some level of self awareness for this to be achieved and we have various mediums in which anyone interested can learn on how to simply guide their Bitcoin.

We have many online creators reviewing decentralized wallet and teaching new investors on how to operate them so there is definitely no excuse why anyone will choose to be ignorant.

[Bizgaidin Awal]

I don't see self custody as complicated or difficult as you think. It's all about keeping your seed phrase safe from third-party and have multiple backups. You can also add pass phrase to your seed phrase for additional layer of security. I have been using Electrum wallet for three years now without any issues of the problem you mentioned in the OP. Your wallet security boils down to how you take it serious.

Self-custody starts from choosing the right wallet which should be open source wallet or hardware wallets. If the right wallet have been chosen, the bulk of the job is on how to protect the private keys and the wallet itself from unauthorized access which is where many people fail. As a tip, the private keys should never be stored in anything connected to the internet because it can never be safe that way. Last but not the list, many backups must be created and properly protect.

Self custody in anything you do been it what? either crypto currency or bitcoin mining or Wallet funding you need to curious about well known on what you make as your security pass you can go with something like (letter,number,letter,symbol) A very strong security pass because any mistake can lead to bankruptcy. So is necessary for to take charge of your activities serious and consciously minded.But in another reason u can have custodial company control with will monitor and help manage all the activities and safety of your bitcoin or crypto wallet with highly effective strategies for security management base on bitcoin.

[Dogedegen]

But do you really think it's an interface problem, or does the crave for convenience just overdrive the impulse for funds safety.

Ok lemme serialize my points:

1)  Bitcoin initially, as you stated was all about self custody. When it came out, there was no centralized platforms, it was just you, your private key, and your wallet address. So, if you're coming into Bitcoin, learn these at least. Learn the concept of me, my private key, and my wallet.

2) How does people keep their bank details safe. We should also keep our wallet details safe in such manner. There are a lot of cases where individuals were careless with their bank details and they where drained of their money in their account. This issue is everywhere, and we have been keeping our accounts safe. So we should apply the same mindset and principle, even with more consciousness and safety measures.

3) But then again, having a 3rd party assistant is not a bad thing. Even while handling your bank processes, if you're not well educated, you'll need assistant from others too, and if it is something sensitive, someone you trust will help with it.

So in conclusion, we shouldn't make this space too difficult by saying the only way is the self-custody way. But rather, the best way is the self-custody way, and if you can't handle it, instead of losing everything due to your incompetence, use a 3rd party service. At the end of the day, you're still a Bitcoin investor.

1) Sure but this does not really tell us anything. Even in the earliest days you had people who failed to properly self-custody or use Bitcoin and this lead to losses. Platforms actually stated coming up quite early, within 2 or 3 years after it was released so the period where you had to really self custody was very short.

2) This is not the same. Many cases of fraud are reversible, many are easily reversible and you can even buy insurance for fraud. If someone steals your Bitcoin it is gone, there is nobody that can help you. Sometimes funds are recovered with cooperation of platforms but this is only possible because the people that stole them are making errors. If they do not make errors, recovery is basically not possible. To add to that, the security of the bank app and the security of self custody are completely different topics. Self custody is much more difficult with many things that can go wrong.

3) Yes it is, for you as a person and for Bitcoin as a network. As more people don't do self custody this creates risk from platforms getting hacked but also different manipulations of the market. Also it is important for the decentralization of Bitcoin, so we should teach as many people as possible to self-custody and never allow lazy reasons to share different views on this.

[Boiboi20]

I don't see self custody as complicated or difficult as you think. It's all about keeping your seed phrase safe from third-party and have multiple backups. You can also add pass phrase to your seed phrase for additional layer of security. I have been using Electrum wallet for three years now without any issues of the problem you mentioned in the OP. Your wallet security boils down to how you take it serious.

Honestly don’t see self custody as being as difficult as you are making it sound at the end of the day it mostly comes down to how well you protect your seed phrase and make proper backup you can even add a pass phrase for extra security if you want more protection i have  been using electrum wallet for about three year now and i have not faced any of the problem you mentioned in the op in the end wallat security really depend on how seriously you take it and how careful you are with protecting your keys.

[Lembo69]

Ordinary users can keep their Bitcoins in self-custody if they want. But they have to take some measures, such as keeping the pass key or seed phase in self-custody. Keeping your personal information away from others, not telling them who. Storing Bitcoins in a reliable wallet. A new investor can fall victim to many scams, but if he can apply his basic knowledge in investing, then these are not a problem for him. Scammers will try to scam in many ways, if you can refrain from them and do not fall into their trap, you can keep your investments in self-custody.

[Cassius55]

I'm a newbee here because I' am very young but I study crypto world very deeply. Recentrly, I must create a Binance account becouse I don't have alternative for buy some satoshi, after I transfer this satoshi in my new brilliant self custody wallet. A very low amount of BTC but I am very jealous because they are my first portion of bitcoin, in my hand under my control totally. I know it is wrong open a binance account, but I have my first sats, proud of me.

[Grace333]

On thing na to use self custody the other na know how to properly use. To save your seed phrase for paper no means say make you careless with your wallet if person get hold of your phone and your wallet no dey locked e go still tif wattin e wan tif, na why if you dey use your phone for your wallet you must make sure to protect am with same value of money wey you no like to lose at every time wey the phone dey with you. But if you know say you sabi forget the value of your phone because of over familiarity just go buy cold wallet any good hardware wallets.

[Moreno233]

I'm a newbee here because I' am very young but I study crypto world very deeply. Recentrly, I must create a Binance account becouse I don't have alternative for buy some satoshi, after I transfer this satoshi in my new brilliant self custody wallet. A very low amount of BTC but I am very jealous because they are my first portion of bitcoin, in my hand under my control totally. I know it is wrong open a binance account, but I have my first sats, proud of me.

As a Nigerian, how did you buy Bitcoin from Binance? I'm curious to know because Binance stopped P2P for the NGN following our government activities against the exchange and the arest of their staff. If there is another way to buy Bitcoin from Binance, I will love to know.

You are doing the right thing with how you handle your Bitcoin even though you are still new to the business. Understanding of self-custody at this early stage is a big plus for you as it will save you from some painful experience that lots of new investor faces.

[Lida93]

Yes nah, nothing dey there to custody bitcoin when you fit go online download any open source hot wallet if no be plenty bitcoin you dey custody you go wan use electrum and blue wallet cos nah them dey simple for beginners to use. See bitcoin self custody in the way we dey do wood or iron saving box come the pit money inside small small till the money plenty reach when we decide to break am after a long time. For bitcoin the prominent word for that nah accumulation.

[abaeze]

Since the security of self-custody depends on the Seed phrase, user awareness, and the security of the wallet and device. So self-custody may seem a bit complicated for the average user.
However, I think the biggest challenge of self-custody is not technology but human habits. Because if someone does not use a strong PIN, biometric lock, updated software, and is not careful about fake wallets, malware that user can be in danger at any time. Again, many people keep their PIN weak for convenience, take a picture of the seed phrase on their phone, or click on unknown links. These mistakes are the cause of most Bitcoin losses. So, good security does not come just from a good device or a good UI, but it comes from developing good security habits.