Bitcoin Storing Approach

[goldkingcoiner]

Is self-custody still the best option for holding Bitcoin long term?

Guys, just want you to know my point of view.

It can be a good option to hold Bitcoin for the long term, but it comes with more responsibility.

The benefit is controlling the private keys on your own rather than relying on a custodian.

I also recommend offline or hardware wallets for savings.

The risk is losing or exposing your seed phrase unintentionally. If someone gets it, they can potentially take your BTC; if you lose it, recovery may not be possible.

So, my view: for long-term Bitcoin, self-custody makes sense if you’re willing to learn basic security and keep your backup offline and secure.

I also want your opinion. Why do you think, guys?

Any Bitcoiner will definitely know that self custody is the only way to go. You could let a custodian store the wallet, for example a hardware wallet, but that does not mean that you should give them access to the coins in that wallet. They should not even know the wallet address, if you ask me. But that is neither here nor there.

Your security is only as good as you make it. A lazy person will make lazy security and maybe lose their wallet access.

I doubt that they would make such a mistake a second time.

Stay vigilant and your wallet is safe.

[BlackHatCoiner]

Self-custody is obviously the best way to store the bitcoin. One could say it's the only way.

Just because a hardware wallet got hacked, or an inside job took place, and ~2000 BTC got stolen, it doesn't render the principle of self-custody wrong. There have been literally millions of bitcoin stolen from exchanges.

You just need to be more careful. Not relying blindly on a single-sig seed, generated from a random hardware wallet, and that's it.

[Cleanshit]

Self-custody still remains the best, but note that the security lies in your hands, and if you are careless about how you handle your wallet by creating vulnerabilities, then know that you are not still safe. Once you are in control of your Bitcoin, it is also expected that you maintain the normal safety standard for operating a non-custodial wallet, if you don't create a loophole from your end, it will be very difficult to discover you're under attack.

Self custody gives you the control and that control also means that you should do take the security serious also. Being careless even with a good wallet, bad handling can cause a vulnerability. To do avoid unnecessary risks for self, is to make sure yot understand the basic security practices.
Having to give your bitcoin a good responsibility you need to protect well. Freedom won't just come, responsibility and self custody is needed to be put into consideration.

[MRY]

Self-custody is obviously the best way to store the bitcoin. One could say it's the only way.

Just because a hardware wallet got hacked, or an inside job took place, and ~2000 BTC got stolen, it doesn't render the principle of self-custody wrong. There have been literally millions of bitcoin stolen from exchanges.

You just need to be more careful. Not relying blindly on a single-sig seed, generated from a random hardware wallet, and that's it.

Although the maintenance of private keys gives the ultimate control that the centralized exchange does not, extra care is necessary. The recent tragedy of hardware breach proves that there is no system that is absolutely immune to attacks without using more than one level of security. Dual signature scheme in combination of recovery phrase location in different locales is a feasible method of ensuring asset safety against more advanced physical and cyber hacking attempts.

[Stalker22]

~
So, my view: for long-term Bitcoin, self-custody makes sense if you’re willing to learn basic security and keep your backup offline and secure.

But if "serious self-custody",  to you, just means learning the "basics", then you are very poorly equipped for the real-world threat models and how to protect your assets.  Hardware vulnerabilities, supply chain attacks, proper backup redundancy, multisig setups, and so on.  These are all things you should be familiar with.

[DubemIfedigbo001]

Why do you think, guys?

Best option is self custody, but this is for those who really want to learn. And for others, CEX is the better than self custody because self custody is in a wrong way always be dangerous.

There is no justification that makes CEX better than self-custody no matter how you frame it. I see no reason a person would not be interested in learning better practices at securing his money. Well if they are not willing to learn in a gentle way, then perhaps they learn the hard way when they loose their coins.

Nothing beats self-custody, the coins you have in a CEX is not really your own, the balance you see in your account is a digital representation of what the CEX owes you, there is no guarantee they pay you your coins because your withdrawals can be restricted for any reason and worse still if they file bankruptcy or get hacked, the coins may never get to you. NOT YOUR KEYS NOT YOUR COINS

[Maslate]

Well, self-custody comes with high responsibility to protect your bitcoin, to protect your assets, so if you want to hit that goal, then you have to exert time and effort in learning all those security measures, not just the basic ones but even those complex ones so that even those smart hackers cannot find a loophole and make us fall into their trap.

With this, I still find it the best option to safely hold our bitcoin for long term. However, custodial wallets may still be good, but not really safe when it comes to long term storage.

[Odogwu-Blockchain]

Nothing beats self-custody, the coins you have in a CEX is not really your own, the balance you see in your account is a digital representation of what the CEX owes you, there is no guarantee they pay you your coins because your withdrawals can be restricted for any reason and worse still if they file bankruptcy or get hacked, the coins may never get to you. NOT YOUR KEYS NOT YOUR COINS

That's exactly the worst part of the whole thing called cex, even the most largest and strongest exchange do get hacked, and investors funds are gone. To be honest, this let me wonder if crypto is just making hackers becoming rich overnight, because it's getting too much.

So many DeFi platforms gone down cos of this, Binance too got hacked, no one is actually safe. It's truly, not your keys, not your coin.

[Alphakilo]

Nothing beats self-custody, the coins you have in a CEX is not really your own, the balance you see in your account is a digital representation of what the CEX owes you, there is no guarantee they pay you your coins because your withdrawals can be restricted for any reason and worse still if they file bankruptcy or get hacked, the coins may never get to you. NOT YOUR KEYS NOT YOUR COINS

That's exactly the worst part of the whole thing called cex, even the most largest and strongest exchange do get hacked, and investors funds are gone. To be honest, this let me wonder if crypto is just making hackers becoming rich overnight, because it's getting too much.

So many DeFi platforms gone down cos of this, Binance too got hacked, no one is actually safe. It's truly, not your keys, not your coin.

Sometimes I wonder if we would ever get to see the end of hackers stealing our funds both in cold storage and hot wallets, because it seems no option is safer but maintenance and management practices is what assures more security over ones holdings.
I don't intend to bring up the coldcard incident, but because of that, so many investors are contemplating ETF or even CEX as a preference but I still don't think they serve the purpose of maximum security.

It's better to balance ones portfolio between using a cold storage wallet and a hot storage for ease and for the mere reason of not putting all your eggs in one basket Incase of hacks or scams that come unexpectedly and can render ones portfolio empty. That's the best course of advice I can give.

[Japinat]

Not your keys, not your coins. By basing on this concept alone, you will know already that trusting a custodial wallet isn't the best option because you are only putting the high risk to lose your coins in the long run. You might wake up one day that you have lost already all your coins, and its now safely on the hands of its new owner, the CEX.

This is why when it comes to bitcoin storing, a non-custodial wallet is still the best and the safest option because you have the full custody over your private keys and your digital funds. It is like your own bank, however it comes with high responsibility as well to protect your bitcoin.

[Agathamay]

Is self-custody still the best option for holding Bitcoin long term?

Guys, just want you to know my point of view.

It can be a good option to hold Bitcoin for the long term, but it comes with more responsibility.

The benefit is controlling the private keys on your own rather than relying on a custodian.

I also recommend offline or hardware wallets for savings.

The risk is losing or exposing your seed phrase unintentionally. If someone gets it, they can potentially take your BTC; if you lose it, recovery may not be possible.

So, my view: for long-term Bitcoin, self-custody makes sense if you’re willing to learn basic security and keep your backup offline and secure.

I also want your opinion. Why do you think, guys?

There's absolutely no best approach to bitcoin safety than self custody because these was and is still the basic principle for creating bitcoin at first and in recent time, I think if I remember well, I had a discussion with friend and he was talking about how he can't hold his bitcoin by himself with his basic reason is simply not being responsible for if anything goes wrong and I was really wowed at the kind of mentality people had and even if I didn't have to talk so much down on his opinion because he was a very temperamental person, I tried as much as I could to chipping in my little idea and told him that firstly, nobody starts an investment and expects something to go wrong with it just as nobody buys a car and expects something bad to happen to the car and the moment he takes off that very mentality, then he should rather focus his energy more on how to secure their wallet either hardware or software wallet, there are very good ways to keep them safe and I also made it obvious to him that, nobody can take care of his money than he can and I jut believe I left him thinking my ways and not the other way round .

[PrivacyG]

Here is my perspective.  The Bitcoin White Paper has not changed and the direction of this project has not changed either so we are supposed to be here in order to ESCAPE from Third Parties and not join them.  Bitcoin has every thing you need with no other Third Party involved.  So why exactly people choose the 'comfort' of having another person to check things for them and help them out in front of the comfort of being 'your own boss' and doing every thing you want with no limits, I do not understand.