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mulecolt / Mulecolt
npub1099…p0tx
2024-11-11 13:52:22
in reply to nevent1q…2v5d

mulecolt on Nostr: If you have more than say 20% of your net worth stored in bitcoin it usually makes ...

If you have more than say 20% of your net worth stored in bitcoin it usually makes sense to go with a multi-sig solution assuming you have a solid strategy. Multi-sig also helps with inheritance.

But even if you store your core bitcoin in multi-sig I’d still have some amount in a wallet where you can memorize the seed phrase just to have it as a worst case scenario.

The most important things are to never store bitcoin on an internet connected device, never create a digital copy of your seed phrase(s), and never signal you are a bitcoin holder. If you evangelize make sure you know who you’re talking to and even then don’t talk specifics around your holdings.

Also have multiple copies of your phrase(s) stored in secure locations like safes and don’t store it all in one wallet.

Services like Casa and Unchained Capital are worth the price if you are in the US and planning to store the bulk of your monetary energy in bitcoin.

I honestly expect most people will use custodial services as banks and other financial institutions get more involved on regulatory inflections. Also custodial lighting just works a lot better. But IMO these would be small amounts of your bitcoin you’d use for transactions or potentially collateral for loans. Never enough that it would ruin you if you lost it.
Author Public Key
npub10997w3qsyvsvtdrmmzys0wvy9aumz6u29jpdkzdq95h6xpf0h69s2kp0tx