Bitpunk on Nostr: Taking it off an exchange gives you full control, means you're immutable by a ...
Taking it off an exchange gives you full control, means you're immutable by a custodian/government, but also makes you fully responsible...
Take it in steps, try a hot-wallet first for smaller amounts under $1000, transfer something, learn about fees, trace your transactions on mempool.space (great tool for understanding what is happening and what a UTXO consists of.
Then, when you feel comfortable, get a hardware wallet, MUST be open source (NOT ledger), and ideally is a Bitcoin only wallet. Get it from the official seller to be safe.
If you're stacking over $10.000, it might be wise to start looking at a multisig wallet, this is expert level, took me a couple of months of playing around to feel comfortable setting up a multisig setup with different hardware wallets, don't try to immediately go for the most difficult setup.
Take the small steps first, most important thing for self custody is getting security down. Keep your seed phrase only physical, never on a pc/mobile (unless playing with a hot-wallet where you'll have to have it in some app to use it). Just assume someone is always trying to steal your Bitcoin. Sounds scary, but being careful and responsible with your funds is the price of being in full control. It's worth it 😊
Send me a message if you need help, but best to just ask here in the open, so people don't try to scam you in private.
Take it in steps, try a hot-wallet first for smaller amounts under $1000, transfer something, learn about fees, trace your transactions on mempool.space (great tool for understanding what is happening and what a UTXO consists of.
Then, when you feel comfortable, get a hardware wallet, MUST be open source (NOT ledger), and ideally is a Bitcoin only wallet. Get it from the official seller to be safe.
If you're stacking over $10.000, it might be wise to start looking at a multisig wallet, this is expert level, took me a couple of months of playing around to feel comfortable setting up a multisig setup with different hardware wallets, don't try to immediately go for the most difficult setup.
Take the small steps first, most important thing for self custody is getting security down. Keep your seed phrase only physical, never on a pc/mobile (unless playing with a hot-wallet where you'll have to have it in some app to use it). Just assume someone is always trying to steal your Bitcoin. Sounds scary, but being careful and responsible with your funds is the price of being in full control. It's worth it 😊
Send me a message if you need help, but best to just ask here in the open, so people don't try to scam you in private.