And how are people buying/trading bitcoin now if they don't want to use third-party exchanges or custodial wallets?
I'm doing some research and writing about the history of bitcoin, and am curious if there are any OG bitcoiners out there who can tell me how it worked before bitcoin got big.
There are many different ways of purchasing Bitcoin, but the most important part is that nobody can stop you from purchasing Bitcoin, even if you did not go on a third-party exchange or custodial wallets.
The truth is, it does not matter if you are trying to sell Bitcoin or an expensive luxury item (like a car). Either way you can sell it without the need of a third party. All those third-party platforms are there for comfort, security and insurance.
Either way, any process regarding fiat involves trust. That is why we trade it in for Bitcoin in the first place.