Can self-custody be too difficult to practice by a crypto investor? Because I spoke to somebody about bitcoin and the person responded by saying that they are not too sure that they can trust their self to keep their investment safe because of their careless nature, and this got me thinking because can I call this person being very sincere or the person is just afraid to try.
Everyone should be in-charge and control of their bitcoin investment, and if somebody knows that they cannot practice self custody then I don't believe that bitcoin should be what they are investing in because it is simply not safe for someone else to be helping you manage your investments in bitcoin.
You certainly have many excellent points on self-preservation and problems a crypto investor faces. Taking care of oneself demands quite a bit of responsibility and attention and cannot be induced in all. Your friends' concerns, based on which they do not have the capability to manage their Bitcoin safely, mainly due to negligence, are valid and justifiable. Extremely Important Self-care is not for everyone Control over your investments fits the concepts of regulation and personal sovereignty under which Bitcoin's rule operates, but it comes with enormous risks: since the attacker is also the one who lost the keys or fell during the attack.
There are alternatives. Consider these things:
- Lessons Learned: We will start with a small amount of Bitcoin and relax into the industry. without having to invest large amounts of money into something that could put them at risk.
- Multiple signatures: There are many keys that can authenticate a transaction. This can create security and reduce the possibility of having a singular point of failure.
- Preferred care: Although this may not be suitable for those who love brands, but a trusted care service can be a much safer option to a patient who is not in an able position to fully take care of themselves. One however must do thorough homework and find the right company.
After all The difference between self-care and care services lies in your comfort level, familiarity, and willingness to take responsibility. Bitcoin also values a form of financial independence. However, this must be balanced with reasonable consideration for security and privacy. Encourage people to understand their limitations and choose the right path for their situation. It can be slow for some people, and that's all right. What's more important is that they're making decisions appropriate for their comfort level and safety.