Quote from: Fiatless on Today at 02:39:24 AM

Quote from: Zoomic on October 27, 2024, 08:02:29 PM

Quote from: Stepstowealth on October 26, 2024, 01:32:56 PM

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.

I think that person is not being honest to you and himself, he is just afraid to try. No matter the kind of investment one intends to do, he must take some security measures to ensure that his investments are not hijacked from him. If that investment really means anything to him, he will protect that investment like his life depends on it. Those excuse is coming from someone who is not ready to risk his money investing in bitcoin. It is not necessary to recommend bitcoin to this kind of people because they are not disciplined and cannot take risks. Convincing him more to invest against his will might really be complicating things for you and the investor as you may also be held responsible for his own carelessness.

He is honest with himself since he understands his lapses. His fault is that he is careless and prefers to transfer his responsibility to a third party. He prefers not to learn about keeping his funds safe and doesn't mind if he loses them by putting them in the custody of a centralised platform. Some people are comfortable with government-regulated platforms because they assume that they will get their funds back if anything bad happens. My take is that Bitcoin investment is not for everybody.

Thats it, there are those who have no problem letting 3rd party entities look after
certain aspects of their data.

When it comes to Bitcoin for those not willing to take custody of their property they
would rather just remember a password to their online wallet, its careless, especially
for something as rare and precious as Bitcoin.