One of the greatest strengths of Bitcoin is that it allows individuals to take full custody of their wealth, no intermediaries, no gatekeepers, and no need for permission. But with that freedom comes absolute responsibility.
Absolutely, responsibility is key but unfortunately too many people dont take that responsibility
and offload it to a 3rd party exchange for example. a decent hardware wallet is less than $100
but still some people think its too much and wont spend the money on one.
If you lose access to your private keys or recovery phrase, there is no support line to call, no way to reverse the loss. Your assets become permanently inaccessible, no matter how much they’re worth or how long you’ve held them. It’s a harsh reality. Many people in this space still underestimate until it’s too late.
Yes, some people have learned in the past by this harsh reality, I can imagine its soul destroying.
This is a reminder for everyone to recheck and re-evaluate their wallet situation
So I’d like to ask the community how you have personally prepared for the possibility of loss? Do you have an inheritance plan? Have you implemented multisig or other secure fallback systems?
I think anyone who is around Bitcoin for a number of years and has seen the various exchanges
getting wrecked, and the constant reminders to take custody of your coins already have their
various plans in place.