March 31, 2023

This is an opinion editorial by Mark Maraia, an entrepreneur, author of โ€œRainmaking Made Simpleโ€ and Bitcoiner, and Casey Carrillo, associate editor at Bitcoin Magazine.

One of the many things that makes bitcoin such an amazing asset is our ability to take possession of our private keys. This ability is so new and groundbreaking that the Law Commission of England and Wales has written a 500-page report proposing to carve out a new form of property right for digital assets.

As I reflected on how long it took me to take possession of my private keys I realized it might be somewhat instructive for others. Since Iโ€™m a boomer and not the least bit tech savvy or inclined it took me months before I felt comfortable enough to take possession of my private keys. My thought process โ€” which I suspect is similar to many othersโ€™ โ€” was that I trusted a third-party exchange โ€” which is nothing more than an IOU for bitcoin โ€” more than I trusted myself. So my journey began when I bought a small amount of four kinds of digital assets โ€” one of them bitcoin โ€” in March 2020. I bought that bitcoin on a centralized exchange and didnโ€™t know enough back then to know about private keys.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *