The Importance of Personal Custody (Podcast)
Looking after your own crypto through self-custody is the industry’s best example and has been a core premise of the industry since Bitcoin was first introduced to the world.
It’s a saying that anyone who’s been in the industry for more than a few weeks has heard, and there’s a reason why this saying is powerful. Crypto provides us with a tool that allows us to have full control over our funds without the need to use centralized third parties.
But make no mistake; Self-custody introduces some complexities, challenges, and even risks. In this critical period, hardware wallets come to the fore. However, in today’s episode, we are here with Matej Zak, CEO of Trezor, the manufacturer of the world’s first hardware wallet.
Hardware Wallet Manufacturing: What’s It Like?
It would not be wrong to say that the cryptocurrency industry has changed tremendously in the past years. But if there is one thing that remains the same, it is definitely the need for improved security and self-regulation. This is what everyone who has taken their first steps into Bitcoin or most other legal altcoins has heard.
Being able to keep your funds completely inaccessible to any third party is powerful but also challenging.
Trezor’s growth over the last five years is testament to the need for self-custody. Zak shared with us that the company has grown from a team of 30 to close to 200.
Some of you may not know this, but Trezor is the company behind the world’s first hardware wallet, Trezor Model One, which was introduced on July 29, 2014. Fast forward ten years and the company has now introduced a number of devices. It aims to make the journey to self-control much easier, less risky and more convenient for the end user.
How to Store Your Cryptocurrency: The Right Way
We’ve all heard the scary stories of people losing their money to scammers by signing a malicious transaction or simply feeding their seed phrase into a compromised third-party application.
But as long as you have the right understanding of how to properly handle self-custody, it doesn’t have to be that way. Zak explains at length some of the most important tips that beginners should consider as they begin this important journey.
There are many resources for beginners to become familiar with some of the challenges of self-management. We’ve put together a special must-read guide and you can find it here:
9 Tips You Must Follow to Secure Your Bitcoin and Crypto Wallets.
Zak also outlined basic tips like writing down your opening statement and keeping it 100% offline, out of reach of others. The important thing is to familiarize yourself with the combination of these healthy practices. He also explained that Trezor is designed to guide users through the onboarding process.
Another important aspect is the ability to recover your wallet in case you lose your keys. The Trezor CEO explained that they have integrated seed phrase recovery methods that they have created that involve breaking down the seed phrase and defining the parameters that will give you access to your wallet provided you get the minimum requirements required.
Please watch the podcast for more information and alternative ways to store your priceless keys.
Four-Year Cycle Theory Around Bitcoin Halving
Given that Bitcoin’s halving occurred recently, it made sense to talk about it and how it could impact the market going forward.
Zak confirmed that Trezor explained the four-year market cycle theory, but also acknowledged the fact that the past is not necessarily an indicator of future performance.
He said Bitcoin price increases are strongly correlated with its sales; This is probably something many other crypto businesses can attest to.
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