15
2022
Take sovereign control of your Bitcoin
Why hold your own Bitcoin?
There’s a saying among Bitcoiners – “Not your keys, not your coins“. This has never been more evident than now, a few days after the spectacular end of one of the world’s largest exchanges, FTX.
Many of you have learned this the hard way, finding out that you can no longer access your assets on FTX, Voyager, BlockFi, Celcius, Mt. Gox, etc., etc., etc. Why did this happen to you? Because you trusted them with your money. It’s the same fate that happened with customers of Bernie Madoff.
What does not holding your keys mean? Well, it means that when you don’t hold the keys to your Bitcoin, you are TRUSTING an entity to hold them for you, and that entity can via malfeasance, negligence, fraud, governmental pressure backed by violence, or many more reasons can cause you to be unable to access YOUR asset that YOU paid for. 2022 has been a tough year for many, as they didn’t practice this mantra, and instead trusted someone else with their asset.
For those reading this that lost their Bitcoin, I’m sorry. We in the Bitcoin community have been trying to evangelize the importance of keeping your own keys, but unfortunately, this message has been muffled and muted because people want convenience over security, greed, or just simply don’t know any better.
And if what you lost was “crypto” other than Bitcoin, it’s a good time to check yourself and realize that you’re NOT going to get rich trading garbage alt-coins (ETH included) because you’re so smart. My advice – sell them / convert them all now for Bitcoin and Bitcoin only and be done with it. Take this advice, or leave it. Bitcoin will wait. There’s another saying in Bitcoin – “Everybody gets Bitcoin at the price they deserve“.
This guide is for anyone that has Bitcoin on an exchange now. It’s not too late to move it off. The best time was yesterday. The second best time is right now. Here’s a simple guide on the steps needed to take control and custody of your Bitcoin and protect yourself from the failures of others.
Two ways to hold your own Bitcoin – you choose
- Unchained Capital – My friends at Unchained will help you with their white glove concierge service. They will walk you through securing your Bitcoin on multiple Trezors, ensuring you’ve properly backed up your seed phrase, know your pin, etc. I really recommend them, and the small fee they charge for their personalized collaborative custody service is well worth it. To get started, go here, and no need to read the rest of this post.
- Personal Trezor – If you want to do it completely yourself, read on for the details.
Securing your Bitcoin on a Trezor
Buy a Trezor
There are many hardware wallets available, and if I had to pick one, I would pick Trezor. Trezor was one of the first hardware wallets and is still one of the best and going strong. You can buy one (any model is fine) directly from Trezor or Amazon.
Trezor has their own extensive guides which you can follow, and/or continue on for my more curated simple steps below.
Set up your Trezor
- Unboxing: Once you receive your Trezor, ensure that the device is indeed in its original packaging and hasn’t been tampered with. Click here for Trezor’s guide on how to do this.
- Install Trezor Suite: Download Trezor Suite on your computer and install.
- Run Trezor Suite: Launch Trezor Suite, plug in your Trezor, and follow the instructions:
- Update the firmware of your Trezor
- Create a PIN code – and do not forget it!
- Create a Bitcoin wallet, and write down your seed words on the included paper booklet, twice
Send your Bitcoin to your Trezor
Click on your newly created Bitcoin wallet, and click “Receive”. This will show you an address and a QR code. More details here with screenshots.
Mobile: If you use your exchange’s mobile app on your phone, launch the app -> wallet -> send. From there you will usually see a scan icon where you can point your phone at the QR code on your computer. Send it all by tapping ‘Max’.
Desktop: If you’re logged into your exchange on the same computer you’re running Trezor Suite, simply copy the address under the QR code to the clipboard. Next, go to your exchange’s website, login -> wallet -> send, and paste the address from Trezor suite as the receiving address. Send ‘Max’ (all of it).
The Trezor will also confirm the address on the device. Follow the extra verification your exchange requires, which is typically an email or additional prompt for 2-factor authentication.
Secure your Trezor and seed words booklet
You’re done, but what to do with your Trezor and seed word booklet? SECURE THEM. Treat them carefully. It’s like having cash in your mattress. You need to know who can access it. If someone has access to your seed words or your Trezor and PIN, your coins can easily be stolen, and you’ll never see them again. Be careful out there. Here are some strategies for “where” to secure your Trezor and seed words. I do not recommend storing your seed words in a safety deposit box – bank employees can get to those boxes. Again, it’s about trust, and sadly, history has taught us that you should trust no one.
Congratulations!
If you made it this far and you’ve successfully removed your Bitcoin from the exchange, and now have it yourself, you’ve taken a huge step towards self-sovereignty. Your Bitcoin is now really yours. This is a huge step. Doesn’t it feel good?
For more, check out “Brett’s Bitcoin Rabbit Hole Guide” and follow me on Twitter.
18
2010
iPad Thoughts
Enjoying photos on the iPad while standing in the kitchen
So it’s been exactly two weeks since I’ve been using my iPad. I am confident when I say that this device is a GAME CHANGER. It will change the way we use computers forever. Although it’s not the first tablet PC, it’s the first relevant one. Apple got it right – building on the shoulders of the mighty iPhone and iPod Touch, the iPad is really like a giant iPod Touch. But the difference is just that – its size.
Where an iPhone and iPod touch are great for getting quick pieces of information, they fall short for true media consumption. You don’t want to watch a movie, read a book, or read the news on a screen that small – but you do because it’s so convenient. With the iPad, you have all the benefits of the iPhone OS, but you want to spend the time on it. You don’t get fatigued by the small screen, the iPad’s size is just right.
Because of the nature of my job, my laptop is bedside every night. I’m on call 24/7 – perpetually linked to the health of web sites that never sleep. Now, in bed, I leave the laptop alone, and reach for the iPad and connect myself to the world. As promised, it really feels like you’re holding the Internet in your hands. And when showing someone next to you the screen, it’s much more engaging, intimate experience. You can hand the screen to someone and point at it – something not natural with a laptop.
The iPad is best described as a “Media Consumption Device”. It’s not meant to replace your laptop or desktop, but it can certainly do a lot of the things you do on them – and do them better. It will never be a substitute for a multi-tasking OS where you have to aggregate and manage simultaneous tasks to be productive. However, because of the low cost and meaningful every day usefulness, the iPad, and devices like it, will soon be ubiquitous, with households having a few of them as part of their every-day lifestyle.
The first moment I realized just how sublime the iPad was, was on the first night, when I watched the Donovan McNabb press conference on the device. I had missed it on TV, quickly found it on-line, kicked back on the couch, and enjoyed it on the iPad – true media consumption on demand – literally at my fingertips.
The iPad is a great eBook reader – and I recently gave away my Kindle. There’s no need for it anymore. The Amazon Kindle for iPad App works flawlessly, allowing you access to Amazon’s entire library of Kindle books. After using the iPad, paper media just feels odd now. I’m looking forward to someday canceling ALL my magazine subscriptions and getting them all digitally. It will happen – it’s just a matter of when.
The Apps work flawlessly, and over the next few months, I’m sure we’ll see some amazing progress as developers take advantage of the larger screen. Among my favorites, The Gilt Groupe App really shows how to do e-commerce simply, elegantly, and efficiently. Also, check out MLB.Com At Bat, Desktop Connect, and Zillow.
Of course there’s always room for improvement. Most notably, a front-facing camera would make the iPad the ultimate device for Skype. As a kid I always was fascinated by the idea of video phones, with Skype for iPad – it’s finally (almost) here. I also think it should have been designed with a wider aspect ratio, more HD like. But that’s a minor complaint – you get used to it.
I realize this is a gush-fest of a consumer device, but I felt compelled to share my experience of how amazing the iPad is. Get one – you’ll understand the value immediately.
Brett Morrison – Official Site
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