Bitcoin Self Custody Quick Start
It's not that hard!
Setting up self-custody for Bitcoin using a Cold Card and buying Bitcoin from Strike involves a few steps. Here's a simple guide for you:
Setting up Self-Custody with Cold Card:
Purchase a Cold Card:
Acquire a Cold Card hardware wallet direct from the manufacturer. It comes in a tamper-evident package, so you’ll know it hasn’t been messed with.
Unboxing and Initial Setup:
Carefully unbox the Cold Card and follow the instructions included.
Set up your PIN and backup your recovery seed. Ensure you store this seed securely offline (written on a paper card that they provide in the setup package).
You might also want to get a standard SD card to use with the Coldcard - it’s required for multisignature address setup and to move data back and forth from your PC and the Cold Card securely.
You may also need to buy a USB “C” cable to plug in your Cold Card to your computer (I didn’t have one and it doesn’t come with one)
Install Required Software:
Connect the Cold Card to your computer using a USB cable.
Download and install the wallet software on your computer; I recommend using Sparrow Wallet with the Cold Card
Generate Wallet on Cold Card:
Use the Sparrow Wallet software to generate a new wallet linked to your Cold Card
Follow the on-screen instructions to complete the setup.
Receive Bitcoin to Cold Card:
Go to next steps below.
Buying Bitcoin from Strike:
Download and Install Strike:
Download the Strike app from the App Store or Google Play Store.
Install the app on your mobile device.
Create an Account:
Open the Strike app and sign up for an account.
Complete the necessary verification steps as required by Strike.
Link Bank Account (Optional):
If you want to fund your Strike account directly from your bank, link your bank account following the app's instructions.
Deposit Funds:
Deposit funds into your Strike account using your preferred method (e.g., bank transfer).
Purchase Bitcoin:
Navigate to the Buy/Sell section within the Strike app.
Enter the amount of Bitcoin you want to buy and confirm the transaction.
Withdraw Bitcoin to Cold Card:
Once the purchase is complete, withdraw the Bitcoin from Strike.
Input the Bitcoin address from your Sparrow Wallet as the destination address.
If you aren’t in a hurry, choose the zero cost option - it should complete within 24 hours or less
Verify Transaction on Cold Card:
Use the Sparrow Wallet software to verify the incoming transaction.
Confirm the transaction is received on your Sparrow Wallet.
Securely Store Cold Card:
Safely store your Cold Card in a secure location, ensuring it's protected from physical damage and unauthorized access. Make sure to store in a different physical location from your seed phrase.
Congratulations! You've successfully set up self-custody for Bitcoin using a Cold Card and purchased Bitcoin from Strike. Remember to follow best practices for securing your hardware wallet and recovery seed.
Not financial or legal advice, for entertainment only, do your own homework. I hope you find this post useful as you chart your personal financial course and Build a Bitcoin Fortress in 2024.
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