Tried Nano X with my Mac and didin't work too well. Would not use it for relevant amounts of coins.
Now using a professional local custodial service that takes care of everything including succession issues in case I die. I know who they are, where they are, we speak the same language, I have a dedicated w.a. chat with them, I even have their personal mobile phone numbers. And they take care of all regulatory matters including paying monthly stamp duties plus custodial services fees. They also provide buy/sell crypto - deposit/withdraw fiat currency services. But what worries me the most is the regulatory compliance (KYC, AML, CFT). What if the EU decides to limit access, limit transaction or even freezes my account because I buy too much red meat (if you know what I mean!)? Overall I am satisfied with their services, a bit expensive, but on the dot, correct, professional. Again is the regulatory aspect they are bound to comply with that scares me. And I am not talking about a few Satoshi here. Also have some on Binance.
Yes I think everyone finds their own approach to custody that they are comfortable with. Personally I like collaborative custody as a middle ground. The account is full KYC which isn’t great, but you hold two of three keys so you can only rug yourself. They have an estate protocol too. A trusted person gets a sealed tamper evident envelope with a paper key and can work with the collaborative custodian when you pass to get the coins to heirs.
Great post, however concerning "Multi-signature Collaborative Custody" I wouldn’t trust a third party service to store my backup key, I would rather either store all of them myself each at different places, or to give the backup to my dad for example
Don’t get me wrong tho, I absolutely understand why some people will go this way, and it’s still better than traditional banking since you own 66% of the wallet (in the case of a 2 of 3 signatures system) compared to the 1% of a banking account
But I think it’s more for beginners or people not having enough confidence in themselves storing the keys on their own and only a temporary solution
Tried Nano X with my Mac and didin't work too well. Would not use it for relevant amounts of coins.
Now using a professional local custodial service that takes care of everything including succession issues in case I die. I know who they are, where they are, we speak the same language, I have a dedicated w.a. chat with them, I even have their personal mobile phone numbers. And they take care of all regulatory matters including paying monthly stamp duties plus custodial services fees. They also provide buy/sell crypto - deposit/withdraw fiat currency services. But what worries me the most is the regulatory compliance (KYC, AML, CFT). What if the EU decides to limit access, limit transaction or even freezes my account because I buy too much red meat (if you know what I mean!)? Overall I am satisfied with their services, a bit expensive, but on the dot, correct, professional. Again is the regulatory aspect they are bound to comply with that scares me. And I am not talking about a few Satoshi here. Also have some on Binance.
Yes I think everyone finds their own approach to custody that they are comfortable with. Personally I like collaborative custody as a middle ground. The account is full KYC which isn’t great, but you hold two of three keys so you can only rug yourself. They have an estate protocol too. A trusted person gets a sealed tamper evident envelope with a paper key and can work with the collaborative custodian when you pass to get the coins to heirs.
Great post, however concerning "Multi-signature Collaborative Custody" I wouldn’t trust a third party service to store my backup key, I would rather either store all of them myself each at different places, or to give the backup to my dad for example
Don’t get me wrong tho, I absolutely understand why some people will go this way, and it’s still better than traditional banking since you own 66% of the wallet (in the case of a 2 of 3 signatures system) compared to the 1% of a banking account
But I think it’s more for beginners or people not having enough confidence in themselves storing the keys on their own and only a temporary solution
(it’s only my personal pov, not criticism)
Excellent point. Thanks for sharing that perspective. 👍
Thank you for perfect and easy to understand article , comments below are also good for thinking about safety and secure BTC
I’d personally add some other passport , residency in low tax country etc😎