This document is going to lay out the different options you have at your disposal, plus the route I’ve recommended, taking into account where you are at right now. Whether you’re a company, fund, government, or individual, there is a solution out there, it’s just a case of understanding the correct one. Keep in mind, nothing is perfect, and everything has a trade-off to consider. Ease-of-use. Security. Privacy. Trust. The list goes on. When shown the alternatives, I am confident you’ll agree with me, that what I’ve opted for is best for you.
At the end of this process, I want you to feel totally comfortable with your setup, be in ultimate control of your money, and happy to receive, send, and store Bitcoin yourself.
What happens to your Bitcoin if you were hit by a bus tomorrow? Let’s not beat around the bush: you need to be certain, literally 150% certain, that if you were to drop dead right now, your Bitcoin holdings would pass to whomever you want to receive them. We want to avoid the horror stories of people searching rubbish dump’s for lost laptops… Or hoping from behind the grave that someone had the passcode to your iphone… Or the executor on your will not being able to read your hand writing… Thankfully, Bitcoin as a nascent technology is evolving fast, and there are tools we can use that give us great confidence. Securing multi-generational wealth in a self-sovereign manner has in fact never been easier.
There is a whole range of differing solutions in the Bitcoin custody space. You can hold your Bitcoin with:
Depending on who you are, each have their merits. It’s a spectrum, and what we need to figure out is out where you want to sit ideally. Either you trust someone with your money, or you take full responsibility for it yourself.
In your case “A”, as an individual with basic technology skills, and capital that is a critical part of your retirement, I recommended we get you setup with a self-custody multi-signature vault, plus inheritance plan. You will be totally accountable to yourself by the end of the setup, which I’ve found to be hugely empowering, even if slightly daunting at the outset.
I believe strongly in the sovereign properties of Bitcoin, so any product that takes away your ability to do what you want, when you want, is a failure to enhance your own self-sovereign abilities. In short: when being your own bank, you need to make sure you remain the banker! This is why I don’t like to recommend collaborative custody, or multi-institution custody, as they’re generally services that require you to contact someone every time you need to move your Bitcoin. Bitcoin is permissionless money, and it should remain that way. (Note: BEWARE… there are many businesses out there that conveniently ignore this fact in favour of their commercial interests).
Frustratingly, the solution I was initially going to propose is not an option, as Unchained are no longer taking non-US customers; a very recent update in their terms. It’s a real shame as I’ve been a happy customer for many years. This meant I had 2 options: 1) refer you to someone I trust or 2) figure out an updated way of doing things. This document is the output of deciding on option 2). (If you would like option 1, then do let me know, as I have a bunch of friends that can also help you).
After some research, plus a recommendation outreach to friends in the space that actually use these products, I got an array of different options: