The conventional financial system relies heavily on custodial services, which many people trust without considering the potential consequences. Storing our hard-earned value in Canadian dollars in a bank makes it the bank’s property, and we must ask for permission to use, move, or withdraw our funds.

Fortunately, as Canadians, we rarely experience bank runs or collapses. However, we’ve seen the government restrict access to people’s funds due to their political opinions.

Trusting Your Bitcoin Wallet to a Custodian: Potential DangersTrusting Your Bitcoin Wallet to a Custodian: Potential Dangers

Similar to the traditional financial system, storing your bitcoin and crypto on a custodial exchange means entrusting your assets to a custodian. This comes with significant risks. Numerous crypto exchanges have failed in the past, and more will likely follow in the future.

At Bitcoin Well, we firmly believe in the saying, “not your keys, not your coins.” We highly recommend maintaining full control over your bitcoin by storing it in a non-custodial cold wallet, such as a Ledger, Trezor, Keepkey, or Coldcard.

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