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Protecting the world’s first cryptocurrency
GET FREE BTC WALLETGET FREE WALLETA secure bitcoin wallet is essential to investing in bitcoin. Without taking self-custody with the proper tools, you can’t really be sure you own your bitcoin.
Casa vaults secure your bitcoin with multiple keys for greater protection than a typical wallet can provide. Let’s explore bitcoin wallets and why they matter.
Bitcoin wallets are a wide array of software applications and hardware devices that enable you to manage your keys and sign transactions.
There are several different types of bitcoin wallets with varying levels of security:
Bitcoin and other cryptocurrency have fundamentally different property rights from other traditional assets. To send bitcoin, you need to have the private key for the bitcoin address. You use the key to interact with the cryptography behind bitcoin and sign a transaction.
Until you create your own wallet and withdraw your bitcoin, any bitcoin you think you own is not completely yours. When you first buy bitcoin on an exchange, like Coinbase, the exchange holds the key. Once you withdraw bitcoin off the exchange, the exchange signs the transaction.
This distinction is important. If something bad happens to an exchange or custodian, there is no guarantee your bitcoin will be safe. There have been numerous cases in the history of bitcoin and crypto where exchanges and custodians collapsed, stole customer funds, and lost access to keys. Examples include Mt. Gox, FTX, and Prime Trust.
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There are several best practices for using a bitcoin wallet, and it’s recommended to seek out a solution that adheres to them.
Cold storage
One fundamental of bitcoin security is keeping your private key away from the internet where it can be compromised. A secure bitcoin wallet should hold your key in cold storage and allow you to transact without revealing your key.
Self-custody
The best way to protect your bitcoin from third-party risk is to assume responsibility for your bitcoin through holding your own private keys. This preserves your ability to send and receive directly on the bitcoin network. This is sometimes referred to as a “non-custodial wallet” since you are not relying on a custodian.
Dedicated devices
To preserve your self-custody, it’s best to use devices that are separate from your everyday activities and internet browsing. Using hardware wallets and other dedicated signing devices allow you to isolate your highly sensitive bitcoin private keys.
Emergency assistance
You never know when disaster will strike, but you can prepare ahead of time. With an emergency protocol in place, you can react quickly to surprise security threats. With Casa, you can put your vaults under “Emergency Lockdown” to freeze access to your bitcoin.
Personal support
Assuming self-custody of your keys does not mean you have to go it alone. With a non-custodial wallet like Casa, you can access support when you need it. Our team of Casa advisors can help you with initial device setup, key replacement, and security guidance.
Multiple keys
Your security setup should be resilient against known and unknown security threats. Using a bitcoin wallet with multiple keys ensures that you maintain access to your assets even in the event of a compromised device. This arrangement is known as multisig, and it serves as the technical foundation for Casa vaults.
Our Casa advisors are happy to walk you through the ins and outs of bitcoin security and help you pick the Casa vault that is right for you. A few minutes is all it takes to be on the path to secure self-custody. Schedule a call with a Casa advisor.
Casa uses multiple keys to secure bitcoin and other assets for greater protection from hacks, accidents, and single points of failure. Most bitcoin wallets have only one private key that you use to sign transactions, which presents a security risk.
These multi-key vaults are a non-custodial wallet, meaning that you are in control of your keys. Casa holds one key, the Casa Recovery Key, for you in case you need to replace a key, and this key is not enough to access your bitcoin. This way, your funds are safe and you don’t have to worry about a risky custodian.
Do you wonder how technical a vault could be? Fear not. Casa makes self-custody easy, and no technical knowledge is required. Each of our vaults is built around our easy, smooth Casa app, and our support team is just an email or call away if you need help. You can take self-custody into your hands, and we’ve got your back.
Learn more about why Casa is different here.
Hardware wallets are safer than leaving your bitcoin on an exchange, but they’re also single points of failure.
Consider: what happens if you lose your hardware wallet or it gets damaged? What if you forget the PIN? Or accidentally wipe it with a firmware update? Seed phrase backups mitigate these risks, but they too are a single point of failure. Many hardware wallets can be hacked by sophisticated thieves. Also, leaving your coins on a single hardware wallet at a single location leaves you vulnerable to threats like robbery or natural disaster.We built Casa to protect bitcoin investors from these dangers. Your bitcoin is protected by multiple devices, so if you misplace your phone, or if your hardware wallet is stolen, your bitcoin will still be completely safe. This resilient design allows you to stay in full control of your bitcoin, and protects you from a laundry list of physical and digital hazards.
Due to the sheer amount of threats to one’s bitcoin, many bitcoin holders will opt for a custodial wallet — one where someone else owns the associated private keys — in an effort to shoulder less risk. If a custodial solution (e.g., an exchange, family office, wealth fund, lender, etc.) holds your bitcoin, it’s their responsibility to secure it.
Unlike custodial bitcoin wallets, a non-custodial bitcoin wallet is one in which you own the associated private keys. By using a non-custodial bitcoin wallet, you gain the freedom to do as you wish with your bitcoin while simultaneously taking on the responsibility of securing it. This is why non-custodial wallets are often called self-custody.
Although it may seem daunting at first, self-custody eliminates third-party risk and ensures that only you have access to your funds. With the right tools, self-custody becomes every bit as convenient as a custodial service, yet significantly more secure. At Casa, we believe self-custody is the best type of bitcoin custody.
