Hi,

I’ve just published a new long-form guide on Bitcoin self-custody.

The Bitcoin custody tiers: from ETFs to multisig

It lays out a six-tier framework - from holding an ETF (Tier 0), through exchange custody, software wallets, hardware wallets, and steel + passphrase setups, up to multisig and inheritance planning (Tier 5). Each tier is defined by who holds the keys and how well they’re protected, with each tier addressing an additional class of risk.

The guide includes a series of diagrams showing exactly where the keys live (i.e. whether they’re offline or online) and how transactions get signed.

The point I’ve tried to make here isn’t that everyone should aim for Tier 5; it’s that everyone should be aware of the trade-offs of their current setup, and know where they want to get to.

Reply if anything resonates or could be clearer. Or if you have ideas for what you’d like to see next.

Bennet