From the Classroom into the Crypto Eco-system
My Blundering First Steps into Self-Custody and Why Yours Don’t Have to Be
Introduction:
When most people think of Bitcoin and self-custody they picture developers, traders, or Bitcoin maximalists. But what if I told you that some of the most curious minds entering this space are teachers, parents, and retirees?
My name is Michelle. I work at Trezor as a Trezor Expert, and I help people, of all backgrounds, get started with their journey into self-custody. But I didn’t always have the answers. In fact, my first steps were riddled with mistakes. Mistakes that, at the time, I didn’t even realize were mistakes… until later.
I came from the education world. A world filled with collaboration, patience, and people-centered learning. Crypto, on the other hand, felt fast-moving and opaque, often designed by and for the technically inclined. At first, I wasn’t sure there was a place for someone like me. But I was curious. I wanted to learn.
My (Almost Catastrophic) Entry into Crypto
I got started with an old Trezor Model One that a friend gave me. She wiped her wallet, and I set it up with a new backup. I bought some Bitcoin and tucked my backup, just 20 words scribbled on a piece of paper into the pages of whatever book I was reading at the time.
I didn’t number the words. I didn’t double-check them. And I didn’t remember which book I’d hidden them in.
Spoiler alert: That’s not how self-custody works.
I had no idea how essential that backup phrase was. At the time, I didn’t know those 20 words were the cryptographic key to everything I owned. I didn’t understand that if I lost them, there was no “forgot password” option. No way to call support. No magic reset.
I was a lucky case. I still had access to the PIN, and with the help from someone at Trezor, I moved my funds to a brand-new and unused hardware wallet. That was the moment I realized just how fragile and empowering self-custody can be.
So, What Is Self-Custody?
In the simplest terms, self-custody means you hold your private keys and therefore, you control your crypto.
When you buy and store crypto on an exchange, you don’t actually own it in a technical sense. The exchange holds your private keys. That means you’re trusting a third party to safeguard your funds and honor your access. This is called a custodial setup and it is a system built on a promise.
Self-custody removes that intermediary.
No banks.
No exchanges.
No counterparty risk.
With self-custody, you’re the one signing transactions, verifying addresses, and securing your backup. But here’s the trade-off: there’s no help desk if you misplace your keys. You’re the owner and the gatekeeper.
Why Open Source Matters
At Trezor, our devices are built on open-source code. That means the firmware running your device, and the companion software you use, is publicly auditable. Anyone can review the code, verify that it does what it claims, and contribute improvements.
This transparency is critical. In a world where trust is frequently broken, open source offers something better: verifiable trust.
Self-custody isn’t just about removing middlemen. It’s about replacing blind trust with verifiable trust and autonomy.
The Human Side of Self-Custody
One of the most rewarding parts of my job is seeing who shows up on support calls.
Recently, I spoke with three older adults who were charming, witty, and curious. They reminisced about when credit cards first came out and how everyone at that time thought a piece of plastic could replace the value of money was a ridiculous concept. “That’s never going to catch on,” people said. And yet, here they were, decades later, eager to explore Bitcoin.
They weren’t just learning about new technology. They were reclaiming personal agency. That’s what self-custody represents: a shift from passive use to active ownership.
Tips for Starting Your Self-Custody Journey
If you’re new to this world or thinking about getting started, here’s what I wish someone had told me:
1. Understand Your Backup
Your hardware wallet generates a 12, 18, or 24-word recovery seed. These words represent your private key in a human-readable form. You don’t choose them. They’re randomly generated using the BIP-39 or SLIP-39 standard.
Your job? Write them down in order. Number them. Double-check them. And never take a photo or store them digitally.
2. Test Your Backup
Before making your first transfer, use your device’s “Check Backup” feature (available on Trezor) to verify your recovery phrase. You’ll re-enter the words to ensure what you wrote down matches what your wallet actually generated.
It might feel tedious. But it’s how you confirm that, in a worst-case scenario, you could recover your funds.
3. Avoid Second-Hand Devices
Always use a brand-new, unopened hardware wallet. If someone else has ever had access to the device, they could have access to the keys. A compromised device means your funds are at risk from the start.
4. Go Slow. Really.
Don’t rush. You don’t have to transfer all your funds off an exchange overnight. Take your time. Understand what each step means. Your security is only as strong as your understanding.
5. Keep Learning
The best thing you can do is stay curious. Subscribe to trustworthy YouTube channels like Whiteboard Crypto or Crypto Dad. Read guides. Join communities. Ask questions. Self-custody isn’t a one-time event. It’s an ongoing practice.
The Truth About Responsibility
There’s no sugarcoating it: self-custody comes with real responsibility. If you lose your backup, there’s no one to recover it for you. I’ve had emotional calls with people who lost access due to a misplaced or incorrectly recorded backup.
And while I’ll always try to help with practical tips (sometimes with wordlists, memory prompts, or handwriting analysis) the hard truth is this: in self-custody, you are the last line of defense.
That may feel like a burden at first.
But it’s also your power.
Self-custody isn’t about being perfect. It’s about being prepared. It’s about choosing freedom over convenience and knowing what that freedom demands.
If you’re just starting out, know this: you don’t have to be a tech expert. You just have to care enough to learn.
The first time I used a hardware wallet, I made nearly every mistake in the book. But now, I get to help others skip those same pitfalls and I believe you can too.
Welcome to the journey🚀