Crypto News

Instant Settlement Series: The Publishing Industry

Published

11 months ago

January 20, 2024

The challenges associated with physical work and delayed payments, as discussed in the construction and logistics industries articles, might not be as directly applicable to industries with less physical movement. However, the principles of instant settlement and the removal of intermediaries can still bring efficiency and innovation to various sectors. The advantages of instant settlement, such as reduced transaction fees, faster payment processing, and increased transparency, can positively impact industries beyond the physical realm. Whether it’s in the realm of digital services, intellectual property, or other sectors that are already dematerialized, the application of instant settlement principles can streamline transactions and enhance overall efficiency.

Navigating The Written Odyssey

Entering the realm of book publishing, especially for a debut author, is a journey filled with challenges. The primary hurdle involves persuading a publishing house to forge a deal, a daunting task for those yet to establish their reputation in the market. The negotiation landscape is complicated by endless uncertainties, making it difficult to strike a mutually beneficial deal. Even if you try to be fair for both sides it is hard. Most people will prioritize themselves and what they get in an uncertain environment – like figuring out how many books will be sold for a first time author. The dynamics intensify when publishing houses provide editors to authors–an arrangement that frequently sparks friction. Authors, protective of their creative work, may resist alterations, but editors, with seasoned expertise, have to navigate the delicate balance between preserving the author’s vision and refining the content.

The complexities extend to the business side, with potential pitfalls surrounding signing bonuses. Questions linger: What if the bonus overshoots and the book underperforms? What if the book succeeds, but the bonus proves inadequate, leading the author to seek alternatives for subsequent works? Marketing poses another challenge, raising dilemmas about investments, audiobook adaptations, navigating royalty payments, and banking fees for small markets and international payments.

Just like in the logistics industry here with royalties, we have the same problem of counterparty risk. In addition to stopping the payments to the authors completely, do you trust the publishers that they are giving the correct sales numbers? Translation decisions add another layer, raising queries about language choices, and fair compensation for translators. What about the illustrators? Each party involved creates more and more friction in the system just because everyone is seeking fair compensation. The payment system does not allow them to focus on what they provide in terms of value, but focuses everyone on mitigating the shortcomings of it. Addressing these multifaceted challenges requires not only innovation but also transparent and adaptive contractual frameworks to foster a more equitable and efficient publishing ecosystem.

The challenges for authors extend beyond the realm of creative content, and the intricacies of the publishing and marketing landscape. While the invention of ebooks has somewhat dismantled barriers, enabling easier self-publishing, the journey is not without hurdles. Authors opting for self-publishing must navigate the complexities of setting up accounts and managing distribution before reaching the point of uploading their work. Once published, the dual role of author and marketer emerges, demanding not only literary prowess but also strategic promotional efforts to capture the audience’s attention and drive sales. The demanding nature of marketing leaves authors with limited time for their core competency – writing – which hinders the development of subsequent books that they would like to write.

Lighting Up Publishing: From Solo Authors to Collaborative Ventures, Unleashing the Potential of Instant Split Payments

Now that this is the third industry that we are looking into, we know that delayed payments are the problem and that they are tied to time and not actual work – “You have to write the book till this date or else…” “We will gather all payments and royalties will be paid later”. Since we know now that the Lightning Network can fix this let’s dig into the solution and what it may look like.

If you’re a first-time author and choose to publish your book on your self-made app, you can instantly receive 100% of the income for each purchase. By utilizing a non-custodial solution like Breez, where no one holds money for others, you avoid the complexities associated with traditional payment methods. This setup eliminates the need for currency exchanges, providing a seamless global payment network directly connected to your app. The benefits go beyond mere currency considerations, freeing buyers from the hassle of exchange rate fees and relieving them of the complexities associated with navigating diverse regulations and processes across various countries. Who knows what regulations you have to deal with to be able to operate with the Iranian Rial just to sell a simple book? With a non-custodial solution on the Lightning Network, you get to avoid all that.

That is a big benefit for one-man shows in the book industry, but let’s take it a step further. In this scenario, where the relationship involves only the author and a publisher, the process becomes streamlined without the need for intricate negotiations, personal data sharing, or complex contracts with various clauses. With the instant settlement, there’s no need for advance payments, both the author and publisher receive a percentage from each sale instantly when the purchase is made. The publisher, responsible for uploading and promoting the book on their website, and the author are now aligned in the common goal of selling more books. The only task left is to determine the fair percentage splits between the author and the publisher, fostering a collaborative and efficient partnership. Now the word royalties will have a completely new meaning.

Okay, that is between two entities, but we are not going to stop there. Now that the book is published the book can be translated to other languages. In that case, the complexity does not increase a lot. They just have to determine the percentage share split between the publisher, author, and translator for each sale of the translated version. Upon purchase of the translated book, each payment will be split three ways. Meanwhile, the original language version undergoes a two-way split, with the translator excluded from this split since they didn’t contribute to that version. This ensures that the relevant individuals receive sats exclusively for their specific contributions. There might be a need for a separate publisher for the translated language, leading to a split between the author, translator, and second publisher. For the original language, the split occurs between the author and the first publisher. Theoretically, the current system goes through a similar structure for the payments, but I am reminding you here that only the instant split settlement makes that plan match the reality in practice. The moment that any entity starts holding funds for someone else even for a little, then the problems go up exponentially. This is why Breez is committed to preserving the peer-to-peer nature of Bitcoin in lightning payments.

Instant Splits For Narrators, Producers, And All Contributors – A Symphony Of Fair Compensation

We are not done yet with the benefits. Now that we have a path for each language, what will it look like for audiobooks? In that case, you just add one more split based on the agreement between the parties. If you create an audiobook in the original language then the split will be between Author, Publisher, and Audiobook creator. The creation of an audiobook is a project on its own of casting, recording, post-production, and distribution. That has multiple people involved so the split for the audiobook payment in reality may look like this:

Author, Publisher, Producer, Recording engineer, Narrator, Editing/mastering engineer.

In this dynamic model, contributors may wear multiple “hats” within a project, allowing them to assume various roles and, consequently, earn a share for each responsibility they undertake. For instance, an Author might take on the roles of both Producer and Narrator, performing additional work beyond their original scope. In such cases, the Author receives a percentage for each distinct role. However, should the Author choose not to take on these additional roles, someone else can assume those responsibilities and reap the corresponding benefits. This structure ensures alignment, with compensation tied directly to individual contributions at the time of each book sale, eliminating compensation for time or speculation based on future sales.

Unlike the other two industries we explored in construction here and logistics here, the timing of payment in the publishing industry differs. In the preceding sectors, individuals receive compensation instantly upon completing their respective tasks. However, in the realm of authors, payment is not immediate for the act of writing; it occurs when someone is willing to pay the price for the published work. This distinction highlights a fundamental principle: everyone is remunerated when they deliver value to someone else who is willing to pay. Whether delivering a package to the correct address or constructing a house for someone else to inhabit, optimizing the process with the client in mind becomes paramount. Therefore, receiving sats is contingent on providing intrinsic value to others, aligning the industry with similar principles observed in construction and logistics. If you build or deliver something that people do not want, that means you did not provide value.

Instant Influence: From Metrics To Value – A Paradigm Shift In Compensation For Promotions

Now let’s take it even a step further. This will not be the only industry where the influencers can change their business model, but I will use it as an example to explain the change that they will experience in their service. Currently, the influencers get paid for views or mentions depending on whether the medium is audio or video. Their value, as perceived by those paying them, hinges on metrics such as subscriber counts, views, and downloads. But for the person that is paying, is it going to matter if the influencer talks about a book but then it does not result in sales of the book? Or again what happens if someone mentions it but the sales are extraordinary, then the influencer has to receive a more fair compensation. Connecting payments directly to actual value, rather than relying on derivative indicators, ensures influencers receive fair compensation in line with their impact on sales.

Well, the instant settlement fixes that. Authors can now decide on a fixed percentage for influencers per sale, allowing anyone to become an influencer without the need for a massive following. Even a small blog with a modest readership of less than fifty people can result in direct, instant compensation for sales generated. This eliminates barriers to entry for the influencers to have a following and aligns incentives for authors seeking broader promotion. There is a massive friction in the influencer market currently because with poor measuring tools you do not want the money to be wasted on promotion that does not work. This future system is not going to waste a single sat for promotion because it is not paying for a promotion. You are negotiating a commission on every sale which the actual buyer pays – increasing sales is the intent of the authors reaching out to influencers anyway.

Now that we have an influencer promoting a book the UX (user experience) is going to be completely different. Right now to promote anything as an influencer you receive a code that you have to ask for, from the publisher in this case. Then your viewers/listeners have to go to the website and fill in all the information about themselves. Then they have to enter their card information which has to be secured from the website somehow. Then they enter the promo code and receive the ebook that they wanted. On the other side, the publisher has to hope he does not get a chargeback for whatever reason in the next 30 days. The instant settlement UX will be:

– Influencers enter a lightning address where they want to receive their commissions from for every sale.

– Then they display a link or a QR code that will be a lightning invoice for the specific book.

– The buyer enters an email where they want the ebook to be sent.

The instant split payment is sent and everyone including the influencer receives their share of it. This way even influencers might realize that the likes, views and comments are not the most important thing and focus on providing real value for their viewers. This not only streamlines the process but may also alleviate the impact of negative comments and dislikes for influencers. Because their income is not tied to the likes that means it will no longer be the most important thing. They will focus on promoting quality products that sell a lot so they get a piece of those sales and the likes will be secondary.

The transformation in influencer behavior triggered by instant settlement not only disrupts their traditional approaches but sparks competition among publishers and influencers alike. Authors may opt for a model where they focus solely on writing, leveraging influencers to handle promotion without dealing with traditional editors. This introduces a more diverse competitive landscape, where publishing houses will compete with content creators from different industries who passionately recommend authors they love. While these changes benefit readers, authors, and participants, those resistant to competition may be the only ones disliking this evolving landscape.

Indeed, envisioning the transformative power of instant payments, there’s an opportunity for an innovator to replicate what Amazon did to bookstores. By adopting a model built on advanced technology and leveraging the advantages of instant settlements, this individual can start with books and subsequently explore avenues for expansion. The potential for such a disruptive force lies not only in reshaping the publishing landscape but also in inspiring new possibilities across diverse industries.

Now let’s go and publish that app.

This is a guest post by Ivan Makedonski. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

The third part in an article series by Ivan Makedonski from Breez on how Lightning’s instant settlement finality can be a disruptive force fundamentally changing how different industries are organized.

Crypto News

Why It’s Not Too Late to Invest in Bitcoin

Published

6 hours ago

December 11, 2024

For years, Bitcoin skeptics have watched from the sidelines, waiting for a moment to join the ride, only to convince themselves that they’ve already missed the boat. However, the reality tells a different story. Not only is it not too late, but Bitcoin continues to prove itself as a superior investment option compared to traditional assets—whether you have $25 a week to spare or millions to allocate.

Bitcoin Magazine Pro has a free portfolio analysis tool, Dollar Cost Average (DCA) Strategies, which enables investors to measure Bitcoin’s performance against other leading assets like gold, the Dow Jones (DJI), and Apple (AAPL) stock. This powerful tool provides hard data to demonstrate how consistent, disciplined investing over time can lead to outsized returns, even with modest amounts.

The Bitcoin Magazine Pro Dollar Cost Average Strategies tool helps you explore different DCA parameters to see how your portfolio would have performed across different time horizons and investment levels.

What Is Bitcoin Dollar Cost Averaging?

Dollar cost averaging involves investing a fixed amount of money at regular intervals, regardless of the asset’s price. This strategy eliminates emotional decision-making and smooths out the effects of market volatility. By consistently buying Bitcoin over a defined period, investors benefit from market dips while building their portfolios over time.

Outperforming Traditional Assets Across Timeframes

Let’s break down the numbers using the DCA Strategies tool, starting with the last six months to emphasize recent performance::

6 Months:
Investing $25 weekly in Bitcoin would have turned $675 into $985.56, a 46.01% return. Meanwhile: Gold increased just 5.82%. Apple (AAPL) gained 10.32%. The Dow Jones (DJI) delivered a mere 7.34%.
1 Year:
With a total investment of $1,325 in Bitcoin, your portfolio would now be worth $2,140.20, reflecting a 61.52% return. By comparison: Gold increased by 14.50%. Apple gained 22.80%. The Dow Jones grew by only 11.36%.
2 Years:
A $25 weekly investment totaling $2,650 would now be valued at $7,145.42—a 169.64% return. Meanwhile: Gold rose by 26.56%. Apple grew by 36.22%. The Dow Jones delivered 21.13%.
4 Years:
The long-term case is even stronger. A $5,250 investment would now be worth $14,877.77, representing an incredible 183.39% return. In the same period: Gold increased by 37.26%. Apple gained 54.05%. The Dow Jones grew 27.32%.

Across every timeframe, Bitcoin outpaces traditional assets, offering compelling returns even during short-term periods of six months to a year.

Why Timing the Market Doesn’t Matter

For investors hesitant about entering the market now, it’s important to understand that Bitcoin’s long-term performance speaks for itself. Historical data shows that adopting a DCA strategy minimizes the risk of market timing while amplifying returns over time. Even small, regular investments compound significantly when Bitcoin appreciates.

Moreover, Bitcoin is no longer seen as a speculative asset but as a reliable store of value in a volatile economic landscape. With institutional adoption, technological advancements, and increasing scarcity due to its fixed supply, Bitcoin’s long-term outlook remains overwhelmingly positive.

Why You’re Still Early

The global adoption of Bitcoin is still in its infancy. Despite its impressive performance, Bitcoin’s total market capitalization is small compared to traditional asset classes like gold or equities. This means there’s still significant room for growth as more individuals, institutions, and even governments recognize its utility and value.

Despite Bitcoin’s impressive track record of outperforming gold in terms of returns, its market capitalization at the time of writing stands at only 10.82% of gold’s market cap. This highlights significant growth potential; at current market prices, Bitcoin would need to increase 9.24 times to reach parity with gold, translating to a projected price of $934,541 per BTC.

This price target is in line with recent Bitcoin forecasts, including Eric Trump’s confident projection that Bitcoin’s price will reach $1 million.

With tools like Bitcoin Magazine Pro’s DCA Strategies, anyone can explore how small, regular investments can create exponential growth over time. Whether your starting point is $25 per week or $2,500, the data proves one thing: it’s never too late to start investing in Bitcoin.

A Tool for Every Investor

The DCA Strategies tool available on Bitcoin Magazine Pro allows you to customize your investment parameters, including purchase amounts, frequencies, and start dates. This flexibility empowers investors to create tailored strategies that align with their financial goals and time horizons.

The tool also provides comparative analysis against other assets, so you can clearly see how Bitcoin outperforms over time. This isn’t just a theoretical exercise—it’s actionable insight for anyone serious about building long-term wealth.

Conclusion: The Time to Act Is Now

For those sitting on the fence, thinking they’ve missed their chance, the data is clear: Bitcoin is not only a viable investment—it’s the best-performing asset of the decade. With a DCA strategy, even the most cautious investor can start small and reap the rewards of long-term growth.

It’s time to stop watching from the sidelines. Use Bitcoin Magazine Pro’s Dollar Cost Average Strategies tool to craft your investment approach today. If history repeats itself—and there’s every reason to believe it will—Bitcoin’s future is brighter than ever.

To explore live data and stay informed on the latest analysis, visit bitcoinmagazinepro.com.

Disclaimer: This article is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Why It’s Not Too Late to Invest in Bitcoin Think you’ve missed the Bitcoin boom? Think again. Despite its impressive past performance, Bitcoin continues to be a top-performing asset, even in recent months. With strategies like Dollar Cost Averaging (DCA), you don’t need a fortune to start investing. Learn why Bitcoin outshines gold, the Dow Jones, and other traditional investments, proving it’s never too late to join the Bitcoin revolution.

Crypto News

Why and How to Backup Your Bitcoin

Published

9 hours ago

December 11, 2024

If you’ve bought bitcoin, chances are that you want to self-custody. Without self-custody, you don’t really have bitcoin, so why wouldn’t you? Using a hardware device to set up an offline bitcoin wallet is generally recommended. But backing up your wallet is actually much more important than having a hardware wallet. Yet, bitcoin backups are often ignored as an afterthought.

We’ll now be looking into why backing up your bitcoin wallet is crucial, but more importantly how to properly do it with the right products to secure your bitcoin holdings for multiple generations without trusted third parties.

Backup First

If you don’t self-custody and rely on a trusted third party like an exchange, custodian or broker, you may have good reasons for this, but perhaps you would be better off thinking about holding your own keys. As the adage goes, not your keys, not your…

Now of course, if you only have $10 or $50 worth of bitcoin in self-custody, backing up your wallet may not be relevant at this time. But if, for example, you hold a month’s worth of salary, a year’s worth of savings or even more than 5% of your net worth, then a backup may be absolutely essential to secure your bitcoin holdings.

You should backup your bitcoin because electronics and hardware devices fail. That’s not specific to bitcoin or to openly criticize hardware wallet manufacturers. Rather, hardware wallets are similar to other general consumer electronics such as computers and USB keys, in that they break over time due to life hazards.

Having multiple keys within a multisig wallet may help reduce this risk of hardware failure, but is it enough for you to feel comfortable for the next 30 years? If not, read on. Paper backups are generally included when you buy a hardware wallet, but well, they’re paper. Paper is at risk of loss, shredding, misplacement, ink may fade, etc… Using paper for your backup is not a good idea. You should not store highly sensitive and perhaps incredibly valuable data onto paper for many years.

Medium of Storage

Over the years, and since Cryptosteel announced the world’s first metal backup back in 2013, we have seen many different formats of bitcoin metal backups by multiple different vendors. Which one is the preferred today? Is there any better format between cassettes, tiles, plates, punch cards and others?

First things first, make sure that your backup is built with high grade stainless steel, which is highly durable. Titanium options may also be a good alternative. Any other medium of storage used by existing manufacturers or recommended by free DIY options may be more fragile and prone to complete data loss in case of fire or other corrosive hazards (such as Aluminium).

Formats also exist in various options, such as flat cassettes with moving tiles, punching metal cards, ring tiles mounted onto a core, punchable tubes, punchable rings threaded onto a core, and more. So, which one is the best and why?

We need to establish the needs of someone who is backing their bitcoin seed phrase. The most important aspect is that it should be simple. Some would argue that’s not the priority but it really is. If it is difficult or inconvenient to use, then few people will do it right, while many others may be unable to complete a successful backup. Of course, a good bitcoin backup must be durable, recoverable, affordable and private, but that should almost be basic requirements for any product.

Anatomy of a Good Backup

We cannot start this discussion without sharing Lopp’s comprehensive technical overview of what makes a good seed phrase backup, based on his past research testing various models of metal bitcoin backups. The following analysis is more akin to an opinionated view of metal bitcoin backups as of 2024 focused on usability, security and durability.

A simple way to backup your bitcoin should require no extra tooling. That’s the best way to keep things simple for anyone looking to durably backup their bitcoin holdings. Requiring no tools is also safer with no risk of harm due to poor usage of tools. It’s also more discrete and enjoyable as there should be no noise from the process of making a backup. A larger number of people are able to backup their holdings if it does not require specialized equipment, such as sharp items, hammers, anvils or punches.

Obviously, your backup must be durable. That’s the whole point. We’ve established that stainless steel is the best alloy to rely on. But about the format? Over the years, we’ve seen different shapes of backups. What matters is that the format be resistant to life hazards, including fire, flood, tons of weight press and extreme changes in any of these conditions. We’re concerned about concrete life risks such as floods, hurricanes, as well as house and apartment fires, which can cause high temperatures but also buildings to crumble.

Options for backup formats usually fall within 6 categories to record data: sliding, stamping, engraving, etching, punching and stacking.

Sliding

Introduced in 2013 by Cryptosteel, the sliding backup design is a rail-based device in which you slide tiles, such as Cassette by Cryptosteel, Simbit or Billfodl. They are quite easy to set up, not requiring specialized tooling and are resistant to most risks such as corrosion from acid, heat from fire, and water floods. But this design may pose some risks of partial or even complete data loss if the medium gets bent or twisted by a very heavy weight press.

Vendor Reviews: Cryptosteel Cassette, Simbit, Ellipal Mnemonic Metal, Bunkeroid, HODL Wallet (discontinued), Billfodl (discontinued), Steeldisk (discontinued)

Engraving

Similar to stamping, engraving does not necessarily require stamps, but can be done with various sharp tools to permanently mark the metal, such as dremel, small chisels, and gravers. Of course, engraving can be done on many different formats of metal backups, but require even more specialized tools and security measures to avoid injuries than with stamping.

Vendor Reviews: SteelWallet (DIY), Steelki, CryptoVault (discontinued), Crypto Key Stack (discontinued)

Etching

Etching is used to mark metal backups with the corrosive action of an acid or electrochemical process. This is probably the least popular way to mark metal backups but is usually available as an option with vendors that rely on engraving for imprinting a backup in metal. It relies on highly specialized tools and is hazardous due to the dangerous chemical products required.

Vendor Reviews: Steelki, Black Seed Ink, Cryptoetch (discontinued), SteelWallet (DIY), CryptoVault (discontinued), Crypto Key Stack (discontinued)

Stamping

Usually the most widespread technique in both commercial and DIY products, stamping is a way to mark metal backups of different formats, from plates to hexagonal tubular shapes, fender washers and rings. Stamping requires medium to advanced technical skills, as it requires using tools, such as hammers, stamps and optional jig and guiding rails to ensure stamping is done safely with the correct alignment of characters. Wearing protective gears for eyes and fingers is usually recommended for safety.

Vendor Reviews: Coldbit, DIY BulletProof Bitcoin, Crypto Keys (discontinued), Hodlinox (discontinued), SAFU Ninja (DIY), Safe Seed, Seedor, Cryptotag

Punching

Similar to stamping, punching requires medium to advanced technical skills as special tools such as punches and hammers are used to mark metal permanently. It’s also quite popular as stamping, and requires only one single shape to punch, instead of multiple unique stamps. It’s usually done on metal plates with grids as well as hexagonal tubular shapes. It can be quite difficult to mark metal punching without making errors but also reading data may prove inconvenient for recovery. Wearing protective gears for eyes and fingers is usually recommended for safety.

Vendor Reviews: Blockplate, Seedplate, Smallseed, Attenuo (discontinued), Steelwallet, Coldkeys S, Bitplate Domino

Stacking

One of the least widespread commercial products, and perhaps most underappreciated formats is to stack tiles and other ring parts, such as fender washers. This design is compatible with beginners having low levels of technical skills, and DIY enthusiasts. The order and completeness of seed phrases is absolutely crucial for recovery, so this design must have reliable cotter-pins acting as closing and retention clips, or should include numbering for each word. Other than that, assembling these products does not require any tools, except for DIY options using the “stacking” design combined with “stamping”, for instance.

Vendor Reviews: Cryptosteel Capsule, Cryptosteel Seed12, SAFU Ninja DIY

Additional Considerations

Affordability

How much does a backup cost? The price at which a bitcoin backup product is available is an important criteria for many consumers. This is also true for hardware wallet manufacturers who may consider bundling their hardware devices with backup products. A price point under $50 is considered affordable. Anything over 100$ is considered premium, while the most common pricing is within the $50-100 range usually.

Erasability

Can errors be made and corrected without rendering the backup obsolete? Very few backup formats are editable and erasable. This can be useful for error correction, backup reuse with new seed phrases and also for educational content. It’s also a great benefit to discard a seed phrase backup privately, without leaking any sensitive information. Usually, the “stacking” model is the only compatible format to erase a backup.

Tamper-Evidence

Is it obvious if someone saw or made a copy of a backup? Revealing that a backup has been viewed by a third party is an important feature for anyone worried about the “evil maid attack”. Usually, tamper-evident seals are DIY and do not come built into the backup design. Very few backups have such seals integrated as part of the core product, though it is a useful privacy and security add-on.

Compactness

How small is a backup in size to hide it easily? The dimensions of a backup matter quite a lot to be able to hide it in some safe place, but also from a durability standpoint. A small and compact backup is less likely to bend to tons of weight pressure.

Seed12 as a Recommended Backup

Based on the previous discussion, our recommended bitcoin self-custody backup as of December 2024 is the Seed12 by Cryptosteel. Assemble your backup by threading character tiles onto the core, encasing them in an optional protective capsule and tamper-proof seal.

Affordable: For $30, the Seed12 Core and $59 the Seed12 Security Kit are priced quite competitively to other commercial backups. Of course, DIY options remain more affordable for constrained budgets.
Durable: Made from high grade stainless steel, Seed12 is highly resistant to impact, flood and fire temperatures.
Compact: Packaged in a matchbox-sized case.
No tools: This backup system requires no tools, such as hammers or sharp punches, making it easy and safe to set up.
Erasable: As one of the smallest backup kits ever designed, it is also erasable and reusable, built with a modular tile system for easy error correction.
Flexible: Consumers can purchase additional parts and only pay for what they use, such as extra tiles, capsules or tamper-proof seals.

The Right Conditions to Backup

Now that we’ve covered most aspects and considerations of what makes a good bitcoin backup, let’s briefly cover how and where to actually set it up. When setting up your bitcoin backup, ensure the following:

Secure Environment: Choose a private, distraction-free space to set up your backup without risk of being overheard or observed.
Backup Location: Store in a secure, fireproof, and waterproof location, such as a home safe or a safety deposit box for additional security.
Redundancy: Create multiple backups and store them in geographically separated locations.
Privacy Measures: Use tamper-evident seals or concealment techniques to detect or prevent unauthorized access.
Documentation: Clearly label backups and write a documented plan to help yourself and your trusted ones to recover your bitcoin with your backups.
Regular Checks: Periodically verify the backup’s condition and accessibility while ensuring it remains private and simple to use to recover your bitcoin.

If you have bitcoin in self-custody, you must have a good backup. Backing up your bitcoin is not just a precaution—it’s a necessity for securing your holdings over the long term. With the right materials, such as stainless steel or titanium, and careful attention to format, usability, and durability, you can ensure your backup withstands life’s challenges. Whether you opt for sliding, stamping, punching, or stacking designs, prioritize simplicity and reliability. By following proper setup conditions and choosing high-quality products built to last, you can protect your bitcoin for generations without relying on third parties.

This is a guest post by Thibaud. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

Why and How to Backup Your Bitcoin A look at bitcoin backups, why they are important, and how to manage them.

Crypto News

Ray Dalio Prefers Bitcoin Over Bonds

Published

10 hours ago

December 11, 2024

Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, said he prefers investing in “hard money” like bitcoin and gold over debt assets, given rising global indebtedness.

In a speech at the Abu Dhabi Finance Week conference, the veteran investor referred to “unprecedented levels” of debt seen in all major countries, including the United States and China, stressing that current levels are unsustainable.

“It is impossible for these countries to be able to not have a debt crisis in the years ahead that will lead to a great decline of [money] value,” Dalio said.

He continued that he wants to “steer away from debt assets like bonds and debt, and have some hard money like gold and bitcoin.” Dalio sees bitcoin and gold as stable hedges against economic uncertainty.

The billionaire investor was not always so keen on bitcoin. Previously, Dalio believed crypto would not succeed as hoped. But he has emerged as a major bitcoin advocate in recent years.

In 2022, Dalio said allocating up to 2% of a portfolio to bitcoin, in addition to gold, is reasonable to hedge against inflation.

Dalio’s take further legitimizes bitcoin as a hedge against unsound monetary policies. As nations continue debasing fiat currencies, bitcoin’s fixed supply makes it a safe haven.

Ray Dalio Prefers Bitcoin Over Bonds Ray Dalio says he prefers bitcoin and gold over bonds amid rising global debt levels, signaling growing institutional endorsement of bitcoin as a safe haven asset.