The article emphasizes the importance of taking custody of your own Bitcoin through a digital wallet, rather than relying on third-party exchanges or providers. Here are the key points:
1. **Bitcoins exist only on the ledger**: Bitcoins never leave the blockchain and exist only as entries on the public ledger.
2. **Counterparty risk remains**: Even if you acquire satoshis from an exchange, your relevant Bitcoin keys remain with the third party, leaving you vulnerable to counterparty risks (e.g., bankruptcy).
3. **Second step: Taking custody of your own satoshis**: To truly own your Bitcoins, you need to take control of them using your own cryptographic keys.
4. **Choosing a wallet is crucial**: A wallet can be hardware-based (cold storage), software-based, multi-sig (requiring multiple signatures to access), or a combination of both.
5. **Wallets don't store Bitcoins**: Wallets only manage the private keys that grant access to your Bitcoin on the ledger; they do not physically contain them.
6. **Choose an open-source wallet with robust backup procedures**: This ensures you can still access your Bitcoin if hardware, software, or the company fails.
7. **Bitcoin ownership is conditional**: Until you take custody of your own Bitcoins through a digital wallet, it's not truly yours; it's just a balance owed to you by your provider.
The article stresses that taking these steps is essential for true ownership and security of your Bitcoin.