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32 sats \ 3 replies \ @Jon_Hodl 19 Apr \ on: A better term to use, when talking about "custodial" and "non-custodial" wallets bitcoin
I use…
  • Self custody: You control your own keys.
  • Joint custody: You control at least one key in a multisig setup.
  • Third-party custody: Your Bitcoin is on an exchange or in a Bitcoin bank.
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21 sats \ 2 replies \ @BitcoinHandsOn OP 20 Apr
If you use the term "third party custody", then who's the second party?
Say you're renting an apartment. You're the renter (first party), then there's the apartment owner (second party), and then the third party is the security deposit escrow service.
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32 sats \ 0 replies \ @Jon_Hodl 20 Apr
I wrote some content on What Is Bitcoin Custody that basically reiterates all of this but I appreciate your input on the verbiage.
I need to find a way to integrate Stacker News posts like this into my content.
Maybe I can add a section about “Useful Resources” or “Continued Reading” at the end of the glossary pages.
I can link to posts like this to drive more users to SN while also providing more targeted and relevant value for my readers.
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0 sats \ 0 replies \ @Jon_Hodl 20 Apr
Second party would be whoever you’re transacting with.
In language/linguistics 1st person is your own self and second person is who you’re talking to.
Singular 1st person - I/me 2nd Person - You 3rd person - He/She/It
Plural 1st person - We/us 2nd person - You all (y’all) 3rd person - they
In relation to bitcoin custody, with third party custody, the custodian would be a third party that sends Bitcoin to a second party on your behalf.
Even joint custody would be you as the 1st party and all of the other key holders would be third parties.
Does that make sense?
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