• This opinion editorial by Anita Posch explains the importance of financial sovereignty and using non-custodial Bitcoin wallets.
• She has done a Lightning wallet test in rural Zimbabwe to see if it is possible to onboard people onto non-custodial wallets, even with low and erratic internet connectivity on mobile data.
• People need to understand the difference between custodial and non-custodial services before making a decision as to which route they want to take.
The Need For Financial Sovereignty
In her work as a Bitcoin educator, Anita Posch helps people take their first steps into the space and gain an understanding of why Bitcoin is important for them personally and for the world at large. The focus lies on financial sovereignty which can only be achieved by holding bitcoin in self custody and using additional tools to reach a decent level of privacy.
Lightning Wallet Test In Zimbabwe
To find out if it is time to onboard people onto a non-custodial Lightning wallet, even in difficult settings, she set out to do a Lightning wallet test in rural Zimbabwe with low and erratic internet connectivity on mobile data. This will allow people in these areas access to financial services that are not available through traditional banking systems.
Resistance To Change Habits
Posch believes that statements saying that newbies need convenient and easy-to-use tools are wrong as this makes it harder for individuals to become financially sovereign. There is a big resistance from those who have already started using custodial services as they often don’t realize why they should change their setup or what the risks are when doing so.
Educating People About Self Custody
As an educator, Posch’s first duty is to teach people about self custody, why it is important, make them aware of the risks they are taking and present different tools alongside the pros and cons of each one. Only then can individuals make informed decisions about which route they want to take without holding Posch responsible for any losses incurred.
It is clear that financial sovereignty can only be achieved by using non-custodial Bitcoin wallets but there needs to be more education around this topic so individuals understand the risks associated with custodial services compared with self custody options available today.