Why do I recommend Bitkey? Why not just keep your bitcoin on the exchange where you bought it?

00:02 everyone you may be wondering why is
00:04 Joel always talking about it key the
00:07 best way to secure your Bitcoin like why
00:09 why can’t you just keep it on Coinbase
00:12 or River or why can’t you just buy one
00:14 of the Bitcoin ETFs and the answer is
00:16 you can do any of those things but there
00:19 are downsides and in my opinion very
00:22 clearly the downsides of any of those
00:25 options are more significant than the
00:27 downsides of using Bitey for example so
00:32 any way that you secure your money has
00:35 downsides so if you have US dollars you
00:38 can keep them in the bank but the in the
00:40 bank those dollars are not really yours
00:42 i mean countries have bailins and
00:44 bailouts where the money is not
00:46 accessible you can have your account
00:48 frozen
00:50 at some point the government can decide
00:51 you have too much money right and take
00:53 some of it it happens uh less in the
00:55 United States but it’s happened
00:56 internationally um even if you have gold
00:59 you can store your gold at a bank as
01:01 many people did and they found out with
01:04 Executive Order 6102 in uh 1933 the
01:08 government all of a sudden forced
01:10 everyone to sell its gold at $20 an
01:12 ounce when it was worth $35 an ounce and
01:15 the government forced everyone to sell
01:17 their gold to the government and the
01:18 reason they could do that is most of the
01:20 people had gold held at and so the
01:23 government just went to the five biggest
01:25 and said “Hand over all the gold.” and
01:27 they did and yours was you know your
01:30 your gold was gone
01:32 anyway so Bit Key is an incredible way
01:35 of storing and securing Bitcoin and I
01:37 want to talk through how it’s better
01:39 than each of the other options first let
01:42 me start with the Bitcoin ETFs if you
01:44 just care about the economic rewards of
01:46 Bitcoin meaning you you only care about
01:49 just the economic upside you can buy one
01:52 of the Bitcoin ETFs which is IBIT IBIT
01:55 which is the Black Rockck Bitcoin ETF or
01:57 FBTC which is the Fidelity Bitcoin ETF
02:01 you can buy those and those will give
02:02 you the same economic benefit of owning
02:05 Bitcoin but there’s there’s drawbacks to
02:08 that for one it’s only available to you
02:11 19% of the time the stock market is only
02:13 open 19% of the hours that you are alive
02:17 meaning 81% of the time if you suddenly
02:20 want your money you can’t get it because
02:22 if the stock market is not trading you
02:24 don’t have any way of selling those
02:26 shares of the Bitcoin ETF so the money
02:28 is not available to you 81% of the time
02:31 and in addition you don’t have the power
02:33 of Bitcoin you cannot send a Bitcoin ETF
02:37 to a missionary on the other side of the
02:38 world who has a financial need you
02:41 cannot store it yourself where nobody
02:43 knows you have it your funds on Fidelity
02:46 or Black Rockck or any other platform
02:48 can be frozen by the government on a
02:50 whim and suddenly they’re unavailable to
02:52 you and there’s nothing anyone can do
02:54 about it um so the uh I guess it’s
02:58 similar to when email was invented if
03:00 you had to UPS store or a FedEx store to
03:04 send an email you could think well hey
03:06 this is just easier i don’t have to
03:07 worry about like having my own computer
03:09 and stuff it’s like yeah but the FedEx
03:12 stores and the UPS stores are only open
03:14 let’s call it 19% of the time and if
03:17 they want to block you from sending an
03:18 email they can like why wouldn’t you
03:19 just embrace the technology that lets
03:22 you send an email yourself which is
03:24 buying your own computer so yeah buying
03:26 your own computer is complicated if
03:29 you’ve never used a computer before uh
03:31 learning how to send an email is
03:33 complicated if you’ve never sent an
03:35 email before but once you understand it
03:37 it’s super simple and the power of being
03:40 able to communicate electronically with
03:42 anyone anywhere in the world is just a
03:44 very big deal and I want you to have
03:46 that power the same way I want you to
03:48 have the power to electronically
03:50 communicate with anyone anywhere in the
03:52 world with any mobile app of your choice
03:54 email you know Signal WhatsApp anything
03:58 i want you to have the same power to
04:00 store and communicate value i want you
04:03 to have the ability with your money to
04:05 make it truly yours where nobody can
04:08 take it nobody can freeze it and nobody
04:10 can tell you you have too much and
04:11 they’re going to give you a haircut and
04:12 take some off the top and uh where it’s
04:15 not frozen 81% of the time you’re alive
04:18 completely inaccessible to you which is
04:20 the case with the Bitcoin ETFs so
04:22 they’re not bad they’re great for
04:24 retirement because for retirement you
04:26 know I’m not planning to retire maybe
04:28 ever but regardless at a minimum many
04:31 decades into the future and so yeah if
04:33 it’s locked up in a Bitcoin ETF I’m okay
04:36 with that for retirement funds because I
04:37 don’t treat those as my real-time term
04:40 money and so I have my retirement funds
04:42 in FBTC the Fidelity Bitcoin ETF that is
04:45 where 100% of my retirement funds are
04:48 i’m okay with that personally it’s still
04:50 better to have in your own self-custody
04:52 but the the uh technologies to do
04:55 retirement funds in self-custodies in my
04:57 opinion is still too hard to use uh even
04:60 for me I just don’t want to deal with it
05:02 so why not just keep your Bitcoin on an
05:04 exchange like Coinbase or River well
05:07 there’s multiple problems there which is
05:09 one hackers and scammers are constantly
05:12 trying to get your Bitcoin and I mean
05:14 constantly you are probably getting
05:16 multiple text messages a week saying
05:19 “Did you buy an iPad in Salt Lake City
05:22 Utah with your Coinbase account if not
05:24 call this phone number.” And of course
05:26 there’s a skimmer on the other side
05:28 planning to tell you that your account
05:29 has been compromised and that they need
05:31 your password and two-factor
05:32 authentication code in order to secure
05:34 your account and if you give it to them
05:36 they will immediately steal all your
05:37 Bitcoin so uh and people fall for these
05:40 scams constantly people have they log
05:42 into Coinbase with a Google account and
05:44 they’re using the same password for
05:46 their Google account that they’re using
05:48 for some other account on the internet
05:50 the other account gets hacked the very
05:52 first thing hackers and scammers do
05:54 anytime they hack a password on anything
05:56 is see if they can use it to log into
05:58 someone’s Gmail account so they use the
06:00 the your Gmail account and the h the
06:03 password associated with your Gmail
06:04 account that they got from Men’s
06:06 Warehouse or some random you know
06:08 whatever it is that got they try it on
06:11 Google and if they try it on Google and
06:13 you don’t have two-factor authentication
06:15 enabled on your Google account then
06:17 they’re into your Google account and now
06:19 they have all your passwords with your
06:20 Google password manager and they have
06:22 your two-factor authentication codes if
06:24 you use uh Google authenticator a lot of
06:27 people do not have their Google accounts
06:29 locked down they do not have two-factor
06:31 authentication uh which they call
06:33 two-step verification turned on uh you
06:36 absolutely positively need to do that if
06:38 you do not have two uh two-step
06:40 verification turned on on your Google
06:42 account you absolutely pause this video
06:44 go do that right now you absolutely will
06:46 get hacked so people are getting hacked
06:48 constantly um not so much on River river
06:52 is a much smaller exchange but Coinbase
06:55 accounts are getting hacked on Coinbase
06:57 all the time people who are just they
07:01 don’t you know they’re reusing passwords
07:03 they didn’t realize they didn’t have
07:04 two-factor authentication turned on in
07:06 the Google account anyway and Biti just
07:11 saves you from all of that bit secures
07:14 your Bitcoin in a way that that no
07:16 centralized exchange ever can coinbase
07:19 River none of them can secure your
07:21 Bitcoin as effectively as Bitkey and
07:24 Bitkey can secure your Bitcoin so
07:26 securely because it’s something you
07:28 physically have which means nobody can
07:30 take your Bitcoin because they don’t
07:32 have the thing you physically have and
07:34 in the case of Bitcoin uh Bitkey they’ve
07:37 got uh all sorts of ways to recover it
07:39 if you lose your Bit Key device and all
07:41 that sort of stuff so it’s called it’s
07:42 what’s called self-custody meaning you
07:44 actually own it and the Bitcoin is
07:46 actually within your own self-custody
07:48 meaning you control it that also means
07:51 your account cannot be frozen so I’ve
07:53 had at various point Bitcoin that is on
07:56 centralized exchanges that was uh where
07:58 the account was restricted it was
08:01 restricted meaning I could not buy any
08:03 more Bitcoin i could not sell uh I could
08:05 sell the Bitcoin but I could not buy it
08:08 and I could not send it to anyone so
08:10 it’s basically frozen now again I can
08:12 liquidate it to US dollars and I can
08:14 push those US dollars back to my bank
08:16 account but that’s not what I wanted to
08:18 do i wanted to own the Bitcoin so um
08:21 anytime someone else controls your
08:23 account there’s a chance that your
08:25 account gets restricted or that it gets
08:27 flagged for fraudulent activity which
08:30 and I’ve had this happen multiple
08:31 accounts uh times to accounts I
08:33 controlled where um again not so much on
08:36 River river is a much smaller and and uh
08:39 you know a much smaller service so it’s
08:41 not it’s not uh targeted by hackers and
08:43 scammers to the nearly to the degree
08:46 Coinbase is but lots of people on
08:48 Coinbase have had the experience of
08:49 having their accounts restricted uh
08:51 which basically means again your funds
08:53 are not completely frozen because you
08:55 can sell the Bitcoin and you can move
08:57 the dollars to a a bank account and then
08:59 you can move it to for example and I
09:02 keep the Bitcoin but that’s a you know
09:04 royal pain and um I it’s not a royal
09:06 pain but like that’s not what I wanted
09:08 to do i wanted to have my Bitcoin and I
09:10 wanted to send it somewhere and my
09:12 account was restricted i I could not
09:14 send it um so Bitkey eliminates that so
09:18 uh Bit Key eliminates the Executive
09:20 Order 6102 problem like the government
09:23 did with gold where the reason the
09:25 government could take everybody’s gold
09:27 is because almost everybody had their
09:28 gold
09:31 all the government had to do is tell the
09:32 banks to hand over the gold and they
09:34 knew where all the banks were and they
09:36 knew the banks had the key and so it was
09:38 super easy to take everyone’s gold in
09:40 the case of Bitcoin centralized
09:43 exchanges work the same way i’m not
09:45 saying that’s likely to happen i’m just
09:47 saying if everybody’s got their Bitcoin
09:50 on Coinbase or River the FBI shows up at
09:53 Coinbase and says “Hand us everybody’s
09:55 Bitcoin.” I mean what are they going to
09:57 do like you know they’re they’re stuck
09:59 which means you’re stuck um because the
10:02 vast majority of companies in the vast
10:05 majority of cases comply even if uh what
10:09 the government officials are doing is
10:10 not legal i don’t think a confiscation
10:13 of Bitcoin would ever you know hold up
10:15 in court or anything like that um I
10:18 don’t think the government could take
10:20 away people’s gold in the modern era the
10:22 same way they did in 1933
10:24 they got away with it in 1933 because
10:26 the government controlled the media the
10:27 government controlled the government
10:29 controlled a lot more back in 1933 than
10:31 the government controls now the
10:33 government’s a lot bigger now but uh as
10:35 far as their ability to control the
10:37 narrative it was a lot lot higher in
10:39 1933 and they got away with it they took
10:41 away everyone’s gold in 1933 which is
10:44 why Fort Knox has a ton of gold because
10:46 they stole it from the American people
10:47 by forcing them to turn it over at $20
10:50 an ounce and then immediately they
10:52 revalued it at $35 an ounce and then
10:54 ultimately gold went much much much
10:56 higher than that and the people who own
10:58 the gold did not get any of the benefit
10:60 uh so anyway Bit Key keeps you uh to
11:02 recap here Bit Keys you from getting
11:04 your account ever frozen they cannot
11:06 freeze your account if you have Bit Key
11:08 your account will never be frozen the
11:11 government can’t take your Bitcoin
11:12 unless they go doortodoor they never The
11:14 government never goes door to door to
11:16 take people’s stuff they always go to
11:18 the centralized places where the people
11:20 have the stuff
11:22 it’s why we don’t keep all of our guns
11:23 in a centralized garrison everybody
11:26 who’s got guns generally keeps their
11:28 guns at their house if everybody in
11:30 Mississippi who had guns kept them at a
11:33 massive locker in Jackson Mississippi
11:35 and the government wanted everybody’s
11:36 guns they’d show up and they’d take all
11:38 the guns from one place the reason the
11:41 government is never going to take
11:42 everybody’s guns in America is because
11:44 the guns are distributed they are
11:46 decentralized they are in everybody’s
11:48 houses so I want your Bitcoin to be just
11:51 as accessible to you as everyone does
11:54 for example which is hey it’s in your
11:56 possession it’s not that the government
11:58 can’t take it but if they want it they
12:00 got to go door todo so I spend a huge
12:02 amount of time hopefully you know I am a
12:04 very pragmatic person i spend a huge
12:06 amount of time thinking how can Bitcoin
12:09 be accessible to people available to
12:12 people and secure in the easiest
12:15 cheapest simplest way and I don’t want
12:18 to over complicate everything i just
12:20 want Bitcoin to work for you the way
12:22 Bitcoin was intended to work which is as
12:25 absolute freedom money where you get the
12:28 economic benefit of the increase in the
12:30 price of Bitcoin but you’ll also have
12:32 complete control over your Bitcoin in a
12:35 way that nobody can freeze your account
12:37 you can’t be hacked you can’t be scammed
12:39 you can’t be frozen you can’t be
12:41 confiscated and uh Bit Key just does
12:44 that anything else in the world so you
12:48 know it’s it’s also amazingly easy to
12:50 use so it’s why I recommend Bitkey it
12:53 solves the problem of money that you
12:55 control and you possess better than
12:57 anything else in the world and I spend a
12:59 huge amount of time thinking about that
13:00 and make recommendations in an easy
13:03 pragmatic straightforward and elegant