• This article explores the difficulty of introducing non-custodial Lightning wallets in rural areas with low and unstable internet connectivity.
• It is important to teach people about financial sovereignty through self custody and make them aware of the risks associated with custodial services.
• Educators must provide a range of tools and assist in making decisions, but ultimately users need to decide how they want to manage their Bitcoin.
What is Financial Sovereignty?
Financial sovereignty means having control over one’s own money and investments without being dependent on or subject to external forces. It requires holding bitcoin in self custody, using additional tools for privacy, and avoiding custodial services which can put users at risk for theft or other losses.
Testing Non-Custodial Lightning Wallets
Founder of Bitcoin For Fairness Anita Posch set out to test the usability of non-custodial Lightning wallets in rural Zimbabwe where internet availability is low and intermittent. She found that there was a strong resistance from potential users to change their habits away from custodial services, even when better options were presented. As an educator it was her responsibility to teach people about financial sovereignty, explain the difference between custodial and non-custodial services, and present various tools while allowing users to make their own decisions.
The Benefits of Self Custody
By taking responsibility for their own funds through self custody, Bitcoin users can achieve true financial freedom. They will no longer be vulnerable to rug pulls or other forms of financial exploitation by third parties like banks or governments who may not have their best interests at heart. Self custody also allows users to take advantage of new technologies such as lightning networks that are currently unavailable on custodial wallets.
The Challenges Of Onboarding People Onto Non-Custodial Wallets
Educators often face challenges when trying to onboard people onto non-custodial wallets due to the resistance from potential users who are used to using custodial services without facing any problems (at least initially). To successfully introduce these technologies into new markets it is essential that educators have a thorough understanding of financial literacy and provide clear explanations about why self custody is so important for achieving true financial freedom.
Conclusion
Bitcoin has the potential to revolutionize global finance by giving individuals complete control over their money without relying on centralized institutions like banks or governments. Educators play a vital role in teaching people how they can use Bitcoin responsibly through self custody so that they can benefit from new technologies such as lightning networks while avoiding risks associated with custodial services like rug pulls or theft.