10 Steps to Autonomy with Bitcoin

adminJune 5, 2024

Bitcoin Magazine’s The ‘10 Steps to Sovereignty’ series in partnership with Ledger is officially complete. Over the past few months, we’ve covered a variety of topics, from specific guides on how to manage and interact with Bitcoin securely and in its own sovereign way, to explanations of the fundamental properties that make Bitcoin a valuable and functioning asset and network. . .

Now that the series is over, let’s revisit each article and the topics it covers.

Step 1 | Understanding Bitcoin Keys: Bip39 Seed Words

In this first article, we’ll look at how you actually manage the seed phrase used to generate your private key, how it works internally, and how to generate it securely. It is absolutely critical that users understand how to manage this correctly.

This article provides readers with all the basics they need to know.

Step 2 | Bitcoin has no top because fiat money has no bottom: Understanding Currency Decline

The second article discusses the dynamics of fiat currency debasement and its history across different societies. Understanding the abuse of the money printing press by central banks and past fiat authorities is an important step in understanding why Bitcoin’s immutable monetary policy makes it so valuable in today’s world.

Step 3 | The Dos and Don’ts of Bitcoin Self-Management

The following article will guide you through important milestones and points to ensure you are doing it right when managing your funds in Bitcoin. Self-custody is more than simply generating seed phrases and putting them in a drawer. If you manage your own Bitcoin, it is your responsibility and no one else’s.

This article guides readers through the important tasks they need to perform when managing their own keys and how to do them correctly.

Step 4 | Infosec Basics: How to Keep Your Bitcoin Seed Phrase Safe

Generating a seed phrase is the first step in self-care, but you also need to ensure that it is safe from loss over time and protected from prying eyes and thieves. The fourth article guides readers on how to safely store seed phrase backups.

Where to store, where not to store, what types of materials to store, and more are all covered in this article.

Step 5 | Full Node: Basics and Benefits of Running a Bitcoin Node

The fifth article discusses one of the most important aspects of using Bitcoin besides private key management: running nodes. Here’s why this is important: After all, a network exists because of all the disparate users and companies that operate its nodes.

We also discuss the direct benefits users can gain by running nodes and directly verifying the blockchain.

Step 6 | Quality Money: Bitcoin will become scarcer than gold halving

The sixth article compares Bitcoin to its analogue, gold. This last halving meant that Bitcoin’s inflation rate fell below that of the analog king of stores of value. Gold has always been used as a comparison to describe Bitcoin’s monetary properties. This article explains why Bitcoin is inherently designed to monetarily exceed the value proposition of gold.

Step 7 | Bitcoin Knows No Borders: How Decentralization and Permissionless Give Autonomy Across Political Jurisdictions

Article 7 analyzes why Bitcoin is available around the world. The network is not centralized in a single jurisdiction, so it can be accessed from anywhere in the world. This gives Bitcoin a unique value proposition in that it can take your wealth anywhere in the world.

Step 8 | Bitcoin was built to last: How the network defends against attacks

The eighth article highlights why Bitcoin is robust and resilient against failures and attacks. It analyzes the different ways the network can be disrupted or attacked, looks at each scenario, and shows why Bitcoin will survive and continue to function in each scenario.

It would take a truly cataclysmic event to bring down the Bitcoin network.

Step 9 | Bankless: Bitcoin offers ultimate financial freedom

The ninth article looks at one of Bitcoin’s main value propositions: the ability to manage money on its own without anyone’s permission. We explore both the benefits of Bitcoin that traditional banking and financial services cannot provide, as well as the challenges that must be overcome to expand these valuable uses globally.

Step 10 | Sovereign business operation

The final article in the series looks at using Bitcoin in commerce. Money is meant to be traded, which essentially means that businesses and service providers must accept money in exchange for goods and services. In this article, we look at the issues businesses should consider when accepting Bitcoin as a payment method and using it as currency in the course of their business operations.

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This series of articles can be a valuable resource for new Bitcoin users looking to make the most of the sovereignty that Bitcoin provides for those entering the field and willing to take on responsibility.

Each article focuses on a single topic to guide readers through the act of storing their coins, ensuring they have the equipment to store them safely, or providing a general understanding of Bitcoin’s value proposition in a specific area. understood.

Both of these types of content are valuable and essential for Bitcoin users to have a sound foundation as they explore this space. I hope you all gained valuable insight from reading this book.