Best Practices: How To Become Financially Independent with Bitcoin [VIDEO]

Storing your own Bitcoin brings many advantages.  Your wealth cannot be inflated away, taken from you with arbitrary regulations, or restricted to certain jurisdictions. 

However, it is also a responsibility that needs to be taken seriously.  Since Bitcoin is not anonymous, can we still protect our privacy? 

The best way to do this is to educate yourself.  Understanding the tradeoffs of different approaches can significantly reduce your risk and improve your financial freedom.

It is an unfortunate truth that Bitcoin’s inherent privacy guarantees are poor.  While the use of Bitcoin itself is pseudonymous, most users buy or sell Bitcoin using an exchange that keeps a record of their identity, along with all deposits and withdrawals. 

Further, several common heuristics can be applied to analyze the Bitcoin blockchain and make it possible to determine the ownership of funds. 

Craig Raw is the man behind Sparrow, a desktop Bitcoin (BTC) wallet emphasizing security, privacy, and usability.  Sparrow does not hide information from you – on the contrary, it attempts to provide as much detail as possible about your transactions and UTXOs, but in a manageable and usable way. 

I had the opportunity to meet and sit with Craig Raw backstage at the Guns N’ Bitcoin event in Miami after he spoke about BTC wallet best practices. 

“Sparrow is unique in that it contains a fully featured transaction editor that also functions as a blockchain explorer,” Craig told me.  “This feature allows editing of all transaction fields and easy inspection of the transaction bytes before broadcasting.” 

In my discussion with Craig Raw, we covered everything from Bitcoin’s fungibility problem, whirlpool, and atomic swaps with Monero (XMR), to more broad topics such as privacy and the BTC community. 

During our interview, Craig shared some unique insights about mitigation and using CoinJoin and other tools to increase confidentiality with Bitcoin (BTC).  We also discussed decentralization, major concerns with Lightning Network, Wasabi wallet failures, and the pros and cons of crypto hardware wallets. 

Did you know some Bitcoin companies work with blockchain analysis firms that trace transactions for governments?

Check out the full interview here: 

Watch on: Odysee | Rumble | YouTube | BitChute | Vigilante.TV 

Sparrow strongly supports privacy and aims to be a wallet that takes users on a journey from using public servers to using cold storage techniques on private servers.

At The Crypto Vigilante (SUBSCRIBE), we have no business relationship with Sparrow Wallet – or any other company or crypto project.  I appreciate any effort to help people become more sovereign. 

Meanwhile, more people are discovering that anyone who needs strong privacy guarantees should simply use Monero. 

Follow me on Twitter @VamosVigilante, and you can follow Craig @CraigRaw

Download our free Crypto Privacy Guide: 

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Rafael LaVerde

Rafael LaVerde has a background in private equity and venture capital. He discovered Bitcoin in 2012 while volunteering on Ron Paul's presidential campaign. He served as board member of a Libertarian Super PAC while doing post-graduate work in economics, and was also a member of the University of Texas’ Mises Circle. His formal education includes graduate degrees in continental philosophy and psychology. He has been a Bitcoin miner since 2014. Rafael also managed investor relations for the BitAngels Network, which helped finance the vast majority of early Bitcoin startups, and was also part of the DApps Fund team that revolutionized funding structures that eventually became known as ICOs and STOs. He was also the founding partner of what became one of the very first Bitcoin venture capital funds.