• Bill decides to invest in Bitcoin after hearing about it and creates an account on an exchange for his first purchase.
• He believes that the security experts at the exchange are better at securing his bitcoin than he is himself.
• He feels comfortable trusting the exchange with his assets and is relieved that someone else is looking after them.
Bill had been following the news about Bitcoin for quite some time, hearing about its potential and reading a few articles. After inadvertently saving a lot of cash due to the lockdowns, he decided to finally take the plunge and invest in Bitcoin. He asked a friend for advice and was directed to the popular and “trusted” exchanges, Coinbase and Binance, to make his first purchase.
Bill created an account on the exchange and uploaded his face, ID, social security number, address, and other relevant information until he reached the “Buy Bitcoin” screen. He bought a fraction of a Bitcoin and then began to think about the security of his holdings. He was aware of the technical details about hardware wallets and self custody, but he felt that the security experts of the exchange, with their cold storage and encryption, would be better at protecting his Bitcoin than he could himself.
The thought of someone else looking after his assets was comforting to Bill and he was relieved that he didn’t have to worry about the security of his Bitcoin. He trusted the exchange with his holdings and it gave him peace of mind to know that someone else was taking care of it. As time went on, he became more and more comfortable with this idea and was glad that he didn’t have to worry about any potential theft or malicious activity.
Overall, Bill was pleased with his decision to trust the exchange with his Bitcoin. He felt secure knowing that it was being taken care of by professionals and was relieved to be saved from his own mistakes.