DUFFMONEY is essentially me documenting my journey towards Financial Independence (FI). It’s also me trying to help other people with their FI. To at least get as many people as possible interested in FI. It’s important to me to help other people. It’s important to help people avoid being in a difficult financial position in their 50s and 60s.

I’ve met too many people (mainly contractors) who are in their 50s and 60s and are in a difficult financial position. We are not in the industrial age anymore and the lifetime jobs and final salary pensions aren’t there anymore. We must look after our own financial affairs.

The current financial system is broken and it’s because of corrupt governments and central banks. In my opinion, the future of finance is digital. And currently, the solution to the current broken financial system is BTC (Bitcoin) and other crypto currencies. Things are moving fast, and I want to try and help other people move with the times. Going forward, quite a bit of duffmoney content will be crypto related as I believe it’s very important to understand.

BTC removes the middleman, and this means you end up being your own banker. This post will focus on how to safely be your own banker.

Is Bitcoin the answer?

Look at what’s happening in the world with inflation and hyperinflation. People in countries like Argentina, Venezuela and Turkey struggling to support themselves. If you look into inflation, I genuinely believe it will lead you to Bitcoin.

Just look into what’s happening with the trucker protests in Canada. The Canadian government have indicated they will freeze accounts without a court order (Moneyweek, Issue 1091). This is an attack on democracy and reeks of communism in my opinion.

Trudeau’s administration might just encourage other governments around the world to do the same. Imagine a world where we all get in paid in CBDC (Central Bank Digital Currency) and the UK and other countries can freeze our asset’s at anytime? Are we sleepwalking into this type of situation within the next 10 years? This potential scenario was mentioned by the hosts of The Crypto Standard Podcast a few weeks ago and I agree that it could happen.

My feeling is that the Canadian government might just be advertising the benefits of Bitcoin. When you look into world events like this, I genuinely believe it will lead you to Bitcoin.

Bitcoin was created in 2009 by the alias known as Satoshi Nakamoto. It’s a peer-to-peer form of electronic cash. It’s decentralised and removes the middlemen (i.e. central banks and governments).

Bitcoins are mined using large computers and mathematics and there’s a public record of all transactions called the blockchain. Solving the mathematical problems requires very large computational power creating scarcity … also there are only 21 million possible BTC coins and this also creates scarcity.

My opinion is that Bitcoin is currently the best available solution to the broken financial system. Remember, this is not financial advice, its information only.

If you do fall down the Bitcoin rabbit hole and end up believing in Bitcoin, you will end up being your own banker. And that’s what I’m going to be talking about in the rest of the post

How to safely store your BTC and other crypto assets

To safely store your BTC, and other crypto assets, you really need to store your tokens in a wallet. You can store them in an exchange (e.g. Binance or Crypto.com) but this isn’t the safest option as exchanges can be hacked.

There are two types of crypto wallets: Cold Wallets & Hot Wallets. Cold wallets are wallets that function offline while hot wallets work online. Hot wallets are like exchanges in that they can be hacked and are susceptible to cybercrime. Let’s put it this way, if I had 10 BTC, I would be storing them in a cold wallet in a very safe location.

There are benefits of being your own banker, but the caveat is that you are responsible for your crypto. If you lose your passwords or seed phrase, it’s your responsibility. Just something to bear in mind if you’re interested in removing the middleman. If you feel the current financial system is broken and you feel BTC is the solution or part of the solution.

Up until recently, I had all of my crypto in exchanges or hot wallets. I was comfortable with the security, and I was interested in staking. Staking is basically where you can earn interest on your crypto assets. But I am a little concerned about what governments will do with assets held in exchanges. Will they be able to freeze my assets? Or am I just an unjustified paranoid wreck?

Armed with my new paranoia, I have decided to put 50% of my crypto into my Trezor wallet. My Trezor wallet is a cold wallet and I feel much more at ease, now half of my crypto is safely stored offline. If you want the safest way to store your crypto, then you should buy a cold wallet and store it in there. But how?

First of all, you open an account with an exchange. An exchange like Binance or Crypto.com and add some Fiat currency (e.g. £500 or whatever you can afford). You buy whatever coin you fancy buying. If I was starting out, I would dollar cost average into Bitcoin or Ethereum or both. Do this with money you can afford to lose. But remember, this is not advice. It’s just a bit of info.

Then you purchase a cold wallet. Then you send your crypto from the exchange to the cold wallet. To see a little tutorial, check out the links at the end of the post…

Another option to explore is a DeFi wallet. This is something I will be looking at doing over the next few weeks. Then I am in control of 100% of my crypto and I really will be my own banker. This may seem like a foreign language to you if you are new to this space, but in my opinion, crypto is going to be a big part of the future of finance.

General security

As I have said, if I had 10 BTC, I would put it into a cold wallet in a safe location. Like a fireproof safe somewhere buried under the house. Or I would get that safe and bury it somewhere in the garden. But like most people, I haven’t got 10 BTC. I am just going to touch on some security basics worth knowing.

If you set up an exchange, make it as secure as possible. There will be a security option on the exchange where you can add security measures. Personally, I try and make the most out of 2FA (Two-factor authentication). 2FA is a type of multi-factor authentication that strengthens access security by requiring two methods to verify your identity.

Where possible, I try and use an authenticator on my mobile in conjunction with email and sms. At the very least, I will use an authenticator in conjunction with my email. To get access to my exchange, I need to get a code from the authenticator and my email. Refer to the links at the end of the post, for more information.

Then it’s about keeping your keys and seed phrase safe. See below:

  • Public keys: Used for identification and are visible to all users in the network
  • Private keys:Used for authentication and encryption. Users need to keep it safe and secure. Private keys allow you to send or spend your BTC, ETH or other crypto
  • Seed phrase: Gives you access to your wallet and all the private keys in the wallet. The wallet is like a password manager for your crypto – but you need the master password (seed phrase) to access your crypto

It’s very important to keep your private keys and seed phrase safe. Personally, I keep my cold wallet seed phrase safely offline in a secure location. And my hot wallets are kept in the cloud and in a safe location offline.

Be safe online as there are scammers out there. If you are on your hot wallet or exchange, always logout when you are finished. Add as much security as possible to your emails. Don’t click on any suspicious links blah blah blah. All I am saying is be safe and swat up on crypto security. My gut feeling is that we will all end up being our own bankers as crypto will be a big part of all our financial futures.


Don’t quote me on any of the information within this post. This is my attempt to nudge you towards BTC and other crypto alt coins. And it’s to emphasise the importance of security when it comes to being your own banker.

I genuinely wish the current financial system was fixable and that governments and central banks done their jobs properly and ethically. That they had us (the citizens of each country) at the forefront of their minds. But sadly, this is not the case. Governments and central bankers are self-trimmers who are only interested in themselves.

This is just what I feel based on what I’m currently reading into. Look into inflation and it might just lead you to BTC and other crypto. Look into the current (broken) financial system and it might just lead you to BTC and other crypto.

If you do invest in BTC or other crypto, learn how to do it safely. Learn how to be your own banker and how to do it with confidence. And see the below links to help you buy, store and safely send crypto from one place to another.

Crypto tutorial for beginners

Sending your crypto between exchanges

How to store in trezor wallet (cold wallet)


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